Technical Assistance Require

• Developing infrastructure facilities which include transportation, port and customs and storage

• Facilities along with power supply and communication systems;

• Devolving marketing and distribution facilities that are presently far from pleasing;

• Broadening the scope of Aid for Trade that can provide technical assistance while undertaking

• Regulatory reforms and translating the services regulatory framework into GATS language.

Points for Service Sectors

• Contribution of service sector :49.22% • Growth rate of service sector : 6.175%. • Prospects of promising service:–Development of Tourism–Quality Financial Services–Development of Education sector

Recommendations

• Appropriate government policies and measures need to be designed for a sustained growth of the services sector.

• Bangladesh needs to enhance the education and skill level of its workforce as it is important for the financial service firms to employ skilled workforce for delivery of their services to foreign clients or attract firms to employ skilled workforce foreign multinationals into the country.

• Computer literacy level along with the general education level needs to be enhanced.

• In sectors in which regulatory bodies exist, e.g., Securities and Exchange (SEC) etc. there is the need to strengthen the capabilities .

Recommendations (contd.)

• Special emphasis needs to be given to introduce E-governance to improve transparency and reduce transaction costs

• Regulatory institutions in collaboration with associations for different services sectors should make efforts for standardization, recognition and accreditation of service institutions, facilities and professional qualifications with international standards, qualifications and bodies.

• Improvements in law and order situation and political stability are vital in attracting foreign investment.  

• Bangladesh Bureau of Statistics (BBS) needs to improve statistical coverage of the financial services sector.

Conclusion• Different country experiences suggest that trade liberalization alone

cannot result in growth and development. On the whole there are several issues concerning trade liberalization and domestic regulation in the services sector which require immediate attention. Some of these are as follows:

•  Although Bangladesh has made some significant gains from trade liberalization, a rather slow and cautious approach is preferred by many stakeholders.

• There is a need to strengthen the capacity for domestic regulation, the underlying rules to strengthen the process of trade liberalization in a number of services sectors.

• There is a need to actively involve all stakeholders (civil societies, private sector, etc.) at every stage of the decision making process from assessment studies to formulation to actual policy formulation.