We are glad to see experts at a seminar urging Bangladesh to diversify its exports – in terms of products as well as markets – and add more value to their products. Bangladesh needs to do just that to remain competitive, when the jump from a low income to a middle income country is only a matter of time if the current growth rate sustains.
It is a triumph for our private sector that despite last year’s political turmoil, we have been able to grow. That being said, the fact that 80% of our exports are being supplied by the RMG sector is not a healthy symptom for our economy.
By creating more export jobs in more sectors and growing new markets, there can be both direct gains for businesses and workers, and a reduction in risks to the economy.
It is important for the country to diversify its export basket, both in terms of broadening the number of countries reached by our goods, and increasing the value of non-RMG items exported. But first, policymakers need to ensure that the required infrastructure is in place – a steady, long-term supply of power, fuel, and steel has to be maintained.
Bangladesh needs to look beyond the West for potential markets. The balance of the world’s wealth has shifted towards the Asia-Pacific and Middle Eastern regions, hence that market is equally lucrative, and we need to make inroads further into those regions.