In desperate need of diversification

We will not stay in that trajectory by relying on the same industries for too long.

As it stands, Bangladesh’s biggest export earnings are mainly derived from our RMG industry, the primary source, and from foreign remittances sent by our overseas workers.

Over the decades, earnings from these two sectors have helped bring our economy to where it currently is.

However, as Bangladesh continues to shed its least developed country status.

The time for us to start exploring newer avenues of foreign income will start to dwindle rapidly if we want to bypass any potential economic shocks in the near future.

Foreign remittance through unskilled labour is still one of the biggest contributors to our economy.

This sector, in particular, stands to gain the most from diversification of our current export destinations.

For too long has Bangladesh relied on the same handful of Middle Eastern nations when it comes to sending out hard-working men and women abroad.

We need to explore other parts of the world as well.

To that end, the involvement of the government will be imperative. Equally important will be to move away from our foreign workforce being predominantly unskilled in nature.

The government’s Digital Bangladesh manifesto has done a lot of good for our country’s infrastructure, but it has resulted in very little in the way of our workforce becoming more skilled in arenas such as IT. 

Equally important would be to explore other goods that we can export.

For too long has the RMG industry been the primary engine of our growth.

And with increased competition from neighboring countries, we will need to start diversifying our export basket fast.

Our economy has come far, but we need to realize that it will not stay in that trajectory by relying on the same industries for too long.

Our future aspirations depend on the diversification of what we have to offer to the rest of the world.

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