More emphasis should be given on marketing to promote country's export
Saturday, 27 October 2007
Ahmed Showkat Masud
BANGLADESH is a developing country. Our population is increasing day by day. The number of villages is on the decline. Increasing urbanisation is taking place. The contribution of agricultural sector has been reducing in the national economy. Agriculture-based industrialisation is getting priority. Contribution of manufacturing sector to the national economy has been increasing. Transition from trade-based economy to industry-based one is the demand of time.
But, in terms of per capita income, stage of industrial development, availability of skilled labour and infrastructural facility, our country is still to develop at the expected pace. Specialisation in garment sector, development of small and medium enterprises (SME) sector, dairy, poultry, fish cultivation etc., are more visible. For scarcity of essential consumer items, we are dependant more on import.
For this reason, our country's economy is highly sensitive to the changes in the price level in the international market, specially for essential consumer items.
At present, our economy is witnessing upward inflationary trend and excessive unemployment. The government and entrepreneurs are trying their best to help overcome such problems.
To bring down the price level, the government and the business community have been working together, no doubt. But the situation, specially for essential consumer items' prices, is still beyond control. On the other hand, our export sector, particularly the readymade garment (RMG) industry, is also facing a tough time.
Therefore, more marketing effort is needed, so that our market share for export items in the international market can be kept at a substantial level. Otherwise, the labour force will become under-utilised. Purchasing power will be reduced.
It will reduce aggregate consumption as well as demand. Economic growth will slow down. Involvement of government in promotional activities is significant for the survival of the RMG sector.
Besides, the RMG entrepreneurs have their freedom in marketing efforts. Since acting as distributors or wholesalers of consumers goods is less risky than acting as manufacturers-specially for export items-exporters have to be more innovative in promotional activities.
It is time to give more emphasis on marketing the export items than to manufacturing. Because, the existing technology and technical know-how cannot be changed overnight.
The writer works with ONE Bank Ltd., Khatunganj Branch, Chittagong
BANGLADESH is a developing country. Our population is increasing day by day. The number of villages is on the decline. Increasing urbanisation is taking place. The contribution of agricultural sector has been reducing in the national economy. Agriculture-based industrialisation is getting priority. Contribution of manufacturing sector to the national economy has been increasing. Transition from trade-based economy to industry-based one is the demand of time.
But, in terms of per capita income, stage of industrial development, availability of skilled labour and infrastructural facility, our country is still to develop at the expected pace. Specialisation in garment sector, development of small and medium enterprises (SME) sector, dairy, poultry, fish cultivation etc., are more visible. For scarcity of essential consumer items, we are dependant more on import.
For this reason, our country's economy is highly sensitive to the changes in the price level in the international market, specially for essential consumer items.
At present, our economy is witnessing upward inflationary trend and excessive unemployment. The government and entrepreneurs are trying their best to help overcome such problems.
To bring down the price level, the government and the business community have been working together, no doubt. But the situation, specially for essential consumer items' prices, is still beyond control. On the other hand, our export sector, particularly the readymade garment (RMG) industry, is also facing a tough time.
Therefore, more marketing effort is needed, so that our market share for export items in the international market can be kept at a substantial level. Otherwise, the labour force will become under-utilised. Purchasing power will be reduced.
It will reduce aggregate consumption as well as demand. Economic growth will slow down. Involvement of government in promotional activities is significant for the survival of the RMG sector.
Besides, the RMG entrepreneurs have their freedom in marketing efforts. Since acting as distributors or wholesalers of consumers goods is less risky than acting as manufacturers-specially for export items-exporters have to be more innovative in promotional activities.
It is time to give more emphasis on marketing the export items than to manufacturing. Because, the existing technology and technical know-how cannot be changed overnight.
The writer works with ONE Bank Ltd., Khatunganj Branch, Chittagong