Commerce Minister Khandakar Abdul Muktadir on Wednesday stressed the need to bring Bangladesh’s gold and jewellery sector under the formal economy to tap an estimated export potential of $12–14 billion.
He said “Bangladesh has skilled artisans comparable to global competitors, but the sector remains largely underutilised. In contrast, a neighbouring country exports ornaments worth around $52 billion annually.”
The minister made the remarks while speaking at the 46th meeting of the consultative committee between the National Board of Revenue (NBR) and FBCCI, held at a hotel in the capital.
He said the gold trade is widely seen as part of the black economy, which restricts its growth and global competitiveness.
“This is not a healthy practice. The sector must be brought into the white economy to ensure sustainable development,” he added.
Muktadir said achieving the export target will require high-quality testing laboratories, modern design facilities and supportive policy measures.
He added that the initiative aligns with the government’s broader plan to revive struggling industrial sectors by incorporating private sector proposals in the upcoming national budget.
The minister also identified high bank interest rates and the ongoing energy crisis as key barriers to investment and business sustainability.
He stressed the need to reduce logistics costs and improve public debt management to ensure long-term economic stability.
Calling for a shift in mindset among business leaders, Muktadir also underlined the importance of increasing the country’s tax-to-GDP ratio, noting that taxpayers benefit from state-provided security and infrastructure.
