It is no big secret that Bangladesh holds an incredible amount of potential when it comes to the diversification of our export basket -- and the story of a company called Natural Fibre helps us realize just how untapped this potential is.
Located at the BSCIC industrial zone near Bagerhat town, Natural Fibre works around the clock to create small, wooden bicycles that are exclusively exported to countries in Europe, such as Greece and Belgium. The company currently produces 30 two-wheelers annually, alongside other products such as beds, toys for pets, and wooden furniture. According to a Daily Star story on the company, it has already exported products worth Tk3.5 crore.
The relative success of Natural Fibre shows that Bangladesh has the potential to become a major player in the burgeoning international eco-products market.
Bangladesh has actually been producing eco-products for generations now -- from traditional fashion items to essential products such as combs, there are vast numbers of independent manufacturers who have been making ecologically-friendly alternatives to products usually made of plastic.
Globally, the green technology and sustainability market size was valued at $14.3 billion in 2022, with a projected compound annual growth rate of 19.5% between 2023 and 2032. Countries around the world are trying their best to break into and eventually dominate this market, and with our track record of producing such products going back decades -- and in a lot of cases, centuries -- Bangladesh already has an edge when it comes to taking over.
We simply cannot waste any time in making the most of this opportunity.
It is unfortunate that the government has reduced the incentive given to eco-products. Not only does this need to be rolled back, but we also need to look into other modes through which the overall industry around these products can be augmented. Aside from monetary support, the authorities also need to focus on infrastructural and technical support as well.
Located at the BSCIC industrial zone near Bagerhat town, Natural Fibre works around the clock to create small, wooden bicycles that are exclusively exported to countries in Europe, such as Greece and Belgium. The company currently produces 30 two-wheelers annually, alongside other products such as beds, toys for pets, and wooden furniture. According to a Daily Star story on the company, it has already exported products worth Tk3.5 crore.
The relative success of Natural Fibre shows that Bangladesh has the potential to become a major player in the burgeoning international eco-products market.
Bangladesh has actually been producing eco-products for generations now -- from traditional fashion items to essential products such as combs, there are vast numbers of independent manufacturers who have been making ecologically-friendly alternatives to products usually made of plastic.
Globally, the green technology and sustainability market size was valued at $14.3 billion in 2022, with a projected compound annual growth rate of 19.5% between 2023 and 2032. Countries around the world are trying their best to break into and eventually dominate this market, and with our track record of producing such products going back decades -- and in a lot of cases, centuries -- Bangladesh already has an edge when it comes to taking over.
We simply cannot waste any time in making the most of this opportunity.
It is unfortunate that the government has reduced the incentive given to eco-products. Not only does this need to be rolled back, but we also need to look into other modes through which the overall industry around these products can be augmented. Aside from monetary support, the authorities also need to focus on infrastructural and technical support as well.
