Guests attend the launch event of the World Bank's "Moving Forward: Connectivity and Logistics to Sustain Bangladesh's Success" report in Dhaka, Bangladesh, on Nov. 13, 2019. To meet the needs of its growing economy and to boost export growth, Bangladesh needs to improve its transport and logistics systems, says a new World Bank report launched Wednesday. (Str/Xinhua)

To meet the needs of its growing economy and to boost export growth, Bangladesh needs to improve its transport and logistics systems, says a new World Bank report launched Wednesday.

The report "Moving Forward: Connectivity and Logistics to Sustain Bangladesh's Success" finds that by making logistics more efficient, Bangladesh can significantly boost export growth, maintain its position as a leading ready-made-garments and textile producer, and create more jobs.

The report notes that congestion on roads and in seaports, high logistics costs, inadequate infrastructure, distorted logistics service markets, and fragmented governance hamper manufacturing and freight, further eroding Bangladesh's competitive edge and putting its robust growth path at risk.

"Bangladesh's congested transportation and often unsophisticated logistics systems impose high costs to the economy," said Mercy Tembon, World Bank country director for Bangladesh and Bhutan.

"By making its logistics more efficient, Bangladesh can significantly optimize its connectivity, business environment, and competitiveness, putting the country on the right path to become a dynamic upper middle-income country."

The report notes that improving Bangladesh's logistics requires a system-wide approach based on greater coordination among all public institutions involved in logistics and with the private sector, increasing the effective capacity of core infrastructure, and removing distortions in logistics service markets to reduce costs and improve quality.