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Saturday, February 24, 2024

Bangladesh embassies told to identify five potential export products

The Bangladesh government has asked its embassies in all countries to identify five potential products for export to each country in order to increase exports. “Bangladesh has 61 embassies worldwide and the Commerce Ministry has assigned this task, with a mission to achieve the target of US $72 billion set for fiscal 2024,” media reports stated.

Earlier, the Commerce Ministry had given separate instructions to these embassies to hold meetings with various and high potential buyers. Bangladesh is now the second biggest garment exporter in the world but with the least developed country (LDC) country lapsing in 2026, the country is now also exploring, increasing exports to non-traditional markets.

Experts said there is a need to find new sources to achieve export growth, to meet the challenges arising after the LDC tag is removed. Under LDC status, Bangladesh is permitted to export duty-free products. The export of garments accounts for over 80 percent of overall exports and the experts added that there is a growing need to widen the export basket to meet the export target.

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