Integrating trade policies by improving diplomatic negotiating capacity is key to outperforming Vietnam in the global market, experts said during an online program held on Friday.
The Bangladesh Policy Research Institute organized the program on “Vietnam’s Superb Export Performance: What Lessons for Bangladesh?” where the experts also insisted on the diversification of products and markets.
Speaking as the main guest, Planning Minister MA Mannan said, “In order for us to outperform Vietnam in the world market, we need to observe Vietnam’s economic policies and strengthen our economic engagement in the world market.” .
“We need to develop a currency manipulation capacity to attract foreign investment which adds to our positive impression in the world market,” Mannan said.
“In 1999, global demand for our products was $ 9 million higher than Vietnam’s, thanks to the quality of our production and our labor costs,” he added.
Mannan also said Bangladesh should follow in Vietnam’s footsteps by using energy resources to bridge the gap between demand and supply.
The President of the Metropolitan Chamber of Commerce and Industry (MCCI), Nihad Kabir, attended the program as a special guest.
She said Bangladesh should realize the power of Vietnam’s economic development and reform its political mechanisms to attract foreign direct investment.
“They reformed their banking policy in favor of maintaining real economic responsibility,” she added.
Nazneen Ahmed, United Nations Development Program (UNDP) country economist, suggested that a new context could be developed from the Vietnamese economy.
The economist said: “In order to explore the world economy, we have formed a high-powered committee and a sub-committee under the supervision of the Prime Minister’s office.
“We are working on changing our policies to easily bring diversity to our local industry based on local and global demands,” she added.
Economist Rehman Sobhan said the economic comparison of Bangladesh and Vietnam is the outlet for policy implementation capacity.
“We have focused on developing infrastructure and improving our negotiating capacity to ensure that we can reap the benefits of globalization,” he added.
Dhaka Chamber of Commerce and Industry (DCCI) President Rizwan Rahman, who was present as a special guest, suggested developing trade relations with Asian countries.
PRI President Zaidi Sattar moderated the event.
Zaidi Sattar said: “We need to form a long-term framework to strengthen the presence of our products in the global economy.
The light engineering and leather goods sectors are able to attract global investment, especially from the European Union and other developed countries, he said.
PRI Vice President Sadiq Ahmed gave the main presentation which highlighted the economic shortcomings of Bangladesh’s economy and recovery strategy.