It needs no emphasising that the existing policies implemented by the government over the last years have been fruitful towards boosting the country’s export earnings. It is encouraging to note that the country’s total export earnings witnessed a rapid growth to stand at $33.84 billion for the first eight months in the current fiscal, up 30.86 percent over the previous fiscal despite the corona crisis. According to EPB data, the overall export earnings also surpassed the set target by 17.16 percent for the first eight months in the current fiscal. However, we should look forward to adding more diversified products to our export basket in order to sustain economic growth, increase investment opportunities, and create more jobs, particularly for women.
We should look forward to adding more diversified products to our
export basket in order to sustain economic growth, increase investment
opportunities, and create more jobs, particularly for women
Over the last few years we have seen some revolutionary changes in our industrial infrastructures. Consequently, international retailers have got back their confidence to invest in Bangladesh. Besides, some of the biggest apparel exporters have been losing their share in global market because of higher costs of production and shortage of workers. As a result, work orders are being diverted to Bangladeshi factories. Therefore, we should take the privilege of low cost production that we are enjoying in Bangladesh.
Bangladesh needs to pay more attention to devise an alternative strategy that encourages diversification of exports, both in terms of products and destination. There is no denying that the recent initiatives to promote thrust sectors including pharmaceuticals, agro-products, plastics, ICT, shipbuilding, furniture, are moving in the right direction. But at the same time it is true that in order to sustain the current tempo of the country’s export growth, our efforts to solve infrastructure, power, and institutional bottlenecks need to be followed through. Also, a comprehensive policy package coupled with supportive governmental incentives will help our export industry grow further.
We are capable of making the best quality products at low prices. Hence, the government needs to encourage entrepreneurs by giving several fiscal and technical support. Also, there is a need for an exemption of taxes on raw materials and backward linkage industries to survive competition with others, which will help expand the country’s export earnings.
