Source: NEW AGE Business
‘Logistics is high-priority sector in the Industrial Policy. Cold chain is being given much emphasis in the upcoming National Logistics Policy. I am confident that these will deliver the necessary incentives to invest in cold chain, for further penetrating into the regulated markets for agro and fish products like the USA, EU and Japan,’ he said.
Salman said this while speaking as chief guest at the opening session of a daylong conference titled ‘Cold Chain Investment Conference 2024’ at BIDA Multipurpose Hall in Biniyog Bhaban, Agargaon in the city.
The Bangladesh Investment Development Authority and the US Department of Agriculture Bangladesh Trade Facilitation project organised the conference.
BIDA executive chairman Lokman Hossain Miah, fisheries and livestock secretary Md Selim Uddin and Federation of Bangladesh Chambers of Commerce and Industry president Mahbubul Alam, among others, spoke on the occasion.
In his speech, Salman said that as cold chain equipment was mostly imported, there was a good opportunity for foreign and local businesses to explore joint venture opportunities to domestically manufacture these products.
‘We also look forward to making way for 100 per cent foreign owned projects in this sector. I believe Bangladesh has the right skills for this sector,’ he added.
By combining the efforts of the government, the private sector and development partners, Salman said that Bangladesh could create a robust cold chain supply chain that not only supported domestic needs but also enhanced the country’s competitiveness on the global market.
By 2031, he said, temperature-controlled logistic services in Bangladesh including storage, transportation and value-added services like grading, labelling, and packaging, are expected to have a combined market value of $440 million.
As a result, the demand for cold chain services in Bangladesh will increase by an estimated 11 per cent compounded growth rate, he added.
He said that consumers in and outside Bangladesh were shifting their focus on supporting supply chains that ensured sustainability and delivery of products in optimal conditions.
So, businesses, along with their financiers, have to think about how to plan ahead and integrate new technology in their supply chain in order to retain and capture both domestic and export markets, he added.
At the conference, a panel discussion titled ‘Ensuring Access to Finance and Conducive Policies to attract TCL Investment in Bangladesh’ was held.
