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The government is developing an integrated strategy to diversify both products and export markets to reduce the country’s dependence on ready-made garments and boost export earnings.
As part of the initiative, separate export strategies are being prepared for 18 major international markets after analysing their market potential, trade barriers, positions of competing countries and opportunities for Bangladeshi exporters.
Commerce Secretary Md Ataur Rahman Khan disclosed the plans while chairing a workshop titled “Bangladesh Export Diversification Strategy: Product and Market Diversification in 18 Important Trade Destinations” at the Commerce Ministry in Dhaka on Monday.
He said equal importance was being given to product and market diversification to make Bangladesh’s export sector stronger and more sustainable.
Detailed information on the selected markets is being collected and analysed to prepare country-specific profiles and practical strategies, he said.
“Information has been collected from our commercial wings on the current situation in the respective markets, existing barriers to exports, potential Bangladeshi products and opportunities for trade expansion,” the secretary said.
Based on the information, separate action plans will be prepared for each market, he added.
The secretary said a specific matrix was being used for the market analysis, covering Bangladesh’s share of total exports to each destination, major competitors for specific products, ways to improve competitiveness and policy and institutional measures needed to expand market access.
He said the analysis would help identify new products with export potential, expand markets for existing products and determine measures needed to enter new markets.
At the workshop, Centre for Policy Dialogue (CPD) Distinguished Fellow Dr Mustafizur Rahman said services exports should receive equal attention alongside product diversification.
He called for greater development of information technology, skills-based industries and capacity-building services, as well as effective measures to support freelancers.
Mustafizur also stressed greater use of technology in manufacturing and services to improve Bangladesh’s competitiveness in international markets.
He urged the government to strengthen initiatives to expand exports of Bangladeshi goods and services to neighbouring countries by leveraging geographical proximity and market potential.
Representatives of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), FLEXA, CPD, Walton Group, Bangladesh Agro-Processors Association and the pharmaceutical industry, among others, presented proposals on expanding exports.
Officials from the Commerce Ministry and other relevant ministries and organisations also attended the workshop.
Participants stressed the need to make pharmaceuticals, electronics, agricultural and processed agricultural products, leather and leather goods, light engineering, information technology and other services more competitive in international markets alongside ready-made garments.
Stakeholders said implementing the strategy focused on the 18 key destinations could broaden Bangladesh’s export base, create new products and markets, increase market share and help establish a more diversified and sustainable export structure over the long term.
