That Bangladesh needs to diversify its export basket should at this point no longer be up for debate; we as a nation should be exploring sectors that can help us become less dependent on the RMG sector.
At the heart of the issue with our exports is our inability to produce quality branded products — an issue that also persists in our RMG sector. Bangladesh continues to be a destination for low-quality bulk produce, just as it is for low quality RMG products. This is a narrative that needs to change — sooner rather than later.
When it comes to exploring other sectors, the agro-processing sector — a multi-trillion dollar sector that continues to increase in value — is an avenue that holds tremendous promise. However, it is disappointing that despite being a nation identified with agriculture, we fail to make use of this identity.
With rising global demand for organic, halal, and tropical food products, this is the ideal time for us to enter this growing market and broaden our ambitions. That most of our agro-processing exports have depended on our overseas diaspora, with more than 75% of processed food exports concentrated in just 13 countries, tells us that, beyond adding quality to our products, we also must have the vision to do more.
Diversification for us is no longer optional, nor is our reliance on sub-par quality. Agro-processing, as well as the RMG sector, must take the leap to offer better quality, and that will only be possible with the right incentives and investment made by the government – not just for short term gains but for long term prosperity of the nation. It’s time to reimagine our export identity.
