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A strategic plan for exports is the way to go: analysts

Star Business Report
Bangladesh needs to have strategic plans for diversification of export products and destinations to increase its export volume, speakers said at a discussion yesterday.
"Korea has long- and short-term charts for exports. Bangladesh should also have a strategic plan like this," Faruque Ahmed, senior manager of Korea Trade-Investment Promotion Agency, said.
Ahmed's comment came at a roundtable, "Improving exports: importing country's perspective", organised by Dhaka Chamber of Commerce and Industry (DCCI) at its auditorium. Representatives of several embassies and high commissioners and business leaders spoke at the event.
Tulay Uyanik, commercial counsellor of Turkish embassy in Dhaka, said Bangladesh is the fifth largest exporting country to Turkey.
"You have the knowledge and labour force for your garment industry, but you are producing only basic products. You should have moved from basic products to high-end items."
Product diversification is needed not just in the garment sector but in all export-oriented industries including leather and ceramics, she said.
"You can bring new design for your products," she said, adding that industry people should be trained to improve these sectors.
Shakir Qasim Mahdi, Iraqi ambassador in Dhaka, said the oil-rich country is still in its reconstruction phase but there is scope for garment exports from Bangladesh other than manpower.
WA Sarath K Weragoda, Sri Lankan high commissioner in Dhaka, said though Bangladesh has free trade agreements with many countries, it does not have one with Sri Lanka.
The free trade agreement or preferential trade agreement is in the negotiation process, he said, while emphasising free trade agreements to increase trade and commerce between the two countries.
Minhaz Chowdhury, country manager of Australian Trade Commission, said the Australian market offers opportunities for new overseas suppliers, as the country depends on a wide range of imported industrial and consumer products.
There is no import quota and the highest import duty is 5 percent and zero for eligible developing countries, he said.
In his welcome speech, DCCI President Mohammad Shahjahan Khan said Bangladesh is gradually being linked with international trade and the country's current trade-GDP ratio is about 50 percent.
Export is considered the lifeline of the economy, as it is the most important contributing sector to the national GDP, he said.
He emphasised diversification of export markets and products, inclusion of service sector in export business, elimination of tariff and non-tariffbarriers for local exportable products in different countries and development human resource to strengthen export activities.