USAID identifies 6 promising industries beyond RMG to diversify

DHAKA A USAID study here identified six promising

industries beyond the ready-made garments (RMG) to help Bangladesh diversify

its export basket to stimulate new streams of economic growth.

The study named Comprehensive Private Sector Assessment (PSA) identified

agribusiness (food processing), health care, information and communications

technology and outsourcing, light engineering, pharmaceuticals, and tourism

as most promising industries beyond the RMG for private sector engagement and

investment.

This was revealed today as USAID launched the report at American Chamber

of Commerce in Bangladesh (AmCham) here in presence of visiting USAID Deputy

Administrator Bonnie Glick and US Deputy Chief of Mission here JoAnne Wagner,

a US Embassy press release said.

The US government through the USAID (US Agency for International

Development) conducted the study in a show of bilateral support towards

strengthening Bangladesh's economy through diversification, said the release.

The study examined 16 emerging sectors in total, that also includes

ceramics, entrepreneurship, leather and leather goods, medical equipment,

plastic, renewable energy and energy efficiency, shipbuilding, shrimp and

fish, telecommunications and vehicle assembly.

The assessment did not cover some traditional industries, including the

energy sector as a whole, the release added.

The US Embassy in Bangladesh, through USAID and other sections and in

collaboration with Bangladesh Government, will analyze the priority sectors

identified in the PSA to explore specific strategies for investment and

increased engagement with the local private sector in these fields.

It is expected that the PSA's findings will support the Government of

Bangladesh's economic diversification reforms initiative and help the private

sector deepen its engagement with the government and other stakeholders in

order to further promote Bangladesh's economic growth.

The PSA was conducted by Inspira Advocacy and Consultancy Ltd., a

Bangladeshi private consultation firm between October 2018 and July 2019.

Source: Bangladesh Sangbad Sangstha (BSS)