Utilise Export Opportunities Emerging due to Russia-Ukraine War: PM Hasina

Prime Minister Sheikh Hasina today put emphasis on formulating new long term export policy, considering graduation to a developing country from LDC after 2026, reports UNB.

“After 2026, while we will graduate to a developing country from LDC, we will get some opportunities… We have to utilise those opportunities to make our economy stronger and develop the country further,” she said.   

The prime minister said this while speaking at the 11th meeting of the National Committee on Export, at her official residence Ganabhaban.

She mentioned that after graduating to a developing nation, the next aim will be to become a developed one.

Sheikh Hasina also asked the concerned to utilise opportunities regarding enhancing Bangladesh’s export items that have emerged due to Russia-Ukraine war.

She said that due to Russia-Ukraine was, there is an opportunity for Bangladesh to create new markets with its own products.

In this regard, she said that many countries have already shown interest to import food items from Bangladesh.

“We could export food items after fulfilling local demands. We can take initiatives for that,” she said.

She said that immense opportunities could be created through establishing food processing industries in the country and export those items.

The PM said that the government has given importance to the export sector.

“After assuming office, we have taken steps to formulate long term export policies instead of policies on one-year basis. To sustain achievements, there is no alternative to long term strategy,” she said.

She said that the government has formulated export policy until 2024 (2021-2024).

“…But what will we do after that? In the meantime, we are graduating to a developing country. I think this is the right time to consider what we will do in the coming days or how we will advance,” she said.

She put emphasis on setting the next moves for economy, keeping in mind the current economic turmoil across the globe.

“We have to find new markets across the globe. We have to diversify our products, we have to include new items in our export basket,” she said.

The PM said that the Awami League government has given utmost importance to the private sector and it opened every sector to entrepreneurs as it is not possible for the government alone to develop the country.

For the development of the export sector, she said, a strategy needs to be adopted and products have to be identified.

“For that we have formulated a prospective plan – to turn the country into a developed one by 2041,” she said.

The PM also mentioned ICT and digital devices, RMG, pharmaceuticals, light and medium weight industries, motor vehicles and electronic motor vehicles, while talking about diversifying products.

She said that the government is preparing 100 economic zones with investment from home and abroad.

“Bangladesh has been able to attract foreign investments,” PM Hasina said.