The logistics sector can a vital role in retaining and improving competitiveness of Bangladeshi goods exported to major markets after the nation graduates to become a developing country.

Bangladesh is set to graduate from least developed country (LDC) category in 2026 and will face around 9 percent to 11 percent additional duty, impacting the competitiveness.

"This is where logistics sector development can play a big role," said Md Miarul Haque, managing director of DHL Express Bangladesh.

He made the comment at the 21st DHL-The Daily Star Bangladesh Business Awards 2022 at the Sheraton Dhaka.

DHL Express and The Daily Star organised the event to recognise the outstanding businesses and their contribution to the economy.

Miarul was talking on the theme, 'Vision to Action: Towards a Trillion Dollar Economy'.

"Our past development record and future prospects and potential together indicate that this journey is possible," he said.

This will require a sustained growth for a long period at an average rate of around 9 percent and industry will be the lead sector to drive growth, he said.

Haque said Bangladesh has improved in the overall Logistics Performance Index done by the World Bank from the ranking of 100 in 2018 to 88 in 2023.

Vietnam's ranking is 43 and India's 38.

"We definitely have a long way to go," he said, adding significant improvement is never possible without a huge thrust specifically when more than 15 ministries and 20 agencies are involved in the logistics decisions.

He said the government is developing the National Logistics Development Policy.

"I see clearly the light at the end of the tunnel that lately we have understood the huge significance of this sector in making our dream a reality. Things have started rolling right from the very top," he said.

"Bangladesh will bring a revolutionary improvement in this sector not only through capacity enhancement but also through efficiency on ground which will be our game changer."