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Bangladesh’s keynote speech in Norway on private sector of LDCs

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January 30, 2001 

Oslo-- (UNB) – Industries Minister Tofail Ahmed reiterated his demand for special market access for LDC goods and services to the markets of developed and developing countries so they can share the fruits of globalization.

“Without market access facility, all good efforts and initiatives of LDCs and developed and developing countries’ support would be useless”.

Private sector development and increased flow of foreign direct investment into the least developed countries are related to their market access, he said, while delivering keynote speech in the inaugural session of a two-day symposium on private sector in the Norwegian capital yesterday.

The symposium on “the role of the private sector in enhancing productive capacity in LDCs” was held at Holmenkollen Park hotel.

Tofail said multinational companies would only invest when they are sure of market potential.

As a coordinator and spokesman for LDCs, Tofail Ahmed in his statement said it is now recognized by all international organizations, including WTO, that the LDCs are further marginalized by adopting globalization and liberalization policies.

The situation is further aggravated by implementing structural adjustment policy prescribed by the World Bank and IMF that prompted LDCs to lower import tariffs and restrictions in early nineties, which were not reciprocated by the donors, he pointed out.

Despite these hurdles, a young, energetic and risk-taking private sector has been developed in the country, the minister told the function, explaining investment and trade policies being pursued by Bangladesh government.

He expressed his dissatisfaction over the poor flow of official development assistance saying ODA cannot be replaced by FDI.

Private sector is rather losing competitiveness for want of funds because of squeezing ODA flow, he said, urging the donors to continue official assistance in increased volumes.

“Help us, finance us and implement your commitment in UR agreement,” the Bangladesh Industries Minister said, reminding the developed nations of their unmet pledges made during international trade talks.

He hoped the symposium would have a great impact on the UN Conference on LDCs scheduled for Brussels in May this year.

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