DHAKA, Oct 29, 2021 (BSS) - Experts at a webinar today observed that
Bangladesh should focus more on regional trade blocs to attract trade and
investments.

  They made the observation at the webinar on "Asia and Pacific and
Bangladesh: Harnessing Economic Potentials" held on the fourth day of
"Bangladesh Trade and Investment Summit 2021", said a press release here.

   Bangladesh is located in a strategic location in the Asia and Pacific and
poised to improve its competitiveness to make its vibrant position in this
region but the country needs to work more in policy reforms, product
diversification, market diversification, business process simplification,
competitive tax and tariff regime, infrastructure development to harness the
economic potentials, they mentioned.

  Secretary to the Prime Minister's Office (PMO) Md Tofazzel Hossain Miah was
the chief guest at the webinar while Economic Relations Division (ERD)
Secretary Fatima Yasmin was present as special guest.

  Japanese Ambassador to Bangladesh Ito Naoki joined the webinar as the guest
of honour while Dhaka Chamber of Commerce and Industry (DCCI) President
Rizwan Rahman delivered a power point presentation.

  "Bangladesh has a very strategic location in the Asian region. Asia is the
new economic frontier now and Bangladesh is a part of it," Tofazzel Hossain
Miah said, adding that Bangladesh is poised to transform in many areas with
some commendable achievements.

  He said LDC graduation is a sign of Bangladesh's proven macroeconomic
strength and resilience as well as our readiness. "We are trying to uplift
the living standards of the vulnerable people," he added.

  He also underscored the importance of sustainable infrastructure.
Bangladesh is located in a strategic location close to two big economies like
China and India and it is an opportunity for Bangladesh.

  Fatima Yasmin said Bangladesh have fastest growing economy in Asia and
Covid-led pandemic has hampered our growth momentum though Bangladesh's
economic pace was very smooth.

  "Due to adequate policy support, investment in infrastructure, resilient,
dynamic and engaging private sector Bangladesh has been able to maintain a
sustainable economic growth momentum," she added.

  Rizwan Rahman said the bilateral trade of Bangladesh and Asia and Pacific
region hovers around US$36 Billion.

  "Asia and Pacific is the third largest export destination of Bangladesh but
it does not have any Preferential Trade Agreement (PTA) and Free Trade
Agreement (FTA) with Asia and Pacific member countries," he added.

   The DCCI President suggested that the rules of origin need to be relaxed
by Asia and Pacific Trade Agreement (APTA) for export growth from LDCs.

  More bilateral and multilateral agreements are to be made to tap the
untapped markets of the Asian countries, he added.

  Ito Naoki said in next 5 years per capita income of Bangladesh will reach
to US$3000 dollars.

  He said that lack of infrastructure is a bottleneck for investment but for
Bangladesh it will be solved soon.

  Japan has been the largest export market for Bangladesh and trade between
Bangladesh and Japan has increased by 10 percent in the last fiscal, he
added.

  Among others, Nitol Niloy Group Chairman Abdul Matlub Ahmad and
Metropolitan Chamber of Commerce and Industry (MCCI) President Barrister
Nihad Kabir spoke, among others, on the occasion.