Only 26 out of 51 diplomatic missions met their export targets in the first half of the current fiscal year.
The commerce minister is right to say the country’s overseas diplomatic missions must extend and improve their work in building trade links.
Bangladesh’s exports grew by 16% during the same period, but this can mostly be attributed to the efforts of the private sector. This begs the question how much better the figure could be if diplomatic missions improved their impact. If diplomacy was more effective, the government and private sector could achieve far more together in attracting overseas investment and encouraging exports.
Of course, the most critical needs of the economy remain internal, namely ending the risks of violence and restoring political stability. Nonetheless, growing overseas trade has to come in tandem with ensuring a conducive business environment, as a key priority.
Diplomatic missions are the primary official interface for Bangladesh overseas. They must all become more effective in developing the country’s good standing, attracting investment, and serving the needs of expatriates.
After the damage done by recent turmoil, the country cannot afford to miss opportunities to open doors. Searching for new markets needs to be of premium importance for our diplomatic missions.
This will help the private sector in its efforts to restore dynamism to the economy and in maximising the country’s potential.
