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The government is developing an integrated strategy to diversify both products and markets to reduce Bangladesh’s dependence on readymade garments and boost export earnings.
As part of the initiative, separate export strategies are being prepared after analysing the market potential, barriers, competitive landscape and opportunities for Bangladesh in 18 major international trading destinations.
Trade Secretary Md Ataur Rahman Khan made the remarks while chairing a workshop titled “Bangladesh Export Diversification Strategy: Product and Market Diversification in 18 Important Trading Destinations” at the conference room of the Ministry of Commerce at the Secretariat on Monday.
The trade secretary said equal importance was being given to product and market diversification to make Bangladesh’s exports stronger and more sustainable.
“Country-specific profiles and implementable strategies are being prepared through detailed collection and analysis of information on the 18 selected export destinations,” he said.
He said information had been collected from the concerned commercial wings on the current market situation, existing export barriers, potential Bangladeshi products and opportunities for expanding trade.
The information will be consolidated to prepare separate action plans for each destination, he added.
Ataur Rahman Khan said a specific matrix was being followed to analyse the markets, taking into account Bangladesh’s overall share of exports in each destination, major competing countries for specific products, ways to enhance competitiveness, and the policy and institutional measures needed to expand market access.
He said the analysis of the 18 major markets would help identify potential new products, expand markets for existing products and determine the steps needed to enter new markets.
Speaking at the workshop, Centre for Policy Dialogue (CPD) Distinguished Fellow Dr Mustafizur Rahman said services exports should receive equal attention alongside product diversification.
He stressed the need to develop information technology, the skills-based economy and capacity-enhancing services, while taking effective measures to support the growth of freelancers.
He also called for greater use of technology in production and services to enhance Bangladesh’s competitiveness in international markets.
At the same time, he suggested strengthening efforts to increase exports of Bangladeshi products and services to neighbouring countries by taking advantage of geographical proximity and market potential.
Representatives from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Flexa, CPD, Walton Group, Bangladesh Agro-Processors Association and the pharmaceutical industry, among others, presented their proposals for expanding exports.
Officials from the Ministry of Commerce and other relevant ministries and organisations also attended the workshop.
Discussions focused on making pharmaceuticals, electronics, agricultural and processed agricultural products, leather and leather goods, light engineering, information technology and other services more competitive in international markets alongside the readymade garment sector.
Participants said implementing the strategy around the 18 major trading destinations could broaden the foundation of Bangladesh’s exports.
It could also create opportunities to develop new products and markets, increase Bangladesh’s share in existing markets and build a more diversified and sustainable export structure over the long term.