Welcome to Business Outlook
Related Articles
Welcoming the Bangladesh’s second position in the World Trade Organization (WTO) export growth index, leading economists, business leaders and bankers suggested that the government should accelerate the economic diplomacy to explore new market of continuing the success.
Bangladesh has secured second position in export growth among emerging economies and first among South Asian nations in the last decade. Eminent economist Dr Kazi Khaliquzzaman lauded authorities concerned for the success, saying it will be helpful for attaining the development goals of Vision-2021, Vision-41 and the Sustainable Development Goals (SDGs), reports BSS.
“The success in the export growth is good for our economy. We will have to continue it. Our embassies should accelerate the economic diplomacy for increasing our export basket,” he added.World Bank Lead Economist in Dhaka Dr Zahid Hussain said Bangladesh has achieved the success for developing the infrastructure and logistic efficiency.
Referring to the recent survey report of the Lloyd’s List, he said, Chittagong Port secured the 64th position in 2019 among top 100 ports across the world. The rank of the port was the 70th in the year 2018. “That means, logistic efficiency of the country has been increased…. Infrastructure development in different sectors, including Dhaka-Chattogram highway, are also playing an effective role in increasing our export basket,” he added.
He urged the authorities concerned to take reform initiatives for increasing competitiveness and diversifying the export products. Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) FBCCI former president Shafiul Islam Mohiuddin said Bangladesh has achieved the success in export growth for the government’s time-befitting initiatives. “The government should accelerate the activities to explore new market across the world.
Now readymade garment (RMG) is our main export item. We will have to diversify our product,” he added. He urged authorities concerned to take effective steps for bringing down single digit lending rate in the all commercial banks for boosting investment in the country.
Association of Bankers Bangladesh, Limited (ABBL) President Syed Mahbubur Rahman said banking sector is giving all sorts of supports to the exporters to export smoothly.”Due to increasing the demand of Bangladeshi RMG products, Bangladesh has achieved the success. To continue the position, Bangladesh will have to diversify its export products,” he added.
WTO released the Review recently saying Vietnam is leading the tally with 14.6 percent growth while Bangladesh attained 9.8 percent growth while the figure is 5.7 percent for China and 5.3 percent for India. Bangladesh is now 42nd largest exporter while in terms of import its position is 30th, according to the Review. The Review, however, noted that RMG was still the main driving factor for Bangladesh’s export growth with its increased stake in the global market.
Bangladeshi RMG share in the global market was 2.5 percent in 2000 while currently the figure rose to over 6.5 percent which kept its second position intact after China as the apparel producer for more than a decade but business analysts fear Vietnam could emerge as a strong contender in the coming years.
Bangladesh on Wednesday announced US$ 54 billion export target for the current fiscal year 2019-20, where product export would contribute $ 45.5 billion and service sector $ 8.5 billion.
(AA)
