It is encouraging to note that in the first six months of the 2021-22 fiscal year (July-December), Bangladesh exported readymade garments worth 19900.7 million dollars, which was 15545.57 million dollars in the same period of the previous year. As a result, the export growth has increased by 28 percent in six months. It is worth mentioning that the United States was the largest importer of Bangladesh’s readymade garments during this period.
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. However, Bangladesh now needs to undertake massive plans to develop skilled manpower in Ready-Made Garments (RMG) in order to attract more foreign investors. Experts are of the opinion that shortage of mid-level management professionals and limited backward and forward linkages are among major challenges that need to be addressed for further expansion of the country’s RMG sector.
We should look forward to
adding more diversified
products to our export basket
Hence, departments concerned should come up with effective measures to tackle the challenges in no time. 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.
Bangladesh is now capable of making quality products at low prices. The existing policies taken by the government to boost export earnings have been very fruitful in many cases. But more support for other potential products on the part of the government can help export earnings rise to a great extent. In order to compete with other Asian countries, we should look forward to adding more diversified products to our export basket. Last but not the least, focus should be given on potential export items such as processed agro-products, Halal-products, jute and jute goods, leather, pharmaceuticals and so on.