PM stresses export instead of remittance to earn forex

Diversify product basket to explore new markets abroad

Published : 29 Jul 2022 07:45 PM

While inaugurating 24 Technical Training Centres (TTCs) including Bangabandhu Sheikh Mujib Centennial TTC at the upazila level, Prime minister Sheikh Hasina on Thursday highlighted the need for focusing on export to earn foreign currencies instead of depending on remittance. The prime minister also asked all concerned to diversify local products to explore new markets abroad.

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. 

The government should take 

necessary steps to grab the 

promising global market of halal products

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.