It is encouraging that the government is supporting initiatives to explore untapped export markets in regions such as North Africa, Latin America, the Middle East and East Asia.
Continued diversification of the range of Bangladesh’s export products and markets is vital for the economy. Diplomatic efforts to open up new markets can help attract new investment and support economic growth.
Entrepreneurial initiatives by garment manufacturers have already seen RMG exports to Turkey more than double to over $335m in the past year. Sales to markets such as China and South America have also grown over a third.
In the face of rising competition from new exporters such as Burma and Cambodia, all efforts to develop new markets are absolutely crucial.
However, in order to sustain overall growth it is also important to diversify our export basket. In products, such as car batteries and bicycles, our manufacturers have already shown that they are capable of being globally competitive. It is imperative that we support such efforts by investing in developing skilled human resources, research and development and create better access to capital for local entrepreneurs.
In order to survive in a changing global economy we need to quickly identify and take advantage of new opportunities. Our government and the private sector need to work together strategically on diversification in order to ensure that our export sector continues to thrive.
Source: Dhaka Tribune