Government formulating export diversification strategy targeting markets of 18 countries

At a workshop titled ‘Bangladesh Export Diversification Strategy’ at the Secretariat on Monday, Commerce Ministry Secretary Md. Ataur Rahman Khan provided this information. He said emphasis is being placed on diversifying both products and markets to make exports strong and sustainable.

The commerce secretary said a separate action plan will be prepared for each country by analyzing the current situation of the 18 markets, export barriers, potential products and opportunities for trade expansion. It will take into consideration Bangladesh's export share, competitor countries and the policy and institutional initiatives needed for market expansion.

At the workshop, Distinguished Fellow of CPD Dr. Mustafizur Rahman said that alongside goods, importance must also be given to services exports in export diversification. He emphasized the development of information technology, a skills-based economy, freelancing and capacity-building service sectors.

He also said that to increase competitiveness in the international market, the use of technology and skill development in the production and service sectors are essential. At the same time, initiatives need to be taken to increase the export of Bangladeshi goods and services to neighboring countries' markets.

At the workshop, emphasis was placed on making various sectors, including pharmaceuticals, electronics, agricultural and agro-processed products, leather, light engineering and information technology, in addition to ready-made garments, more competitive in the international market.