Thursday, June 13, 2024


Dhaka Tribune

For the sake of our development

Policy-makers must work very specifically on resolving the prevailing issues that are obstructing export diversification

Update : 03 Mar 2022, 10:36 AM

The government’s target for achieving the $80 billion export target in the next fiscal year has been an exciting development and a cause of optimism. One does not need to look far to realize that much of that projected success is on the back of Bangladesh’s status as a developing country.

And experts agree. Graduating from the least developed country (LDC) status will erode Bangladesh’s competitiveness -- with various impacts on export -- depending on destination markets, a senior economist with the World Bank recently said.

This is not a novel notion, obviously, but the subject has justifiably come into focus given the imminent changes Bangladesh will stride into with its graduation from the LDC status.

Experts have emphasized the need for a more modernized tariff system which can support Bangladesh’s export diversification and LDC graduation. The commerce minister has said that the administration is taking initiatives to work toward export diversification.

It is encouraging to see the minister rightly stressing the necessity to increase capacity, efficiency, and productivity in order to diversify our export basket and improve the global value chain for Bangladesh.

The government’s recent headway towards the digitization of all services, including trade, tax, and tariffs, also bears note. But building a digital ecosystem is a multi-faceted endeavour and the infrastructure necessary to enable this must be foolproof, something that the administration has not been able to ensure with most of our existing digital infrastructure.

Our private sector stakeholders need to be sufficiently empowered, which can only be achieved if the government is working closely with them. Policy-makers must work very specifically on resolving the prevailing issues that are obstructing export diversification. Over-reliance on the RMG sector will soon begin to cost the country dearly if timely measures are not taken.

Time is of the essence, we must diversify now in order to secure a healthy economy in the future.

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