Export diversification imperative to face global economic uncertainties: Experts

Diversification of export goods and destination markets is imperative to face global economic uncertainties, experts said at a seminar in the capital on Thursday, according to a press release.  

"Bangladesh has achieved significant growth in trade and export despite the US-China trade war, the Covid-19 pandemic, and the ongoing Russia-Ukraine war. To keep holding the momentum, even after graduating from the least developed country in 2026, we need to increase our internal capacity," said M Tofazzel Hossain Miah, principal secretary to the prime minister.

"At the same time, the focus should be on diversification of export goods and markets," he said at the event, titled "Contemporary Global Economic Scenario: Challenges and the way forward for EPZ enterprises in Bangladesh" organised by the Bangladesh Export Processing Zones Authority (Bepza).

About 86% of our total exports are based on ready-made garments. The goods mostly go to Europe and America, he noted. "To expand our exports, we have to explore non-traditional markets in the Middle East, and Africa."

Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman said that the whole world is now experiencing many economic challenges. "The aftermath of the strict lockdowns for the Covid-19 pandemic, the ongoing Russian-Ukraine war coupled with sanction and counter-sanctions by the economic giants have put the world into a situation of economic turmoil and uncertainty. Energy crisis, food insecurity, inflation, etc have impacted the global trade to a downturn."

Bangladesh is also experiencing the shock of this economic uproar, he added and called for export diversification, according to the press release.

Mohammad Abdur Razzaque, chairman of the Research and Policy Integration for Development, presented the keynote paper in the seminar and emphasised internal capacity building and bilateral trade agreements for a smooth transition of the country's status from a least developed country to a developing one.

As panellist, SM Khan, president of the Bangladesh EPZ Investors Association, discussed the current business situation and shared challenges that they are facing, the release reads.