With Bangladesh soon to graduate from a least developed country, it is imperative that it explore new avenues for trade. To that end, we wholeheartedly agree with FBCCI President Md Jashim Uddin that it is essential to strengthen commercial activities in order to expand trade in non-conventional markets.
Bangladesh has shown exemplary progress when it comes to numerous sectors, but it remains a shame that when it comes to trade and exports, we have essentially stagnated.
Our failure to diversify our export basket, with the lion's share of our export dollars coming from our readymade garment products, cannot be disputed. Nor can the reality of us lagging behind in expanding trade to other regions of the world outside of conventional markets of Europe and America.
With the changes in the global order, not to mention the extreme volatility that persists in this day and age, there is no room for complacency on the part of Bangladesh. Initiatives that prioritize capturing non-conventional markets to grab the opportunities up for grabs must be the way moving forward.
In addition to exploring new markets, diversifying our export basket, something this newspaper has editorialized about time and time again, must be brought to the forefront and addressed with the seriousness it has warranted for a long time now.
Bangladesh's current demographic dividend combined with its emphasis on technology-based solutions are the best tools at its disposal to establish new industries for export purposes. Together with prioritizing new markets, Bangladesh can and must take advantage of the current global climate and take its trade and exports to the next level.