The government is preparing an integrated strategy to diversify both products and markets, aiming to boost export earnings and reduce the country's heavy dependence on ready-made garments (RMG).
Under the initiative, separate market-based export strategies are being drafted for 18 key trading destinations worldwide, based on an analysis of market potential, existing barriers, competitors' positions and the steps Bangladesh needs to take.
Commerce secretary Ataur Rahman Khan announced the move while presiding over a workshop titled "Bangladesh Export Diversification Strategy: Product and Market Diversification Across 18 Key Trading Destinations" at the Secretariat on Monday.
"Equal importance is being given to both product diversification and market diversification to make Bangladesh's exports stronger and more sustainable," he said.
He said detailed country profiles and implementable strategies are being prepared after collecting and analyzing information on the 18 selected destinations.
Information on the current situation in the target markets, existing export barriers, Bangladesh's potential products and scope for trade expansion has been gathered from the country's commercial wings abroad, the secretary said. "A separate action plan will be drawn up for each country by consolidating this data."
Ataur said a specific matrix is being followed for market analysis. "It includes Bangladesh's share in the country's total imports, main competitors for specific products, ways to enhance competitiveness, and the policy and institutional measures needed for market expansion."
He added that the analysis of the 18 markets would help identify new potential products, expand markets for existing items and determine the steps required to enter new markets.
Speaking at the workshop, Mustafizur Rahman, Distinguished Fellow of the Centre for Policy Dialogue (CPD), said services exports must receive equal priority alongside goods in any diversification drive.
He called for effective initiatives to develop information technology, the skills-based economy and enabling service sectors, along with support for the growth of freelancers.
Stressing skills development and technological upgrading, he said greater use of technology in manufacturing and services is essential to improve competitiveness in international markets.
He also suggested stepping up efforts to increase exports of Bangladeshi goods and services to neighbouring countries by leveraging geographical proximity.
Representatives of the BGMEA, Flexa, CPD, Walton Group, Bangladesh Agro-Processors' Association and the pharmaceutical sector, among others, placed their proposals for expanding exports at the workshop.
Officials from the Ministry of Commerce and other relevant ministries and organizations also attended.
Participants emphasized making sectors such as pharmaceuticals, electronics, agriculture and agro-processed products, leather and leather goods, light engineering, information technology and other services more competitive in global markets, alongside RMG.
Stakeholders said the strategy centred on the 18 destinations would play a key role in broadening the export base, creating new products and markets, deepening partnerships in existing markets and building a diversified, sustainable export structure in the long run.
