6 sectors can help country to fetch $ 60bn in 2023
The United States, through the US Agency of International Development (USAID), will provide financial assistance to Bangladesh to help diversify exports and stimulate new streams of economic growth.
To materialize the objective, the USAID has identified six priority sectors. They are agribusiness (food processing), health care, information and communications technology and outsourcing, light engineering, pharmaceuticals and tourism as most promising industries beyond the ready-made garment (RMG) sector for private sector engagement and investment over the next course of development actions.
A USAID report titled Comprehensive Private Sector Assessment (PSA) identified the sectors.
Mutasir Tahmeed Chowdhury of Inspira Advocacy and Consultancy Ltd presented the report.
The report suggests that more concentration should be given on the six sectors which have the potential to add value to the export basket to earn more than $ 60 billion by 2023.
The report suggests systematic diversification towards productive, value added, and export-oriented sectors is imperative to address the current state of unemployment and inclusive growth.
The PSA was launched at American Chamber of Commerce in Bangladesh (Amcham) yesterday.
The PSA, conducted between October 2018 and July 2019 by Inspira Advocacy and Consultancy Ltd, a Bangladeshi private consultation firm, examined 16 emerging sectors in total, which also included ceramics, entrepreneurship, leather and leather goods, medical equipment, plastic, renewable energy and energy efficiency, shipbuilding, shrimp and fish, telecommunications, and vehicle assembly.
The PSA’s findings aimed to support the government of Bangladesh’s economic diversification reforms initiative and help the private sector deepen its engagement with the government and other stakeholders in order to further promote Bangladesh’s economic growth.
Executive Chairman of the BIDA Sirajul Islam, USAID Deputy Administrator Bonnie Glick, Deputy Chief of Mission of the US Embassy JoAnne Wagner and Bangladesh Mission Director of the USAID Derrick Brown also spoke on the occasion.