Bangladesh should diversify export basket: ICCB
It opined that the most common economic challenge that every LDC graduate faces is the loss of LDC-specific international support measures
International Chamber of Commerce-Bangladesh (ICCB) has recommended diversifying the export basket by promoting the export of new products and also seeking new export destinations to avoid the consequences of LDC graduation.
They suggested promoting products such as pharmaceuticals, plastic products, leather goods, handicrafts, agro-products, fish and frozen foods, said a press release Wednesday (13 April).
Congratulating Bangladesh on graduation from the group of Least Developed Countries (LDC), the ICCB editorial board said, "The decline of existing privileges and preferences- may adversely hit the exports of Bangladesh"
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According to the ICCB editorial of the current News Bulletin (Jan-Mar' 2022) farmers as well as industrial output have played a key role in Bangladesh becoming one of the fastest-growing economies in the world.
However, it opined that the most common economic challenge that every LDC graduate faces is the loss of LDC-specific international support measures.
"The government should analyse the markets in different regions, such as Latin America, the Middle East, South & Far East Asian Region and formulate strategies for penetrating those markets as part of diversifying export destinations."
Bangladesh should also join different regional trade blocs and sign of FTA with potential individual countries, the ICCB press release said, as it will also help in reducing the probable negative impact of graduation.
The organisation advised the government to focus on a knowledge-based economy, mobilise both foreign and local resources, ensure ease of doing business, shift towards manufacturing high-value goods and seriously promote FDI and export-oriented industries.
