Pursue economic diplomacy for enhanced market access: Task force

A task force has suggested pursuing economic diplomacy to ensure enhanced access of Bangladeshi goods and services to international markets.
 
"To ensure that Bangladeshi goods, services, and skilled labour gain greater access to broader international markets, a proactive approach to economic diplomacy is needed," says a report of the task force. 

Education and Planning Adviser Professor Wahiduddin Mahmud recently handed over the report of the task force on "Re-strategising the Economy and Mobilising Resources for Equitable and Sustainable Development" to Chief Adviser Professor Muhammad Yunus.

The task force calls for aggressively pursuing both bilateral and multilateral Free Trade Agreements (FTAs) that have, until now, seen limited progress. 

Effective economic diplomacy requires not only skilled diplomats, but also robust communication campaigns tailored to potential partner countries. 

"For Bangladesh, this means broadcasting comprehensive programmes across various media platforms, including satellite television and social media, and in multiple languages, such as Chinese, Hindi, Korean, Japanese, English, and Russian. Additionally, leveraging cultural exports like music and film can enhance the country's soft power internationally," the report reads. 

Given the strength of the Ready-Made Garment (RMG) industry, Bangladesh can also capitalise on building its fashion industry to create new brands, and tap into global trends in fashion design, the task force observes.

Putting emphasis on seizing opportunities for skilled labour exports, it says several emerging economies are actively exploring avenues to import skilled labour to address severe labour shortages at home in sectors such as industry, healthcare, and services. 

The task force hints that Japan and South Korea are looking to Bangladesh as a potential source of skilled workers due to their declining and aging populations. 

These countries are not only interested in hiring local talent, but they are also open to establishing training programmes within Bangladesh to enhance skill standards prior to granting work visas. 

"This initiative presents a significant opportunity for Bangladesh to develop its human capital while simultaneously addressing global labour shortages. Such collaborations could create pathways for skilled migrants to find meaningful employment abroad while contributing to the local economy, representing a win-win scenario."

The task force also recommends revitalising Special Economic Zones (SEZs), saying the SEZs have garnered considerable political and media attention in Bangladesh. 

The upcoming critical phase involves selecting a handful of SEZs and ensuring they deliver meaningful results in terms of attracting investment, fostering foreign direct investment (FDI), and promoting exports. 

"Historically, several reasons, such as bureaucratic hurdles, inadequate infrastructure, and unclear policies, have hindered the successful execution of SEZs. It is imperative that the government address these issues head-on to streamline the process and establish clear precedents for attracting investment," the report says.

The 12-member task force was formed on 10 September to reframe the development strategies, find out leakages in financial system and restore discipline in project implementation.