It is encouraging to note that Bangladesh's exports to India witnessed a rapid growth to stand at around $1 billion in five months in the current fiscal year and it hit record high in the last fiscal to reach about $2 billion. Reportedly, in July, the first month of 2022-23 fiscal year, exporters of Bangladesh have exported various products worth $152 million to the neighboring country India, up 20.53 percent more than the same period of previous fiscal amounting to $126.10 million. It is envisaged that if this positive trend continues, Bangladesh's exports to the Indian market will surpass $3 billion for the first time by the end of the current fiscal year.
Over the last few years we have seen some revolutionary changes in our industrial infrastructures. Bangladesh now needs to pay more attention to devise an alternative strategy that encourages diversification of exports, both in terms of products and destination. It is time to add more diversified products to our export basket in order to sustain economic growth, increase investment opportunities, and create more jobs, particularly for women. 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.
A comprehensive policy package
coupled with supportive governmental
incentives will help our export
industry grow further
In order to boost the export earning, export of Halal products can play a big role. Halal products have a huge demand in the international market, even in the European market, because of their distinct quality. We believe, with proper support from the authorities concerned, Bangladesh can earn more by exporting Halal products.
The government's 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 producing the best quality products at low prices. Hence, the government needs to encourage entrepreneurs by giving several fiscal and technical support.
