The light engineering sector of Bangladesh has immense potential, that much we've known for some time. However, by following in the footsteps of countries like China, Bangladesh can become a global powerhouse when it comes to the export of quality engineering and electronic products.
Unfortunately, due to various bottlenecks, this sector is far from reaching its true potential. Among them, experts have identified the absence of real-time information on various market indicators and globally accredited certification authorities were identified to be the biggest roadblocks, which has resulted in a lack of confidence that Bangladesh can produce quality engineering and electronic products.
In 2021, Bangladesh's export of light engineering products to the UK was only $56 million against the country's overall import of $327 billion. Bangladesh also has the opportunity to support local demand through local production. Building up a sector like this will also help us achieve our goal of maintaining a diverse export basket, which will translate into a more robust and sustainable economy.
This will also translate into jobs for the millions of unemployed people in the country, however obvious a point that may be.
To that end, it would behoove the administration to take action now. Real time data collection methods on market indices have to be made available to relevant stakeholders. Periodical assessments have to be carried out and further gaps need to be addressed as soon as possible. The government also has to reach out to global certification bodies to get assistance with setting up local certification authorities that are recognized worldwide.
Bangladesh has been doing tremendously when it comes to economic growth, but we can always do better. With a little push, light engineering can be just what we need to push us into the future.
