Bangladesh wants to export $10 billion worth of agricultural products: Foreign minister
He described how Bangladesh became a food-grains sufficient country and how it addressed poverty issues significantly.
Bangladesh has set a target of exporting $10 billion in agricultural products within the near fortune, Foreign Minister Dr Hasan Mahmud said today (14 February).
Speaking at an international seminar titled "Economic Diversification and Global Market: Bangladesh's Opportunities and Way Forward" organised by the Bangladesh Institute of International and Strategic Studies (BIISS), he said the country had set a target of $3b this year.
At the event in the BIISS auditorium, Mahmud said in the last fiscal year agricultural products' export was $1 billion, adding that Bangladesh wanted to diversify the export basket beyond readymade garments.
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Highlighting the Netherlands as an example, which is the second largest exporter of agricultural products by value, the foreign minister said Bangladesh had a lot of scope to grow in this sector.
Mahmud said there is a lot of potential to increase such exports, including mangoes.
He also mentioned that export diversification is related with inclusive economic growth and it will help grow the economy to achieve development goals.
In the keynote presentation, Dr Mahfuz Kabir, research director, BISS, said exports of non-RMG goods were $8.6 billion in Fiscal Year (FY) 2022-23.
Home textiles, jute and jute goods, leather goods, cotton and cotton goods, non-leather footwear, and headgear were major non-RMG items.
Kabir said the majority of the commercial wings could not attain their target of services export in FY2022-23, except those in London, Tokyo, Brussels, Geneva, Ottawa, Madrid and Canberra which performed well.
He suggested that commercial wings in Yangon and Tehran could be reviewed.
Kabir said export earnings through services by the missions without commercial wings were US$1.492 billion.
Of those, notable export earnings in services include from Hong Kong, The Hague, Riyadh, and Stockholm.
He said Bangladesh's commercial wing in Hong Kong occupied the third position among all countries and territories in FY2022-23 in services export earnings.
He recommended that South American, African, Middle Eastern, Eastern European, and Southeast Asian countries and territories receive attention to expand the market for goods and services.
In order to encourage new products and diversification within products for exports, entrepreneurs should be rewarded with special recognition and trophies, he added.
"Training and orientation should be provided to the diplomats and commercial officers of foreign missions, and policy support and benefits should be provided to all export sectors without discrimination", he added.
BISS Research Director said the support of developed countries and development partners is required for enhanced market access of diversified products, especially after LDC graduation.
He observed that Bangladesh needs to sign trade and investment agreements with regional blocs, such as Mercosur and ASEAN.
Greater footprint is required in non-traditional markets with non-traditional and high-end goods, he added.
