Commerce, Industry, Textiles and Jute Minister Khondaker Abdus Mutaqdir said this in a panel discussion at the 11th Belt and Road Initiative summit in Hong Kong.
Economy
Bangladesh stresses export diversification to survive global trade
The minister said that in the changing global economy, regional and global connectivity must be increased alongside building a green and inclusive economic structure to retain competitiveness. Bangladesh is now moving towards growth based on productivity, innovation and competitiveness.
He said that to achieve this goal, priority is being given to export diversification, development of communication infrastructure, attracting productive investment and green economic transformation. Alongside ready-made garments, initiatives are being taken to integrate pharmaceuticals, leather, agro-processing, light engineering, information technology and artificial fibre sectors into global value chains.
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The minister said Bangladesh welcomes investments that can facilitate technology transfer, skill development and the integration of local industries into international supply systems, adding that there are partnership opportunities under the Belt and Road Initiative in economic zones, supply chain management and renewable energy.
He also stressed expanding digital trade, cross-border e-commerce and digital transaction systems to connect small and medium industries, women entrepreneurs and local businesses with global markets.
To tackle the impact of climate change, the minister called for building low-carbon production, sustainable supply chains and green infrastructure as the foundation of the future economy. He also highlighted the need to further strengthen Bangladesh's trade and investment relations with China and Hong Kong.
Khondaker Abdus Mutaqdir said that the future global economy can be made stronger not through isolation, but through mutual cooperation, sustainable development and an open trading system.