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Exploring our trade potential

  • Published at 11:54 pm July 5th, 2019
trade
Photo: BIGSTOCK

It remains extremely important for Bangladesh is to diversify its export basket

There is no doubt that Bangladesh, while already having achieved numerous economic milestones -- especially over the past decade -- has barely scratched the surface as far as realizing its full trade potential.

To that end, Prime Minister Sheikh Hasina exhorting the business community of China to explore the full trade potentials with Bangladesh is an encouraging sign that our government, while acknowledging the stellar growth that we have achieved, recognizes that there is much work left to be done.

Indeed, with exports having risen by over 10% this recently concluded fiscal year, up from 5.81% the previous year, there is tangible evidence that Bangladesh is serious about establishing itself as an investment-friendly destination.

However, it remains extremely important for Bangladesh to diversify its export basket -- over 84% of its exports in the last fiscal year was from its RMG industry, and it is high time we looked to establish our other sectors, such as agriculture, IT, pharmaceutical products, jute, and leather.

What is also undeniable is that there remain several concerns within the country that create unfortunate roadblocks to a favourable business and investment climate -- chief of which are the country’s unstable financial sector and its poor standing in the ease of doing business ranking.

However, it must be said that initiatives taken by the government, such as developing the Special Economic Zones and hi-tech parks, along with providing potential investors with numerous incentives and one stop services, are commendable and definitely a step in the right direction, which no doubt should greatly encourage future potential investors.