Commerce Minister Tipu Munshi has said there is an opportunity for Bangladesh to do better in the readymade garments (RMG) industry as foreign investors are ordering RMG products in Bangladesh instead of China and Vietnam for various reasons.
"Orders are being moved to Bangladesh from China as well as Vietnam. Many more opportunities are going to be created in the RMG sector. We want to utilise this opportunity," said the minister while distributing CIP (Commercially Important Person) cards at Sonargaon Hotel in the capital on Thursday.
"We have retained the second position in RMG and set an export target of $80 billion in 2024. We can achieve the target with the help of traders. We will go for product diversification too," he added.
He also said all Bangladeshi embassies were asked to take initiatives to display Bangladeshi products to attract more investors.
Commerce Ministry Senior Secretary Tapan Kanti Ghosh, who presided over the programme, said Bangladesh's LDC graduation in 2026 will not be a problem. Exports have witnessed a growth of about 30% in the last six months.
Exports were worth $45 billion in the last fiscal year whereas it has already exceeded $30 billion in the last six months. There is nothing to fear if we continue like this, the secretary added.
Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Jasim Uddin said the main obstacle to business expansion was the lack of infrastructure, which has been alleviated.
"After we become a developing country in 2026, there will be some challenges which need to be addressed in a coordinated manner. That is why we have to increase the quality of our products. Research needs to be stepped up," said Jasim Uddin.
To make the economy sustainable, the government needs to provide more support to backward linkage traders, reduce tariffs, and protect domestic industries by lifting other tariffs. Emphasis should be placed on innovation, product quality development, and skill development. The cost of doing business needs to be reduced. Good governance must be obeyed, the FBCCI president added.
"The Financial Reporting Council said they would audit all companies but if it is done at a time it will create problems in our business. I think the audit can start with the large or listed companies," he said further.
He demanded that a classified loan facility for industry owners be implemented soon.
The government has given CIP cards to 138 traders of the country for their contribution to the export of goods. Besides, 38 directors of FBCCI have also received CIP cards from the trade category.