Integrated strategy a must to diversify Bangladesh's export base: Experts

Bangladesh, in critical need of diversification of its export base, will need to put in place integrated export and sector development strategies, experts from the public and private sectors have said.

The diversification will also require pursuing concrete sectoral opportunities for products that offer high potential in the global market, they made the observation at a seminar held on Thursday evening at a hotel in Dhaka.

The seminar titled “Export Diversification Imperative: Key Sectoral Opportunities and Policy Priorities for Bangladesh” was organised by Policy Exchange of Bangladesh, a press release said.

Commerce Ministry Senior Secretary Tapan Kanti Ghosh attended the programme as the chief guest while Policy Exchange of Bangladesh Chairman M Masrur Reaz presented the keynote paper. Eminent economist Ahsan Mansur chaired the session.

In his speech, Masrur Reaz mentioned that the next phase of the growth trajectory requires the economy to expand significantly in order to absorb additional labour and allow Bangladesh to use its demographic dividend.

Although Bangladesh has made good progress in export-led growth, driven by the ready-made garment (RMG) sector, the growth model has been highly reliant on RMG products.

This exposes a risk to future growth and in recent years it has made Bangladesh increasingly vulnerable to economic shocks, he said.

Despite consensus among government and private sectors about the importance of diversification, there has been limited progress towards diversified exports, he said.

Reaz highlighted agribusiness, digital economy, and synthetic footwear as the sectors with very high potential in terms of global and domestic market growth, the readiness of Bangladesh’s private sector, the feasibility of policy reforms, and domestic linkages.

Commerce Ministry Additional Secretary Abdur Rahim Khan, Finance Ministry Additional Secretary Khairuzzaman Mazumder, Economic Relations Division (ERD) Joint Secretary Anwar Hossain, Foreign Ministry Director General of International Trade Muntasir Mamun, Bangladesh Investment Development Authority (BIDA) Director Ariful Haque, National Board of Revenue (NBR) First Secretary for Customs Policy Kahirul Kabir, and Finance Division Joint Secretary Jahirul Quaiym were present among other government officials.

From the private sector, the programme was attended, among others, by Business Initiative Leading Development (BUILD) Chairperson Nihad Kabir, Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) Vice-President Habibullah N Karim, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Director Abul Kasem Khan, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Asif Ibrahim, Bangladesh Outsourcing Association President Wahid Sharif, and Bengal Meat Chief Executive Officer Ahmed Asif.