Scope out possible areas of development to diversify our export basket
Our nation has experienced praiseworthy progress through collective efforts in the past few decades, the fruits of which we are ready to enjoy as a soon-to-be developing country.
As Bangladesh prepares for its graduation from an LDC, however, it is vital that we pay heed to the many possible changes to how we operate and proceed accordingly.
One of the absolutely pressing priorities for Bangladesh at this time — as has been repeatedly editorialized by this newspaper — continues to be the prompt diversification of our exports.
Our economy is, and has been for a long time, heavily reliant on our RMG sector, which has perhaps been a contributing factor in the slowing down of our thorough progress as a nation. Not only does this put an unrealistic amount of strain on a particular sector, but is also bound to have a number of adverse effects on our economy.
Despite the numerous benefits we can look forward to with our upcoming rise in ranks as a country, we must also expect a loss of preferential access to many export markets, which could alter the existing design of our economic operations.
These concerns were shared by the president of the Metropolitan Chamber of Commerce and Industry (MCCI), Saiful Islam, during a recent meeting with Australian’s largest fashion retailers, and we wholeheartedly agree.
Bangladesh has a lot to offer in terms of manpower, skills, and resources, and it is a shame that we have not been able to explore these opportunities fully yet. However, with the global climate experiencing a shift, our strategies and approach towards further development must also be made to keep pace with the times.
The authorities must scope out possible areas of development and seek out possible products to diversify our export basket effectively, in order to evade any massive blows to our economy post graduation, and also to ensure that all that we have to offer is being utilized in an efficient and comprehensive manner.
