Global economic prosperity hinges on openness and free trade

Prime Minister’s Adviser on Private Industry and Investment, Salman F Rahman, highlighted the detrimental effects of protectionism and sanctions, alongside counter-sanctions, on trade for nations such as Bangladesh.

"There exists a notion that open markets foster success and that global economic prosperity hinges on openness and free trade. Regrettably, we now witness numerous blocs adopting protectionism, a growing trend that poses significant concerns for countries like Bangladesh," Rahman stated. These remarks were made during his speech as the chief guest at the inauguration of the BASIS America Desk in Dhaka with US Ambassador to Bangladesh, Peter D Haas, as the special guest. The ceremony was organized by the Bangladesh Association of Software and Information Services (BASIS).

Rahman reiterated Bangladesh’s staunch support for open trade and global trade integration. "However, the prevalence of sanctions and counter-sanctions, particularly in the context of the Russia-Ukraine conflict, is impeding open trade. These measures are creating substantial obstacles to globalization and free trade," he observed. He urged Bangladesh, as a developing nation, to remain vigilant regarding these issues.

Rahman emphasized Bangladesh's proactive and supportive policy towards ICT exports, while also stressing the necessity for continual learning and skill enhancement to keep up with rapid sectoral changes. He called on successful BASIS members to mentor new and upcoming members by sharing knowledge, thereby enhancing their export competitiveness through continuous improvement and innovation. The adviser pointed out the significant power requirements for data centers, quantum computing, and big data analytics, urging Bangladesh to prepare accordingly. Rahman expressed optimism that the America Desk would help the ICT sector achieve $5 billion in exports.

US Ambassador Peter D Haas advocated for open markets to bolster bilateral ties. "It is evident that open markets are essential for increasing export and import activities," he said. He highlighted that countries fostering open trade, encouraging competition, supporting free information flow, and adhering to rules that create a level playing field are more attractive to investors.

Ambassador Haas noted that Bangladesh's low-cost service environment could be leveraged through smart, innovative, and internationally compatible ICT policies. "If your competitive edge is cost-effectiveness, you must ensure your quality matches or exceeds that of your closest competitors," he remarked. Haas emphasized that price alone is not a sustainable competitive advantage; top firms consistently innovate to maintain or enhance their market position. He also underscored the importance of integrating with the global financial market, advocating for a financial system that welcomes foreign investment and facilitates business operations. The ambassador stressed that human talent is the most valuable asset in business.

He advised BASIS members to recognize that they compete with the world’s largest and most competitive single market, which operates under established rules that Bangladeshi businesses must follow to remain competitive. Haas called for internationally compatible digital policies to connect local ICT entrepreneurs with companies in the US and other countries, warning that restrictive policies would hinder competitiveness and prevent Bangladesh from showcasing its capabilities. He lauded the establishment of the America Desk as a significant step towards enhancing ICT trade between the US and Bangladesh, with both countries aiming to deepen their partnership through business collaborations.

BASIS President Russell T Ahmed presented a strategic vision for the BASIS America Desk and announced that this year’s BASIS SoftExpo will take place on November 27, expressing hope that leading American technology companies will participate. Ahmed highlighted the potential for BASIS members to generate $5 billion in export revenue from the US market alone.

In a video message, State Minister for Posts, Telecommunications, and Information Technology Zunaid Ahmed Palak hailed the launch of the BASIS America Desk as a pivotal development for strengthening Bangladesh’s IT sector and positioning the country as a global IT hub. He emphasized that this platform would facilitate robust business relationships between IT organizations.