Govt formulating coordinated export strategy targeting markets of 18 countries

The government is formulating a coordinated strategy to diversify both products and markets in order to increase the country’s export earnings and reduce dependence on ready-made garments in exports. 

To this end, separate market-based export strategies are being prepared by analysing the market potential of 18 important commercial destinations around the world, existing barriers, the position of competitor countries, and what Bangladesh needs to do.

These remarks were made by Commerce Ministry Secretary Md. Ataur Rahman Khan while delivering the presidential address at a workshop titled “Bangladesh Export Diversification Strategy: Product and Market Diversification in 18 Major Trade Destinations” held on Monday at the conference room of the Ministry of Commerce in the Secretariat.

He said that equal importance is being given to both product diversification and market diversification to make Bangladesh’s exports stronger and more sustainable. 

For this purpose, detailed information is being collected and analysed about the selected 18 important export destinations to prepare country-specific profiles and implementable strategies.

He added that information has been gathered from various commercial wings of the country regarding the current situation of the relevant markets, existing barriers to exports, Bangladesh’s potential products, and opportunities for trade expansion. 

By coordinating this information, separate action plans will be prepared for each country, he said.

Md. Ataur Rahman Khan said that a specific matrix is being followed for market analysis. This includes Bangladesh’s share in total exports to the concerned country, Bangladesh’s main competitor countries in specific products, ways to increase competitiveness, and the necessary policy and institutional initiatives required for market expansion.

He further said that analysing the 18 important markets will make it possible to identify Bangladesh’s potential new products, expand markets for existing products, and determine the necessary initiatives for entering new markets.

At the workshop, Distinguished Fellow of the Centre for Policy Dialogue (CPD) Dr. Mustafizur Rahman said that in the case of export diversification, equal importance must be given not only to products but also to services exports. 

Alongside the development of information technology, the skills-based economy, and capacity-enhancing service sectors, effective initiatives are needed for the growth of freelancers, said Mustafizur.

Emphasising skills development and technological excellence, he said that the use of technology in the production and service sectors must be increased to enhance competitive capacity in the international market. 

At the same time, he advised strengthening initiatives to increase exports of Bangladesh’s products and services to neighbouring countries by leveraging geographical proximity and potential.

Representatives from various industrial and commercial sectors, including BGMEA, LFMEAB, CPD, Walton Group, Bangladesh Agro Processors Association, and pharmaceuticals-related organisations, presented their proposals for export expansion at the workshop. 

Officials from the Ministry of Commerce and various related ministries and institutions also participated at the event.

Participants emphasised making pharmaceuticals, electronics, agricultural and agro-processed products, leather and leather goods, light engineering, information technology, and other service sectors more competitive in the international market alongside ready-made garments.

According to those concerned, the strategy formulated around the 18 important commercial destinations will play an important role in broadening the base of Bangladesh’s exports, creating new products and markets, increasing market share in existing markets, and building a diversified and sustainable export structure in the long term.