Mizanur Rahman
The demand for Bangladeshi products, especially the readymade garments, has increased at home and abroad despite various industrial accidents and other sorts of limitations.
Products like RMG, plastic products, leather and leather goods and frozen foods have been able to draw more orders than before in both local or foreign markets.
"There is a special demand for Bangladesh's RMG worldwide. On behalf of Bangladesh Garment Manufacturers and Exporters Association, attempts are being made to tap the opportunity. For this cooperation of all is necessary," said BGMEA Vice President SM Mannan Kochi.
Political unrest discourages buyers to come to Bangladesh. Political parties need to think about this, he observed calling upon all not to give any such program that harms the interests of the country.
The World Economic Forum (WEF) in its recent mentioned that between June 2013 and June 2014 the growth of demand for Bangladeshi products was 48 per cent in the international market and 55 per cent in the local market which in the preceding year were 42 per cent and 50 per cent respectively. It thinks at the end of the current fiscal year the trend will remain positive.
However, the report said although there has been no big local or foreign investment plan investment in small and medium enterprises (SME) has advanced in the country. The growth in this sector is 37 per cent. The report identified weakness in overall management as the biggest impediment to investment in big projects.
According to WEF, the overall economic condition too is not good. Its growth has been 57 per cent. At the end of current 2014-15 fiscal year it may decrease by one per cent and stand at 56 per cent, WEF has hinted.
The main indices of the economy have not changed that much. But foreign exchange reserves have reached a record height. It is positive. But inability to utilize this has been described as negative. Citing the taxation system as very complex the report observed that the tax-payers are unnecessarily made victims of harassment.
Besides, online taxation system has not yet been popular. People consider payment of taxes as a matter of botheration.
Diversification of products has been advised for increasing demand of local products in international market. Side by side with that the WEF gave suggestions for increasing facilities of the entrepreneurs of export sector in respect of tax payment and investment opportunity.
As Bangladesh is a densely populated country and its labor market is very cheap, RMG and other products are welcomed in the world market because other countries can import RMG from here at a cheap rate. Besides, because of growth of population in the country demand is increasing in the local market too, WEF believes.
"Along with the growth of RMG sector there should be a balance in development of labour. In this respect entrepreneurs will have to take the main responsibility," Executive Director of Policy Research Institute Ahsan H Mansur, noted.
"It is a very positive side that order for Bangladesh's RMG is increasing in the world market. To utilize it entrepreneurs of this sector need to be more conscious," he observed.