He was speaking at a seminar on 'Preparing Bangladesh to Face Challenges of the New Millennium' organised by Bangladesh Chamber of Industries (BCI) in Dhaka.

The minister said bilateral approach is more effective than multilateral approach in trade negotiations. "After getting desired result from bilateral ways, we should go forward with multilateral approach," he observed.

Stressing the need for product diversification and production of cost effective products to compete with others and sustain the age of globalisation he said skilled manpower is also needed to face the challenges of new millenium.

Morshed said private sector will have to take initiative by playing effective role in the country's development while government would play the role of facilitator to assist the private sector entrepreneurs.

Privatisation Commission Chairman Enam Ahmed Chowdhury said good governance, elimination of corruption, modernisation and development of education will help in facing the challenges of globalisation.

In the age of globalisation, free movement is not only necessary for products but also for manufacturers, he said.

BCI President AK Azad said private sector can play a vital role in setting up backward linkage industry for apparel sector which is essential to face the stiff competition ahead. Both the government and private sector should be more active in this regard.

Azad also laid emphasis on product diversification along with supportive policies and reform initiatives to compete the international market.

Abdul Mannan, former chairman of Bangladesh Small and Cottage Industries Corporation (BSCIC), presenting keynote paper at the seminar said there are some advantages as well as some disadvantages in globalisation.

To face the challenges of globalisation the government and private sector should take initiatives to attract investment and develop education and health sectors, he said.

FBCCI Director MA Rauf Chowdhury urged the manufacturers to maintain quality and competitive price of products for retaining export market.

Jamal Uddin Ahmed, former deputy prime minister, and Shahedul Islam Helal, president of Jute Goods Association, also spoke at the seminar.