Protectionism, sanctions, and retaliatory measures are wreaking havoc on trade for nations like Bangladesh, asserted Salman F Rahman, the Prime Minister’s Adviser on Private Industry and Investment.
"There is a prevailing notion that open markets thrive and that global economic prosperity hinges on this openness. However, we are now witnessing numerous blocs gravitating towards protectionism, a trend that is deeply troubling for countries like Bangladesh," he remarked.
Rahman articulated these concerns as the chief guest at the inauguration of the BASIS America Desk in Dhaka, where US Ambassador to Bangladesh Peter D Haas was also present as the special guest. The event was orchestrated by the Bangladesh Association of Software and Information Services (BASIS).
Rahman reiterated Bangladesh’s staunch support for open trade and global trade liberalization. "Nevertheless, the proliferation of sanctions and counter-sanctions, particularly in the context of the Russia-Ukraine conflict, is undermining open trade. Instead of fostering globalization, these measures are significant impediments," he observed. As a developing nation, Bangladesh must navigate these challenges cautiously, Rahman advised. He underscored that Bangladesh has adopted a highly open and supportive policy for ICT exports. Nonetheless, continuous learning and skill enhancement are imperative to keep pace with the sector’s rapid evolution.
Rahman urged accomplished BASIS members to mentor newcomers through knowledge sharing, thereby bolstering their export competitiveness through relentless improvement and innovation. He highlighted that the burgeoning fields of data centers, quantum computing, and big data analytics demand substantial power, necessitating Bangladesh’s readiness for such advancements. Rahman expressed optimism that the America Desk would significantly bolster the sector’s export potential, aiming for $5 billion.
US Ambassador Peter D Haas emphasized that open markets are conducive to enhancing bilateral relations. "It is evident that for export and import activities to thrive, market openness is essential." "Nations that embrace trade, foster competition, support the free flow of information, and adhere to equitable rules are the ones that attract investments," he elucidated. Haas noted that Bangladesh’s low-cost service environment presents a significant advantage, which can be maximized through strategic, innovative, and globally compatible ICT policies. "If your competitive edge lies in being cost-effective compared to your nearest rivals, you must match or surpass their quality," he stated. He acknowledged that price alone is an unsustainable differentiator, with top firms maintaining their edge through consistent innovation. Haas stressed the importance of integrating with the global financial market and highlighted that an open market necessitates a financial system welcoming to foreign investments and conducive to business operations. This integration facilitates both capital inflows and outflows, enhancing economic dynamism. He underscored that human talent is the cornerstone of business success.
The ambassador reminded BASIS members that they are competing in the world’s most competitive markets and must adhere to established global rules to remain competitive. Haas called for digital policies that intentionally connect local ICT entrepreneurs with their international counterparts, particularly in the US. He warned that restrictive policies would stifle competitiveness and hinder Bangladesh from showcasing its potential. Haas praised the establishment of the America Desk as a monumental step toward enhancing ICT trade between the US and Bangladesh, aiming to deepen bilateral business partnerships.
BASIS President Russell T Ahmed delineated a strategic vision for the BASIS America Desk. He expressed hope that leading American technology service companies would participate in the expo. Ahmed emphasized that BASIS members have the potential to generate $5 billion in export revenue from the US market alone.
The United States remains the largest market for Bangladeshi software and IT products, contributing approximately 27 percent of total export earnings. The BASIS America Desk will serve as a dedicated conduit to showcase the latest technological innovations to American companies and investors. It will facilitate information exchange through seminars and B2B meetings, organize training programs, and workshops to enhance the skills of BASIS members, and promote knowledge exchange.
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