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Growing the local market

  • Published at 12:03 am August 20th, 2019
Export shipping containers
Photo: BIGSTOCK

What better way to meet that goal than to expand the economy through self-sustaining local markets?

It is encouraging to see that locally-produced baby diapers are gradually grabbing the Bangladeshi market we can hope that this is just the beginning of local companies realizing the evolving market demands of our consumers and ways to fulfill them.

While in 2014, about 70% of the demand for baby diapers were met with imported products, now, local manufacturers are catering to over 60% of the demand -- a most encouraging sign which must now serve to inspire other domestic companies and manufacturers to help reduce over-reliance on foreign imports.

With Bangladesh’s lofty, yet achievable, economic aspirations of shedding its LDC tag and attaining middle income status within the very near future, there is a necessity for local manufacturers and companies to step up and aid the government and authorities.

And what better way to meet that goal than to expand the economy through self-sustaining local markets?

Indeed, while there will always be a certain reliance on imports and foreign goods, every economy -- particularly a growing economy with a commendable upward growth trajectory -- must look to develop strong local markets delivering quality goods and services to appease the growing demands of a more prosperous population.

With the government doing its part in providing various incentives to not just international investors, but also local companies, the time is now for local companies to study market trends and develop the right products -- much like what the local diaper industry has done -- so that Bangladesh can continue its impressive ascent towards realizing its full potential as a nation.