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Diversification in exports to boost Bangladesh’s economy, Incentivising is the way

Diversification in the export basket is the way forward for Bangladesh: Salman F Rahman

Wednesday July 24, 2019 11:03 AM, ummid.com News Network

Bangladesh Export Basket

As per the recent report of HSBC Global Research, Bangladesh is very likely to be the second largest economy in South Asia and 26th largest economy in the world by 2030. Ever since Prime Minister Sheikh Hasina led Awami League has assumed power for the 4th time, the government has been working progressively for the diversification in tradable sector of Bangladesh.

Export growth has been significant and picked up quite well in the recent times. This good performance has been mainly due to readymade garments sector which employs more than 3 million people. In the fiscal year 2018-19, export has reached the record $40.53 billion, exceeding the target set by the government in the previous year.

Bangladesh Vision 2041

In spite of such impressive figures, Bangladesh has had an unfavourable balance of payment for many years due to its reliance on imports of oil and petroleum, iron and steel, etc. This in turn has affected the potential growth of the nation. IMF in its recent report while appreciating the economy of Bangladesh, has outlined the necessity of diversifying the products to bolster the trade.

Government’s recent efforts have been towards diversifying export base in terms of products, industries and destinations with respect to its vibrant private sector and large young workforce for better economic growth.

The Prime Minister Sheikh Hasina and Salman F Rahman, the private sector industry and investment advisor, are often seen pitching for an increase in the international trade of the country, one of the focal points of Government’s manifesto - Vision 2041. In light of this, PM on her recent visit to Tokyo, requested for the development of a youth training centre with an ambition to improve IT sector and Entrepreneurship in Bangladesh.

Investments From Big Economies

Aligned with the same vision, Salman F Rahman is working actively and has contributed significantly to the country’s development over the years. His recent meetings with the officials of Japan, USA could potentially result in increased investment in Bangladesh. Investments from such big economies can help Bangladesh tap into more research on resources present in the country and work towards increasing exports from other sectors apart from Garments to strengthen the overall economy.

At a recent event in the capital, Salman, who himself is considered one of the top businessmen of the country, said, “Bangladesh developed in various sectors. We’ll develop further. We can do it if we get a favourable environment. We proved it through the garment industry.”

Hence the Government’s efforts in future can be towards the diversification of the export basket. With investments from the foreign market, the country can build an infrastructure which is not only self-sufficient but also exports most of its goods.

To achieve it at a good pace, the Government can also incentivize the private sector. Private sector and the Government can both work side by side, shoulder to shoulder for exploring the potential resources in Bangladesh. Public-private partnership with possible diversified findings, can boost the tradable sector and bolster Bangladesh’s economy.

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