STAR BUSINESS REPORT

Businesses often face hassles when trading in Bangladesh due to a lack of inter-ministerial coordination, which is a big hurdle for export diversification, a top footwear exporter said yesterday.

“Although the commerce ministry leads projects, other agencies such as customs and banks are often not on board or aligned with the projects to boost competitiveness,” said Syed Nasim Manzur, president of the Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh.

Manzur made these remarks while speaking at a closing ceremony for Export Readiness Fund (ERF), which is a part of an Export Competitiveness for Jobs (EC4J) project funded by the World Bank.

The commerce ministry hosted the event at Amari Dhaka.

Regarding the current obstacles to doing business, Manzur said firms have been struggling to open letters of credit for importing raw materials and other necessities.

Besides, it has also become difficult to get timely customs clearance for even industrial machinery, he said.

“For example, we lost at least 70 days in one instance due to delays in the customs process,” he added.

Manzur also said the current global economic slowdown is more severe than that resulting from the Covid-19 pandemic.

So, support for all enterprises, particularly small and medium-sized ones, is really needed to protect exports, employment and investment, he added.