Our export basket
Our traditional export market of jute, jute-goods, tea, raw and tan-hide had long been lost due to national policy missteps and international trade imbalance. In the early eighties of last century some innovative and talented entrepreneurs of our country emerged on the scene with a new commodity for sale in the global market with a huge promise and that is today's RMG. Although faced with tremendous handicaps like absence of backward and forward linkage, poor infrastructure, perennial power-shortage, inefficient port facility and paucity of skilled professionals etc. the RMG industries on their own achieved a fantastic growth over the years. Today it is not only the biggest employer in the country but also it accounts for nearly 80% of our total export earnings, second only in volume to the earnings from our overseas workers.
But presently it seems the steam is cooling. Many strong players of South and South -east Asia, East-Europe, Latin America have appeared in the market equipped with far more competitive edge. The situation has doubly worsened due to unprecedented economic recession the world is currently combating.
The situation having been so we as a nation have to urgently cast a wider look at the larger canvas of global market and undertake policy, strategy and action programmes to diversify products in our export basket.
To my thinking there are many high potential fields which can be explored and supported by all means to achieve this goal.
For instance, top of all is the pharmaceutical industries. Even in nascent stage our pharmaceutical products have earned worldwide reputation. We can make huge breakthrough in this field only if we provide adequate monetary and policy support for their unhindered growth with a strong regulatory body in place to ensure product quality. It is interesting to note that only a few sectors which are least hit by the recent worst-ever economic downturn are the health-care and education.
The second sector which needs shepherding is the shipbuilding industries. We learnt that most of the world-class shipyards are fully forward-booked for years with orders for large bulk-carriers; no room left there for medium and small vessels. We have a few standard yards and expertise to grab these orders easily. There is immense scope to widen our export base in this area in as much as value-add component in such trade is pretty lucrative.
The third area to cite is the home-textile product. This is more innovative in nature and less capital intensive. We as an LDC stand a better chance in this field.
Fourth is the high-end leather product industry. We have obviously no dearth of raw materials for this. Only requirement is the novel design, craftsmanship and astute marketing-skill.
Fifth is the fruit and fruit processing enterprise. We are blessed with ample natural bounty of mango, pineapple, jackfruit, lichi, guava etc. all over Bangladesh. These fruits as whole or processed can earn a considerable amount of foreign exchange for the country.
Sixth is the gift items for the high-spending developed world. Our indigenous artisans of gold, silver, brass, clay and conch shell if provided with adequate resources can easily attract the bemused exotic buyers.
Last but not the least is that we have to revisit our age-old trodden area of jute export. This has been all the more necessary because a new awakening and urgency have struck mankind for keeping a pollution free good earth for its survival. As such jute has become an automatic choice and remedy for such campaign to succeed. Why not we seize this golden opportunity at once?
It is no rhetoric that we are a nation of unlimited economic potential; so it is incumbent upon the government and people alike to exploit all available resources to liberate our beloved motherland from the shackles of poverty and deprivation.
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