Muhith for diversifying products to expand export market
DHAKA : Finance Minister AMA Muhith today called for diversifying products for expanding export market in the world with a view to making Bangladesh a middle-income country.
“Readymade garment (RMG) is our main export product. The export volume of the product has increased gradually, which is good for us. But we have to diversify products for boosting our export earnings,” he said.
The finance minister was addressing as chief guest at a dialogue on “Improving Investment Climate: Key Policy Reforms and Institutional Priorities” at Sonargaon Hotel in the city.
Policy Research Institute (PRI) and Bangladesh Investment and Development Authority (BIDA) jointly organised the high-level policy dialogue.
To make the country a middle income one, Muhith said, Bangladesh would have to reduce dependence on RMG as exportable item.
Bangladesh can increase export earnings from different potential items including leather and Information and Communications Technology (ICT), he added.
Among others, BIDA Executive Chairman Kazi M Aminul Islam and Former President of the Dhaka Chamber of Commerce and Industry (DCCI) Asif Ibrahim took part in the discussion.
PRI Executive Director Dr Ahsan H Mansur presented a keynote paper in the dialogue.
He said Bangladesh has the momentum and potential to become an upper middle income country and eliminate absolute poverty by 2030-31 financial.
“But realization of these targets will require sustaining economic growth at more than 8 percent and much higher levels of private investment,” he added.
He said the role of BIDA in improving the investment climate as the empowered coordinating agency will be critical in that regard.
“BIDA has appropriately established, among others, two major objectives: establishing an effective One Stop Shop (OSS) for all investors and improving Bangladesh’s ranking to double digit levels by 2020,” he added.
“BIDA, as the new institution with a capable leader, will only be able to deliver in line with its targets and our expectations if it gets strong support from the highest level of the government in a sustained manner,” the PRI executive director observed.