The government will conduct research on some potential sectors for exports diversity that will help Bangladesh to face the challenges of the post Least Developed Countries (LDCs) graduation. The diversification will boost the export capacity, leading to the country’s higher economic growth.
By 2026, Bangladesh will come out of the list of the least LDC and become a developing country. As a LDCs country, Bangladesh is currently getting 70 per cent exports preferential access to certain markets but to continue enjoying such benefits after graduation, compliance will be a major issue.
Besides, it has also been enjoying a number of benefits including duty free in terms of entering the world market. So, there is no alternative to conducting research on potential sectors and formulating
long-term plans on how to enhance the country’s export basket after graduating from the UN’s group of LDCs.
The government should give
equal treatment to all the
export-oriented sectors instead
of concentrating on some few
sectors in order to ensure
export diversification
Keeping this issue in mind, Bangladesh Foreign Trade Institute (BFTI), an autonomous research institute that researches ways of improving bilateral trade, has undertaken a project on “Roadmap for Overcoming the Challenge” and it will carry out large-scale researches on 12 potential sectors. We hope this project will help the country diversify its exports basket and overcome export instability.
Apart from the BFTI, country’s businessmen also have to put more concentration on research for product diversification and own branding to boost export and business growth.
Research is a must to expand trade and commerce in order to understand and maintain the product demand and its quality. Therefore, the industry owners and exporters should put their focus on this issue to boost export by carrying out research on other potential sectors.
The government along with industry owners and exporters should start working and taking preparation to tackle any challenge as a developing country. Following the prime minister’s directive, the foreign ministry and all the high commissions, embassies and missions abroad must work and go ahead following the strategy that “Bangladesh present diplomacy will be economic diplomacy”.
The export sector is playing key role in the economic progress of our country in particular earning foreign exchange, generating employment, empowering women and alleviating poverty. Therefore, the government should give equal treatment to all the export-oriented sectors instead of concentrating on some few sectors in order to ensure export diversification.
