Bangladesh is preparing country-specific strategies for 18 major foreign markets as it seeks to reduce its heavy dependence on ready-made garments (RMG) and broaden the base of its export economy.
The strategies will examine the potential for Bangladeshi products and services in each market, the country’s competitiveness, major rival exporters and the policy measures needed to enter new markets or increase existing market shares.
The initiative was discussed at a workshop titled “Bangladesh Export Diversification Strategy: Product and Market Diversification Across 18 Key Trading Destinations” at the Bangladesh Secretariat.
Commerce Secretary Md Ataur Rahman Khan, who chaired the workshop, said Bangladesh needed to diversify both its export products and destinations to make export growth more sustainable.
“The market situation, opportunities and challenges in 18 important export destinations will be analysed to prepare separate strategies for each country,” he said.
Bangladesh’s commercial missions overseas have already gathered information on market conditions, trade barriers, potential products and opportunities to expand exports, the secretary said.
The information will be consolidated into practical action plans for each market, he added.
The country-level assessments will consider Bangladesh’s export share in individual markets, competing countries and products, measures to improve competitiveness, and the policy and institutional support required to expand trade.
The exercise is expected to identify products with strong growth potential in individual markets, opportunities to introduce new products and ways to increase the market share of existing exports.
Services seen as key to diversification
CPD Distinguished Fellow Dr Mustafizur Rahman said export diversification should extend beyond goods and give greater attention to services.
He called for stronger support for information technology, skills-based activities and other knowledge-intensive services, including measures to help freelancers expand their international business.
Greater adoption of technology in manufacturing and services would also be essential to improve Bangladesh’s competitiveness in global markets, he said.
Rahman also highlighted Bangladesh’s geographical proximity to neighbouring countries as an opportunity to expand exports of both goods and services.
Pharmaceuticals, electronics and agro-products in focus
The workshop highlighted pharmaceuticals, electronics, agricultural and processed food products, leather and leather goods, light engineering, information technology and other services as sectors with potential to complement the country’s garment exports.
Representatives from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Flexa, the Centre for Policy Dialogue (CPD), Walton Group, Bangladesh Agro-Processors Association and the pharmaceutical industry presented recommendations on expanding exports.
Officials from the Commerce Ministry and other relevant ministries and agencies also attended the workshop.