The production of quality goods plays a pivotal role in driving a country's economic advancement. Throughout history, various civilisations have flourished economically, with Arab merchants dominating trade routes after the era of Prophet Mohammad (Sm). However, European merchant companies later rose to prominence on the strength of imperialism and colonisation, reshaping global trade dynamics.
A significant obstacle to Bangladesh's overall development lies in the insufficient supply of quality goods. This lacking not only impacts domestic consumption but also leads to a reliance on foreign products, undermining the growth of indigenous markets and eroding consumer confidence. The lack of adequate support for local entrepreneurs further exacerbates this issue.
Despite the country's vast population presenting ample opportunities for economic growth, Bangladesh struggles to capitalise on these prospects due to its inability to produce high-quality goods. A walk through local markets reveals an overwhelming presence of foreign products, highlighting the challenge faced by domestic producers in competing with imported goods.
The influx of foreign multinational companies operating in Bangladesh further compounds this issue, with billions of dollars' worth of foreign products being imported annually. While industrialisation efforts have increased since 2009, the focus has primarily been on establishing industrial zones and infrastructure, neglecting the development of domestic goods.
To address these challenges and foster economic growth, concerted efforts are needed from the government, private sector, and indigenous traders. These include investing in initiatives that support the production and distribution of quality domestic goods, as well as creating more opportunities for local businesses to thrive in both domestic and international markets.
Without a strong foundation for domestic economic growth, Bangladesh risks stagnation of its development. Therefore, prioritising the production of high-quality domestic goods aligned with international standards is essential for the country to compete in foreign markets.
In conclusion, Bangladesh must shift its focus towards nurturing a robust domestic economy by fostering the production of quality goods. By doing so, the country can position itself for a long-term economic success and competitiveness on the global stage.
Rasel Ahmed
Student,
University of Chittagong
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