We cannot help but agree with Prime Minister Sheikh Hasina as she urges Bangladesh to cut dependency on imported products while simultaneously increasing exports at the 20th session of the 11th Parliament.
The global world order appears to be more volatile than ever before, experiencing seismic ramifications of both the Covid-19 pandemic and Russia's invasion of Ukraine. From soaring inflation to an energy and power crisis, these are certainly difficult times, and to that end, it is imperative that nations do all they can to safeguard themselves from these shocks, lest they overwhelm the entire economy.
We have already seen how Sri Lanka's economy spiraled, and it would be wise for our policymakers and industry leaders to pay heed to not just the PM's words of caution, but to events globally.
Bangladesh, with its own ambitions despite the global unrest, can only succeed in reaching its goals if it begins to employ characteristics that are befitting of more advanced economies, and a reduced reliance on imported goods is among the first components.
There is no reason for an agrarian nation such as Bangladesh to worry about food security for example, yet we are seeing price fluctuations this year over and over with regard to absolute essentials. While imports will always be a part of any economy, Bangladesh must look to ensure that its own food production is as efficient and as reliable as possible, so that no Bangladeshi ever fears going hungry.
Similarly, Bangladesh must also stop its overreliance on industries such as RMG and for our migrant workers to send remittance. Moving forward, it would behoove us to not only prioritize more efficient production to reduce our reliance on imported essentials, but also diversify our exports and establish more export-oriented industries. These shall be the markers of an economy that is serious about reaching its goals.
