As reported by this daily on Thursday, the government has set a $67 billion export target for the current fiscal year 2022-23 despite the on-going global crisis. Of these, $58 billion will come from goods exporting and $9 billion from the service sector. It is hoped the target would be achieved as the international buyers are placing work orders in Bangladesh even at the time of volatile global situation.
Over the last few years we have seen some revolutionary changes in our industrial infrastructures. Consequently, international retailers have got back their confidence to invest in Bangladesh. Besides, some of the biggest apparel exporters have been losing their share in global market because of higher costs of production and shortage of workers. As a result, work orders are being diverted to Bangladeshi factories. Therefore, we should take the privilege of low cost production that we are enjoying in Bangladesh.
Bangladesh has the potential to be a major
player in the global halal food market
The government has framed the export earnings target considering the recession situation. However, Bangladesh needs to pay more attention to devise an alternative strategy that encourages diversification of exports, both in terms of products and destination. It is time to add more diversified products to our export basket in order to sustain economic growth, increase investment opportunities, and create more jobs, particularly for women.
In order to sustain the current tempo of the country’s export growth, our efforts to solve infrastructure, power, and institutional bottlenecks need to be followed through. Also, a comprehensive policy package coupled with supportive governmental incentives will help our export industry grow further. We are capable of making the best quality products at low prices. Hence, the government needs to encourage entrepreneurs by giving several fiscal and technical support.
Bangladesh has the potential to be a major player in the global halal food market and in this regard, the government should gear up efforts to expand the market of Bangladeshi halal products. Bangladesh will have to explore the potential of halal food industry to diversify its export basket.
Halal products have a huge demand in the global market, even in the European market because of their distinct quality. There are about 1.5 billion Muslims around the world who prefer to consume halal foods. Bangladesh can earn huge foreign currencies by exporting these halal products to different countries. To this end, the government should take necessary steps to grab the promising global market of halal products.