Dhaka:The government is crafting an integrated strategy to diversify products and markets to boost export earnings and reduce reliance on ready-made garments.
According to United News of Bangladesh, specific export strategies are being drafted for 18 key trading destinations. These strategies are based on the analysis of market potential, existing barriers, competitor positions, and necessary actions for Bangladesh.
Commerce Secretary Ataur Rahman Khan announced the initiative during a workshop at the Ministry of Commerce. He emphasized the importance of both product and market diversification to strengthen Bangladesh's exports.
Detailed country profiles and strategies are being developed by gathering data on market conditions, export barriers, and potential products. A separate action plan is to be created for each target country.
A specific matrix is being used for market analysis, taking into account factors like Bangladesh's share in imports and competitors for specific products. This analysis aims to identify new products and markets and steps to enter them.
Mustafizur Rahman from the Centre for Policy Dialogue highlighted the need for services exports to receive equal priority and called for initiatives in IT and skills-based sectors.
Representatives from various sectors, including pharmaceuticals, electronics, and agriculture, shared proposals to expand exports. Participants stressed the need to enhance competitiveness in sectors beyond garments to build a sustainable export structure.