Prime Minister Sheikh Hasina asked all concerned to find a way out to ensure sustainable export growth and explore new global markets for Bangladeshi goods in the context of the Ukraine war.
“Steps will have to be taken to achieve sustainable export growth after analyzing the situation stemmed from the global economic recession due to the war in Ukraine,” she told the 11th meeting regarding export at the Ganabhaban on Monday.
The prime minister also asked all concerned to diversify the export items and explore new markets for those alongside revitalizing the local markets.
“A new scope has been created globally to explore new markets for Bangladeshi items due to enhanced demands for goods because of the war in Ukraine. We have to grasp the markets,” she said.
The premier also called for formulating a new export policy for another four or five years by revising, changing, and improving the existing one going to expire by 2024.
She said the new export policy should be adopted by analyzing the ongoing global economic recession, sanctions, counter-sanctions for the war and the challenges and scopes possibly to be created in Bangladesh after the graduation from the LDC by 2026.
Sheikh Hasina said a long-term plan is needed for increasing exports as nothing can be achieved without it.
“We’re thinking about priority matters to enhance exports as the economy of a country mainly depends on exports. So, we’re giving importance to it,” she said.
The prime minister said the private sector should come forward to increase exports as the government is assuring them of providing all types of support to this end.
“We have given special stimulus packages for increasing exports and a special fund was created for it,” she said.
Due to the measures including the stimulus packages by her government to offset the Covid-19 pandemic losses, the premier said the export income increased to 37.07 billion USD in FY 2022-23 (July-February) while it was $33.84 billion during the same period of the previous fiscal.
“We have been able to maintain the growth in export despite the Covid-19 pandemic and war in Ukraine,” she said.
The premier said the income from export was $16.56 billion when the Awami League assumed power in 2009 and now, the export income stood at 60.97 billion USD during the FY 2021-22.
Sheikh Hasina asked all concerned to find out new markets and diversify the export items including garments, medicines, and digital devices.
The premier said digital devices have been appearing as an important export item as their demand is increasing globally.
“We have to explore new markets and diversify our export goods coming out of the fixed four or five items. Many countries want to import our goods. We have to find out which country needs what items,” she said.
She stressed the need for establishing food processing industries in the 100 economic zones as the demand for processed food is increasing across the globe.
“We need food processing industries and we have to focus on exporting food items. Many countries are expressing their desires to import our food,” she said.