Of late, IFC, a member of the World Bank Group has launched a diagnostic report, which highlights the need to diversify Bangladesh’s export basket in order to sustain accelerated economic growth, increase investment opportunities, and create more jobs, particularly for women.
It is inevitable to state that the existing policies implemented by the government over the last years have been fruitful towards boosting the country’s export earnings. But more support for other potential products on the part of the government can help export earnings rise to a great extent.
Reportedly, the government expects to fetch more than USD 60 million by 2021. In order to do that, making our export growth sustainable is a must. In this regard, the government should look forward to adding more diversified products to the export basket.
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, China, the largest apparel exporter, has been losing its share in global apparel trade 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.
We should take the privilege
of low cost production that
we are enjoying in Bangladesh
Bangladesh is now capable of making the best quality products at low prices. Therefore, 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.
However, 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. Reportedly, the global Islamic market is around USD 2 trillion which is 11.9 percent of the global market size. Brazil, Australia, New Zealand and Thailand are leading suppliers to Halal markets. We believe, with proper support from the authorities concerned, Bangladesh can earn more by exporting Halal products.