Global trade is vital for Bangladesh's economic growth. Hence, innovativeness and creativity in terms of manufacturing products are needed so that not only domestic sector but also world-wide trading can be benefitted.
The vision of the Prime Minister Sheikh Hasina is identically clear -- welfare of human beings of the country. She has given top priority to the well-being of the people of Bangladesh. Her political philosophy is very simple -- love people, do good for the people.
World leaders and economists, including Nobel laureate Amartya Sen praised the achievements of Bangladesh under the judicious leadership of Sheikh Hasina.
She has put emphasis on export-oriented growth strategies and taken inventiveness to build 100 export processing zones. For export diversification, her government has articulated diverse strategies.
The prime minister always advises banks to do ethical businesses. While addressing the first ever "Made in Bangladesh Week-2022" in Dhaka’s Bangabandhu International Conference Center (BICC) as the chief guest Honorable Prime minister said that "I urge the foreign businessmen to choose Bangladesh for investment and sourcing to avail the win-win situation and convenience of business as Bangladesh is the best place for it." She put emphasis on modern technology transfer to the local entrepreneurs so that they can build their capacity and improve branding of Bangladesh in the international market.
The government of Bangladesh is trying hard to increase export earning. The incumbent government has been playing the role of catalysts to raise foreign investment in the country. As Bangladesh is moving towards LDC graduation by 2026, the government is trying to strengthen capacities of local industries.
Efficiency and effectiveness of industries starting from cottage, micro, small, medium and large are getting benefits of supportive efforts in an integrated manner and ease of doing business for international trade is very important. Government tried to create domestic market efficiencies through removing inefficiencies and adding value in the market through positive externalities. Private sector at a lower rate but steadily tried to cope with the domestic and international trade of the country. However, Russia-Ukraine war has been creating global economic recession though Bangladesh economy is still resilient.
According to Export Promotion Bureau, in the month of November, 2022, total export earnings was USD5.09 billion from merchandise export despite global economic gloomy scenario. Besides apparel sector, leather and leather goods, jute and jute products, ICT enabled services, home textiles, home decoration and furniture, Fish and sea food, fresh and processed food, light engineering, pharmaceuticals and plastics etc. are exportable products.
Bangladesh received Foreign Direct Investment (FDI) net inflows of $2.9 billion in 2021. Sheikh Hasina started 10 mega schemes in the country. Padma Bridge and Metrorail are now reality. We are also developing waterways, airways and railways communications. The government of Bangladesh is trying hard to improve supply chain management system. The govt. of Bangladesh also reportedly asked exporters to maintain quality. The govt. is trying to improve trade relationship with different countries
Chittagong Port, Mongla Port, Payra Port , Matarbari sea port and improvement of two airports Hazrat Shahjalal International Airport and Cox's Bazar International Airport will help boost international trade and duration of sending products will decline. Women will be benefitted by improvement of the infrastructure of international trade.
The Father of the Nation Bangabandhu Sheikh Mujibur Rahman at the UNGA in 1974 commented that "Let us together create a world that can eradicate poverty, hunger, war and human sufferings and achieve global peace and security for the well-being of humanity." Now his eldest daughter Honorable Prime Minister of Bangladesh is fulfilling his dream into reality for the welfare of the people through taking appropriate measure for international trade of the country.
Value addition in the economy through international trade is significant for sustainable development and macroeconomic stability of the country and removing disparity as well as ensuring social justice. On 6th December, 2022, the United States and Bangladesh arranged the sixth meeting of the United States-Bangladesh Trade and Investment Cooperation Forum Agreement (TICFA) Council. In the meeting they discussed about bilateral trade connection as well as market entree for agricultural products, digital trade policies, intellectual property protection and enforcement and strategies affecting the investment climate.
The year 2023 will be very important for global trade considering the worldwide economic recession. I hope that the Honorable Prime Minister will be again reelected in the forthcoming election and bolster international
trade further.
Muhammad Mahboob Ali is Macro and Financial economists, IT and Entrepreneurial expert, Dhaka School of Economics