It is good to note that home textile industry has secured second place in the export trade of Bangladesh, leaving behind other sectors. Reportedly, home textiles registered a growth of 36.79 percent in the first nine months (July-March) of the current 2021-22 fiscal year.
It needs no mentioning that the existing policies implemented by the government over the last years have been fruitful towards boosting the country’s export earnings. However, Bangladesh needs to pay more attention to devise an alternative strategy that encourages diversification of exports, both in terms of products and destination. There is no denying that the recent initiatives to promote thrust sectors including pharmaceuticals, agro-products, plastics, ICT, shipbuilding, furniture, are moving in the right direction. But at the same time it is true that 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 should look forward to adding
more diversified products to our export
basket in order to sustain economic growth
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.
There is a need for an exemption of taxes on raw materials and backward linkage industries to survive competition with others, which will help expand the country’s export earnings. 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. Last but not least, we should look forward to adding more diversified products to our export basket in order to sustain economic growth, increase investment opportunities, and create more jobs, particularly for women.