Bangladesh could triple its annual export earnings to an unprecedented US$150 billion from the current US$50-55 billion by unlocking the potential of a handful of high-growth sectors through targeted reforms, innovation, research and skills development, Commerce Minister Khandakar Abdul Muktadir said on Tuesday.
The ambitious target comes as the government prepares a Tk 3,000 crore competitiveness programme designed to accelerate export diversification, strengthen industrial capabilities and equip the economy for the challenges of post-Least Developed Country (LDC) graduation.
Speaking at a consultation workshop at the CIRDAP auditorium in Dhaka, the commerce minister said Bangladesh stands at a critical economic crossroads and must move swiftly to build globally competitive industries capable of driving the next wave of export growth.
"If we can strategically nurture five to seven promising sectors with the right policies, institutional support, innovation and skilled human resources, Bangladesh has the capacity to increase its exports to $150 billion," he said.
The workshop reviewed a proposed Development Project Proposal (DPP) formulated on the basis of a study titled "Competitiveness Assessment of Bangladesh's Potential Private Sectors" under the Export Competitiveness for Jobs (EC4J) initiative.
Muktadir noted that Bangladesh has already fulfilled all requirements for graduation from the LDC category, but warned that sustaining competitiveness in the global marketplace after graduation would be the country's next major challenge.
"Graduation is not the destination; it is the beginning of a new phase of economic transformation," he said, stressing the need for greater industrial efficiency, technological upgrading, innovation-driven growth and a highly skilled workforce.
The minister identified delays in project implementation as one of the country's chronic weaknesses, saying timely execution and adaptability to rapidly evolving technologies are essential if Bangladesh is to remain competitive in an increasingly demanding global economy.
As part of the government's export diversification strategy, he highlighted the vast potential of the leather and light engineering industries, revealing plans to transform existing facilities into internationally recognised centres of excellence for skills development.
The centres are expected to be managed in collaboration with globally reputed institutions to ensure that local industries meet international standards and gain stronger access to high-value export markets.
Muktadir also called for a strategic shift in the jute sector from exporting raw fibre to producing value-added jute goods and diversified jute-based textiles, which offer significantly higher export earnings and stronger global demand.
To support this transition, the government is exploring joint research and innovation initiatives with China aimed at enhancing technology transfer, product development and international collaboration in the sector.
Commerce Secretary Md Ataur Rahman Khan, who chaired the workshop, disclosed that the ministry is preparing an integrated Tk 3,000 crore project to strengthen export competitiveness and help businesses overcome post-LDC graduation challenges.
He said the initiative would focus on export recovery and expansion, digitalisation of trade-related services, improving the ease of doing business, and simplifying policy and regulatory procedures.
"The project will be aligned with national budget priorities and designed to create a more competitive, business-friendly and export-oriented economy," he said.
The secretary added that the second phase of the programme would incorporate recommendations and practical experiences from private-sector stakeholders to ensure greater effectiveness and measurable outcomes.
According to him, the Export Promotion Bureau (EPB) is being considered as the implementing agency for the initiative, which is expected to deepen collaboration between the government and the private sector while strengthening Bangladesh's position in global markets.
The workshop brought together leading industrialists, business associations, development partners and policymakers. Among the speakers were Dr Mohammad Abdur Razzaque, Chairman of RAPID, EC4J Project Director Sheikh Mohammad Abdur Rahman and World Bank Senior Private Sector Specialist Hosna Ferdous Sumi.
The government's latest export push comes at a pivotal moment as Bangladesh seeks to reduce its dependence on ready-made garments and build new engines of growth ahead of LDC graduation.
Policymakers believe that a combination of export diversification, innovation, productivity gains and business-friendly reforms will be crucial for sustaining high economic growth and transforming Bangladesh into a globally competitive trading nation.
