Plan big to diversify exports
Experts say
Garment is a success model for Bangladesh’s exports but now is the time to focus on other potential sectors like leather, pharmaceuticals and light engineering, an expert says. Photo: Star/File
Star Business Desk
Star Business Desk
Bangladesh needs to formulate long-term plans on how to enhance its export basket after graduating from the UN s group of Least Developed Countries (LDCs), experts say at a webinar held yesterday.
Related measures could include providing low cost and easy access to finance, adequate policy support along with fiscal and non-fiscal incentives for non-garment export sectors while ensuring equal treatment and skills development, they said.
The proposed budget for the 2021-2022 fiscal year acknowledges the Fourth Industrial Revolution and calls for strategies to create IT entrepreneurs and jobs for Bangladeshis abroad. It also suggests using the Bangladesh National Digital Architecture platform to enhance connectivity among government entities. This is a commendable approach towards Digital Bangladesh.
Bangladesh needs to pay attention to explore new export destinations, including untapped markets in the Commonwealth of Independent States (CIS), Latin America and African regions, according to speakers at a webinar yesterday. "We are searching for new destinations, particularly in Africa, to increase garment and other exports through our missions abroad," said Commerce