Bangladesh needs to evolve accordingly to stay in the game
When it comes to export figures, Bangladesh’s performance has been nothing if not admirable.
But the reality remains that Bangladesh’s exporting sector is still largely dependent on a few major products, with the RMG industry being the main driver of our exporting success -- and as President Abdul Hamid recently said at the DITF inauguration, a concerted effort is needed to come out of this limitation.
This means exploring new possibilities and investing in different sectors, so that we are not overly reliant on one or two industries -- which is essential if we are to march forward into middle income status by the year 2021.
Areas we need to focus on include building skills, expanding trade, exploring untapped markets, and most importantly of all, diversifying products which can have a strong presence in the international market.
Bangladesh should also increase its focus on ICT and vocational skills, frozen foods, agricultural projects, finished jute, leather, and electronics.
The vast potential of the blue economy should also not be ignored, and sea-based economic development can open up new avenues of export earnings.
In all of this, the main role will be played by the private sector, but the government should recognize the contribution of private businesses, and make it easier in every way for businesses to start and expand by reducing red tape and other obstructions.
No doubt, garments and textiles have been our bread and butter, but as the world becomes more and more competitive, Bangladesh needs to evolve accordingly to stay in the game and win big.