The government is preparing separate export strategies for 18 key global markets as part of efforts to diversify products and destinations and reduce Bangladesh’s dependence on ready-made garments (RMG).
The market-specific strategies are being developed after analysing each destination’s potential, existing trade barriers, competitors’ positions and the measures needed to expand Bangladesh’s exports.
Commerce Secretary Ataur Rahman Khan disclosed the initiative while chairing 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 on Monday.
“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 practical action plans were being prepared after collecting and analysing information on the selected markets.
He said information on market conditions, export barriers, potential Bangladeshi products and opportunities for trade expansion had been gathered from Bangladesh’s commercial wings abroad.
“A separate action plan will be prepared for each country by consolidating this data,” he said.
The secretary said a specific framework was being followed for market analysis, covering Bangladesh’s share in the target country’s total imports, major competitors for specific products, ways to improve competitiveness and required policy and institutional measures.
He said the analysis of the 18 markets would help identify new exportable products, expand the market for existing goods and determine steps needed to enter new destinations.
Speaking at the workshop, Centre for Policy Dialogue (CPD) Distinguished Fellow Mustafizur Rahman said services exports should receive equal priority alongside goods in the diversification process.
He called for effective measures to develop information technology, the skills-based economy and service sectors, while supporting the growth of freelancers.
Emphasising skills development and technological advancement, Mustafizur said wider use of technology in manufacturing and services was essential to improve competitiveness in global markets.
He also suggested increasing exports to neighbouring countries by taking advantage of Bangladesh’s geographical proximity.
Representatives from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), FLEXA, CPD, Walton Group, Bangladesh Agro-Processors’ Association and the pharmaceutical sector placed proposals for export expansion at the workshop.
Officials from the Ministry of Commerce and other relevant ministries and organisations also attended.
Participants stressed the need to improve the competitiveness of sectors such as pharmaceuticals, electronics, agriculture and agro-processing, leather and leather goods, light engineering, information technology and other services alongside RMG.
They said the strategy targeting the 18 markets would help broaden Bangladesh’s export base, create new products and destinations, strengthen existing market partnerships and build a more diversified and sustainable export structure in the long term.
