Shawdesh desk:

Bangladesh prime minister Sheikh Hasina on Monday asked all concerned to find a way out to ensure sustainable export growth and explore new global markets for Bangladeshi goods in the context of Ukraine war.

‘Steps will have to be taken to achieve sustainable export growth after analysing situation steamed from the global economic recession due to the war in Ukraine,’ she told the 11th meeting regarding export at her official Ganabhaban residence in Dhaka.

The prime minister also asked all concerned to diversify the export items and explore new markets for those alongside revitalising the local markets.

‘A new scope has been created globally to explore new markets for Bangladeshi items due to enhanced demands for goods because of the war in Ukraine. We have to grasp the markets,’ she said.

The prime minister also called for formulating a new export policy for another four or five years by revising, changing and improving the existing one going to expire by 2024.

She said that the new export policy should be adopted by analysing the ongoing global economic recession, sanctions, counter-sanctions for the war and the challenges and scopes possibly to be created in Bangladesh after the graduation from the LDC by 2026.

Sheikh Hasina said that a long term plan was needed for increasing exports as nothing could be achieved without it.

‘We’re thinking about priority matters to enhance exports as the economy of a country mainly depends on exports. So, we’re giving importance to it,’ she said.

The prime minister said that the private sectors should come forward to increase exports as the government is assuring them of providing all types of support to this end.

‘We have given special stimulus packages for increasing exports and a special fund was created for it,’ she said.

She said that the Awami League had given topmost priority on flourishing of the export sector since assuming power in 1996, adding that they had opened everything to the private sector.

Due to the measures including the stimulus packages by her government to offset the Covid-19 pandemic losses, the prime minister said that the export income increased to $37.07 billion in FY 2022-23 (July-February) while it was $33.84 billion during the same period of the previous fiscal.

‘We have been able to maintain the growth in export despite the Covid-19 pandemic and war in Ukraine,’ she said.

The PM said that the income from export was $16.56 billion while the Awami League assumed power in 2009 and now, the export income stands at $60.97 billion during the FY 2021-22.

Sheikh Hasina asked all concerned to find out new markets and diversify the export items including the garments, medicines and digital devices.

The PM said digital devices had been appearing as an important export item as its demand is increasing globally.

‘We have to explore new markets and diversify our export goods coming out of the fixed four or five items. Many countries want to import our goods. We have to find out that which country needs what items,’ she said.

She stressed the need for establishing food processing industries in the 100 economic zones as the demand for processed food is increasing across the globe.

‘We need food processing industries and we have to focus on exporting food items. Many countries are expressing their desires to import our food,’ she said.