As Bangladesh is set to make transition from the league of LDC to a developing nation, experts have underlined that due to high dependence on import revenue in the proposed budget, trade policy options would become limited in exploring new export markets.
This was maintained in media reports, which added that the experts came up with the observation at post budget discussion while adding future budgets will have to address the priority fiscal, financial and trade policy reforms, so as to achieve the growth target and keep flying the flag of economic achievements.
Titled ‘Budget 2021-2022: Bangladesh Towards a Resilient Future Protecting Lives and Livelihoods’, the discussion was jointly organised by the Policy Research Institute (PRI)
of Bangladesh and the Metropolitan Chamber of Commerce and Industry (MCCI) recently.
Taking part in the discussion, MCCI President Nihad Kabir underlined the cut in corporate tax was a positive change in the proposed budget and at the same time, the proposed tax benefit would be helpful for the local industry even as PRI Chairman Zaidi Sattar on his part underlined that protection for local industry was a must but it should not remain in place for an indefinite period while maintaining ‘protection should be time-bound and performance-based’ as prolonged support makes a sector uncompetitive.
