With the increased help that our exporting industries are receiving from our financial sector, now is the time to finally fix one of the biggest hurdles that is keeping our economy from reaching its fullest potential: The lack of diversity in our export basket.
The recent deal that occurred between Prime Bank and Bangladesh Bank for a Tk10,000 crore Export Facilitation Pre-finance Fund can provide further fuel to the rocket-ship that is our economy.
When it comes to export figures, Bangladesh's performance has been nothing if not admirable. But the reality remains that our country's exporting sector is still largely dependent on a few major products, with the RMG industry being the main driver of our exporting success, while foreign currency earned from remittance essentially picking up the slack.
But even within the confines of our fairly stagnant export basket, Bangladesh has achieved remarkable growth with the RMG industry undergoing year on year growth despite an incredibly unstable global market, not to mention the supply chain issues brought forth by the lingering effects of Covid-19 and international events such as Russia's invasion of Ukraine.
It is precisely because of the unpredictability and fickleness of global markets that we need to cast a wider net when it comes to our exporting industries. And with the shot in the arm that our financial sector is currently providing to that end, it has never been a better moment to achieve a more diverse export basket.
Time is of the essence.
