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Exports show the way

  • Published at 07:26 am July 17th, 2018
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Photo: BIGSTOCK

It is through diversification that we will reach our full potential

Bangladesh owes much of its economic dynamism to the strength of its exporting sector.

Recently, more than 60 companies were awarded the National Export Trophy by the government for their contributions to exports in the fiscal 2014-15.

The number of companies making outstanding contributions to our exporting sector highlights the increasing demand for Bangladeshi products and services in the world market -- and speaks of much more to come. 

The crucial role the private sector has played in breathing life into our economy in recent years cannot be denied, and it is good to see the government recognize this fact. 

Our RMG sector, which provides for 82% of our total exports, has been the shining star, with Bangladesh clothing reaching massive parts of the world.

But moving forward, it is important for Bangladesh to diversify its export basket if we wish to stay competitive in the world. 

While the RMG sector has no doubt been the bread and butter of our economy, we must be careful not to rely too heavily on one sector to be the engine of our economic growth. 

To that end, it is commendable that we have made moves towards greater diversification: The increased focus on ICT and vocational skills is a step in the right direction, and it is good to see that the industries awarded for exporting achievements are not just in garments and textiles, but also in frozen foods, agricultural products, finished jute, leather, and electronics. 

It is through diversification that we will reach our full potential.

If we play our cards right, Bangladesh could very well become the next exporting powerhouse of Asia.