Bangladesh earned a record $100m in software exports in the last fiscal year, said the industry insiders referring to the Export Promotion Bureau data.
The software is a recent booming industry in Bangladesh and enjoying rises in export volume every year.
“We have just crossed $100m mark in export. But the industry has the potential to make the figure $1bn, and we are looking for that achievement” Fahim Mashroor, President of Bangladesh Association of Software and Information Services (BASIS) told the Dhaka Tribune.
According to the BASIS statistics, the software products export of the country totalled $101.7m in FY2012-13 while it was $70.8m in the previous year. However, the target was $85.7m.
The country’s software export is registering above 40% growth over last couple of years.
“The software (export) has been growing from 40-50% for last few years. But we want to achieve 100% or even more growth,” said Fahim Mashroor.
In the first seven months of last fiscal, the software export stood at around $60m and within 11 months the figure reached $92.3m.
“It suggests the export is very consistent in making growth. We want now to speed up the industry’s working force,” said BASIS President.
He informed the freelancers exported IT products worth around $25m which remain out of official records.
According to him, the country has more than 20,000 active freelancers working at home and making contribution to the foreign currency earning.
Currently, a number of 15,000-20,000 people are working in the sector. But the growing industry requires more manpower, Fahim Mashroor.
He said the country still needs to import software products which could be produced in the country.
“We imported $2m software products in last fiscal. But it can be reduced to zero,” said BASIS leader, who is also a leading entrepreneur in the sector.
Former BASIS chief Mahbub Zaman said the government needs to set a plan to further develop the sector facilitate foreign currency earning by the sector in larger amounts.
“The government should make a 3-5 year master plan taking support from media and trade bodies. Nothing is impossible,” he said.
Mahbub Zaman appreciated Bangladesh Bank for changing some rules that helped the industry go forward.
He informed attempts have been being made to bring PayPal service to Bangladesh for online payment. “If that is possible, the export figure would jump.”
Mahabub Zaman identified lack of branding of Bangladeshi products and shortages of human resources and infrastructures as deterring the sector’s growth.
According to BASIS information, the main destinations of Bangladeshi software products are the US, the UK, Canada, Australia, Denmark, Netherlands, Germany, India and Japan.