In its current state, Bangladesh is still largely dependent on the RMG sector for the bulk of its export earnings, and that has no doubt helped boost the economy significantly.
However, as we have editorialized a number of times already, it has become imperative to venture out and explore more avenues of foreign income as, for a rapidly growing economy like ours, banking on a single sector will only hold us back.
These sentiments were echoed by experts at a recent Bangladesh Standards and Testing Institution (BSTI) discussion, where they not only reiterated the need to diversify our export basket, but also emphasized on elevating the quality of our products.
BSTI has created a standard certification process for 229 locally-manufactured products for quality assurance. While an initiative as such will encourage local manufacturers to ensure high quality standards for all their products, it is also a sign of assurance for interested buyers on an international level.
The global economy is experiencing massive shifts, and with the rising competition, the only way Bangladesh can cement its place in the global market is by ensuring top-notch quality of products -- not just for the front-runners of our exports like the RMG sector, but across the board.
It is no secret that we have an abundance of resources that we are, unfortunately, yet to fully tap into. With standardization and certification practices in place, however, we can easily turn this around and make better use of all that we have to offer as a nation.
If apt measures as such are continued to be taken, we will soon be able to uplift our economy further in the global arena.