The government has prepared a master plan to raise the productivity rate to 5.6 percent from the existing 3.8 percent by the year 2030 to face a competitive global market.
The effort would also bolster the country's final graduation as a developing one from the LDC status.
Sources said the Ministry of Industries (MoI) has already framed the master plan to increase the productivity rate to ensure the quality of products in line with the international standard for boosting exports.
"We've taken up 'Bangladesh National Productivity Master Plan (2021-2030)' to increase the level of national productivity rate to 5.6 per cent from the present 3.8 per cent by 2030," said National Productivity Organisation (NPO) director, Nishchinta Kumar Podder.
"The master plan has been incorporated into the eighth five-year plan of the government as the country needs to raise productivity to boost overall exports to ensure creation of jobs as well as economic development," he added.
The National Productivity Council (NPC) discussed the issue at its 16th meeting held at the industries ministry recently. The master plan will be implemented by the NPO.
Different ministries, including commerce, textiles and jute, labour and employment, planning, power, energy and mineral resources, and roads and bridges submitted recommendations on how to strengthen the NPO.
Leading bodies such as the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Dhaka Chamber of Commerce and Industry (DCCI), Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association, Bangladesh Jute Mills Association, Bangladesh Trade Union Centre, Bangladesh University of Engineering Technology and Metropolitan Chamber of Commerce and Industry (MCCI) also put forward their suggestions for the NPO's master plan, sources said.
As creating jobs is important for raising productivity, the NPO director said the meeting laid emphasis on proper technical training to workable unemployed youths to turn them into human resources in the real sense.
For ensuring the employment of trained youths, the NPO will take steps to build an amicable relationship between the owners and the workers, he said.
Besides, the NPO has taken steps to include a subject named 'Raising productivity' in the technical education from the next academic session (2022), said Kumar Podder.
As per the plan, the industries minister had already organised seminars in five districts to build the capacity of the government officials and also to disseminate the message about the necessity of increasing national productivity across the country.
The Committee for Development Policy (CDP) of the United Nations (UN) has recently recommended Bangladesh's graduation from the group of the least-developed countries (LDCs) to a developing country.
Renowned economist Dr Atiur Rahman said, "The CDP's recommendation has brought challenges in the area of trade and commerce, especially for exports in the global market, following the graduation in 2026."
"Bangladesh needs to gear up its productivity level and ensure the quality of products so that the country can face global economic challenges as a developing nation," Dr Atiur Rahman, former governor of Bangladesh Bank further said.
"Our export basket must be diversified to boost exports and at the same time, we have to explore more new export destinations," he added.