Bangladesh now holds an economically dignified position in the world. Prime Minister Sheikh Hasina-led Awami League government has attached priority to economic diplomacy instead of political one as democracy and stability have been persisting in the country since 2009.
The government has been working to increase the export earnings to $150 billion by 2030. For this the government will have to explore new markets as early as possible.
Above all, if the government has fixed a target, it will be easy to attain the target. We think the government should work this way to achieve the target. Maintaining friendship with all in line with the country’s foreign policy is a challenge as the world is becoming bipolar. But Bangladesh adheres to its foreign policy principle.
Bangladesh is not under any pressure from foreign countries, especially the USA, UK, Russia, China, and Western and Eastern countries. Most of the countries in the world have already expressed their willingness to work with the Bangladesh government.
Now diplomacy has transformed into almost economic diplomacy. So, Bangladesh needs to see how the country can expand trade and business, to achieve economic self-reliance by maintaining good relations with all.
The country has achieved unprecedented success in various socio-economic indicators in the last 15 years. Apart from influential countries like the USA, UK, Russia, China Bangladesh will have to work to further strengthen its relations with both eastern and western countries.
Government has been working
to increase the export earnings
to $150 billion by 2030
Therefore, the high command of the government and the foreign ministry should give a message to Bangladesh diplomatic missions to pursue economic diplomacy instead of political diplomacy. Apart from diplomats, country’s businessmen will also have to find their foreign partners to utilise their technology and knowledge in the local industries. The government is doing everything it can to facilitate smooth, easy and efficient ways of doing business in Bangladesh. Bangladesh is building 100 Economic Zones, Hi-tech and Software Parks and it is offering foreign countries to invest here. We believe foreign businessmen and entrepreneurs will be encouraged to choose Bangladesh for investment.
The duty-free quota-free access of Bangladeshi products to different foreign markets attracts world investors. Therefore, diplomats and foreign businessmen should choose Bangladesh as a haven for their business growth.
Our country is developing connectivity with South Asia and South East Asia as this region is a huge market with its large population. Bangladesh is striving to link with Trans-Asian railway and Trans-Asian highway.
In addition, the country is also developing waterways, airways and railway communications. Having India, China, and Southeast Asia; Bangladesh is in the middle of a combined market of four billion people.
So, the country is a pioneer in South Asia for regional connectivity and the strategic location of Bangladesh offers tremendous potential to be the economic hub of the region. Many developed countries like India, US, UK, Europe, Canada, Australia Saudi Arabia and China have already expressed their interest to make large-scale investments in Bangladesh. They can invest in Bangladesh’s different sectors, including information technology, pharmaceuticals and hospitality as the country offers a wide range of facilities to the foreign investors.
Besides, foreign investors should make investments in apparel, renewable energy, shipbuilding, automobile, pharmaceuticals, heavy machinery, chemical fertilizers, ICT, marine resources, shipbuilding and medical equipment in Bangladesh.
Bangladesh is set to graduate from the LDC status by 2026. Therefore, the country needs foreign investment and adequate support to enhance its global competitiveness and export basket.
At the end of the day, the foreigners are our development partners and we will have to work together. We need to explore that market.
We have also a big opportunity to expand trade with the countries in South America and Africa and need to explore those markets also. We need to deepen our ties with all.
