Govt moves to diversify exports beyond RMG across 18 markets

The government is preparing an integrated strategy to diversify Bangladesh's export products and markets, aiming to boost export earnings and reduce the country's heavy dependence on ready-made garments (RMG).

Separate market-based export strategies are being drafted for 18 key trading destinations based on assessments of market potential, existing barriers, competitors and measures needed to expand Bangladesh's presence, Commerce Secretary Ataur Rahman Khan said on Monday.

He made the remarks while presiding over a workshop titled "Bangladesh Export Diversification Strategy: Product and Market Diversification Across 18 Key Trading Destinations" at the Ministry of Commerce conference room at the Secretariat.

"Equal importance is being given to both product diversification and market diversification to make Bangladesh's exports stronger and more sustainable," he said.

Ataur said detailed country profiles and implementable strategies were being prepared after collecting and analysing information on the 18 selected markets.

Information on market conditions, export barriers, potential Bangladeshi products and opportunities to expand trade has been collected through Bangladesh's commercial wings abroad, he said.

"A separate action plan will be drawn up for each country by consolidating this data," the secretary said.

He said a specific matrix was being used to analyse each market, covering Bangladesh's share of the country's total imports, major competitors for specific products, ways to improve competitiveness, and policy and institutional measures needed for market expansion.

The analysis will help identify new export products, expand markets for existing products and determine the steps needed to enter new markets, he said.

Speaking at the workshop, Mustafizur Rahman, Distinguished Fellow of the Centre for Policy Dialogue (CPD), said services exports should receive equal priority alongside goods in the diversification drive.

He called for effective initiatives to develop information technology, the skills-based economy and other enabling service sectors, as well as greater support for freelancers.

Stressing skills development and technological upgrading, Mustafizur said greater use of technology in manufacturing and services was essential to improving Bangladesh's competitiveness in international markets.

He also called for greater efforts to expand exports of Bangladeshi goods and services to neighbouring countries by leveraging geographical proximity.

Representatives of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), FLEXA, CPD, Walton Group, Bangladesh Agro-Processors' Association and the pharmaceutical sector, among others, presented proposals for expanding exports.

Officials from the Ministry of Commerce and other relevant ministries and organisations also attended the workshop.

Participants stressed the need to make sectors including pharmaceuticals, electronics, agriculture and agro-processed products, leather and leather goods, light engineering, information technology and other services more competitive alongside RMG.

They said the strategy covering the 18 destinations could help broaden Bangladesh's export base, develop new products and markets, deepen partnerships in existing markets and build a more diversified and sustainable export structure over the long term.