Monday Business News

Expoters may face tough 
competition amid crisis 
Staff Correspondent 

Economists and experts on Sunday said if exporters could face the tough competition in coming months under the ongoing global economic turmoil, they would be able to boost up export and find new destinations.
  They observed that the owners of garment factories should maintain stability in their industries providing maxi-mum salaries to and better working conditions for the workers to boost production and export.
  ‘The government will have to keep close eye on the global labour and export markets as the global crisis may put negative impact on local economy,’ the experts told a seminar organised by the weekly ‘Ekota’ at the Muktibhaban in Dhaka.
  MM Akash, professor of Economics Department at Dhaka University, presented a keynote at the seminar on ‘Big Crisis of Global Capitalism: Need to Do.’ Professor of International Relations Department at Dhaka University Akmal Hossain and business editor of daily Prothom Alo Showkat Hossain Masum also spoke at the seminar.
  Akash said the government would have to shun the new liberalism policy in taking decision on country’s economic programme as it was not working at the global market.
  Mustafizur Rahman, executive director of the Centre for Policy Dialogue said now the time had come to develop new ideas matching with the Marxist theories on production and its relation with other factors of output like man and machines.
  ‘If the industry owners provide incentives to the main factor (workers) of production, the output will go up and society will get its benefit as whole,’ he added.
  He also said the Marxist theories are very much befitting to the real economy and finance to face the present global economic crisis.
  ‘The financial crisis that first emerged in the US and started spreading to other countries like wildfire has resulted in a series of bankruptcies and mergers of banks and other lending institutions,’ he observed.
  ‘Subsequently, the governments in both developed and developing countries were forced to take radical actions to face the serious economic crisis,’ said Mustafizur Rahman.
  Showkat Hossain Masum said the government should closely monitor the global economic scenario under the present crisis as the World Bank and International Monetary Fund might shift their policy for the developing country like Bangladesh.