As our economy grows, it is pertinent that adequate measures be taken to diversify our industries.
The rising necessity of sustainability and recent global events have only further exposed the inherent weakness that comes from relying on any one industry for the growth of our economy -- which in our case would be the RMG sector.
Our industries are in dire need for diversification.
Diversification leads to the ability of a nation to meet local demands more efficiently and contribute to the GDP by increasing the national expenditure of its people. As such, the prime minister’s recent call for the young people to build up a fish processing industry is a good, productive call to action.
The fishing industry in Bangladesh still relies on age-old practices and yields less fish than we can realistically expect. Given that a large number of the population have access to land on a hereditary basis, and given the fact that fishing -- and the agriculture industry in general -- is a sector that is ripe for young blood, this is an industry that should be focused on as it can help greatly in lowering our current unemployment rate.
The authorities should also make it easier for ordinary people to take loans in connection to this industry. The agricultural ministry would also do well to host events and training exercises for would-be fish farmers in an effort to holistically modernize the industry.
We need to constantly be on the lookout for opportunities to expand our domestic industries. To both make our GDP growth sustainable and meet our local demands, it is pertinent that we focus on diversifying the economy and indeed our export basket.
The administration needs to do everything in their power to encourage such an initiative. Only through a collective effort can we become one of the most powerful economies in the world.
