Bangladesh lacks a comprehensive trade policy. Trade-related issues in the country are governed by different policies relating to export, import, industries, SMEs, different macro-economic issues etc. Several institutions are engaged in setting different trade-related policies. Lack of co-ordination among all these institutions hampers real time-based trade promotion. These institutions should work in coordination to facilitate trade-promotion branding strategies by adopting a globally competitive holistic trade policy.
Today Bangladesh has 30 million unemployed people. Every year almost two millions are being added to them, according to the ILO. The country needs to create employment opportunities for this large number of people. Dependence only on readymade garment industry will be suicidal. So priority to Information Communication Technology (ICT) should be given as this sector has immense potential to create employment opportunities. Bangladesh already has achieved third position for earning foreign currency from freelance outsourcing in the world. According to sources, the sector has the potential to create jobs for half a million people in the next five years. The ICT Park in Kaliakoir, Gazipur has not yet seen the light of day although 15 years have passed after its formal inauguration. Opening of the ICT Park will add more value to the ICT business of Bangladesh.
Bangladesh should focus on export of more human resources in the existing and new markets using our branding image. They need to be made more skilled. Saudi Arabia likes Bangladeshi people because of their honesty and loyalty. We have the highest number of manpower in Saudi Arabia. These qualities can be used as a strategy to export more manpower to other unexplored countries as well as existing countries in post-2015 time.
Ten thrust sectors have been mentioned in the Export Policy 2012-15 set by the Ministry of Commerce. These are agro products and agro processed products, plastic products, footwear and leather products, pharmaceutical products, software and ICT products, home textile, ocean-going ship building industries, terri towel and tourism industries. The government can fix 2015-2017 period for promotion of these thrust sectors. Huge branding should be done for these sectors through road shows, seminars, symposiums, leaflets, trade fairs etc in foreign countries to make these products familiar and attract foreign buyers.
Beside employment generation, Bangladesh needs to focus on those sectors which are eco-friendly as we already are prone to climate vulnerability. After ICT, agro products and agro-processed products, tourism, footwear and leather products industry hold immense promise. To export agro products, Bangladesh needs to add more cargo freight in its air fleet. These cargoes will help export agro products or leather goods. In Bangladesh, some shoes are sold in two dollars. These shoes can be shipped for export. Foreigners can't even think of getting a pair of shoes only at four or five dollars.
Bangladesh needs to strengthen tie with rising economic powers to enhance trade. BRICS and ASEAN are the most potential economic powers for the next decade. BIMSTEC bloc can be used as a new strategy for market exploration in the ASEAN bloc as it is a bridge between SAARC and ASEAN.
The writer is an MBA graduate, Department of Finance, University of Dhaka. kanizfatema.du@yahoo.com
Promoting trade
Kaniz Fatema | Published: June 18, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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