DHAKA, Feb 2, 2023 (BSS) - Newly formed National Logistic Development and Coordination Committee at its first meeting decided to work on formulating a National Logistic Development Policy within a year.

Prime Minister's Principal Secretary and National Logistic Development and Coordination Committee Chairman M Tofazzel Hossain Miah presided over the meeting at the Prime Minister's Office (PMO) here this afternoon.

Top officials of different government and private offices and export and import sectors joined the meeting.

Tofazzel Hossain Miah said National Logistic Development Policy will be formulated to ease the business and trade and increase investment with a view to achieving the national growth targets.
 
He said five sub-committees will also be formed to this end.

The committee decided to work on ensuring efficient transportation of goods and services and upgrading the country's logistic sector into international standard.

It will provide legal support to attract investment in the logistics sector and simplify the existing policy frameworks.

It will also provide overall guidance in formulating logistics sub-sector based policies and development strategies.

The committee will monitor, review and evaluate the overall progress of the implementation of the logistics development strategy.

Currently logistics costs for trades in Bangladesh ranges from 4.5 per cent to 48 per cent in different sectors.

 Bangladesh's exports will be boosted by manifold if the logistics cost could be reduced.

Bangladesh is set to graduate from its status as a Least Developed Country (LDC) in 2026. As a result, Bangladesh's capacity in investment and trade will increase.

 On the other hand, the area of duty free facility, trade related support measures and special and differential treatment and many reduction commitments will be reduced.

In this regard, the committee decided to build an advanced and efficient logistic management system to reduce these negative effects. 

On January 22, the 29-member National Logistic Development and Coordination Committee was formed.

Director General of the Executive Cell of Prime Minister's Office was made the member secretary of the committee while Bangladesh Bank governor, secretaries of different ministries, heads of different government bodies were made members of the committee.