Beyond Handshakes, We Need Real Economic Gains

Undeniably, Bangladesh is in urgent need for more investment, explore new export markets and reliable economic partners to overcome its long-running struggle to meet the country’s actual demands. 
However, we welcome Turkish President Recep Tayyip Erdogan’s assurance of increased trade and investment. According to various media reports, Our Prime Minister Tarique Rahman met the Turkish president on the sidelines of the COP31 summit in Antalya on Tuesday evening, where the two leaders discussed possibilities to expand trade, attract investment and create new business opportunities. 

The point, however, promises no matter how sincere must be translated into tangible reality. We truly want to be optimistic about the talks, and expect it will bring us new investment, strengthen our local industries and create employments.
Against this backdrop, our jute industry could be one of the first areas to benefit from this partnership. The proposed joint declaration to promote Bangladeshi jute products in international markets is a step in the right direction. While searching for better alternatives to plastic is gaining momentum worldwide, our golden fibre really has a good chance to find new buyers. Yet, it is unfortunate that many of our jute mills continue to struggle with antiquated machineries, inadequate investment and a lack of product diversity. We must keep it in mind that foreign buyers will not come simply because our jute products are environment-friendly. Buyers also expect good quality, attractive designs and competitive prices. It is therefore compulsory to help local mills modernise and produce goods that can meet trendy demands of today’s markets. Doing so could also breathe new life to an industry that supports thousands of workers and farmers. 

Nevertheless, the difficulties our jute producers are facing also tell us something about the wider state of our economy. It is deeply frustrating that despite having opportunities, turning them into gains remains a challenge. Frequent power cuts, gas shortages, complicated approval procedures and bureaucratic red-tapes impede businesses to grow. Moreover, our excessive dependence on the RMG sector leaves us exposed to changes in global demand. If we genuinely want to benefit from stronger trade relations with Türkiye, we must first make our own industries more competitive.    

And this is where the government’s role becomes crucial. The government needs to identify sectors for Turkish investment and connect local business with potential partners. At the same time, reliable energy, quicker approvals and consistent policies are essential, as these would help investors make long-term decisions. Also, our small and medium-sized enterprises deserve better access to finance, technology and overseas markets.

In the end, we should judge the Antalya meeting by what actually changes, not by what the two sides promise. For a better change, Türkiye could become a valuable economic partner, but we have little reason to celebrate another round of diplomatic handshakes if the same old obstacles continue to hold our trade and economic growth back. What our people need now is not another set of encouraging announcements, but real economic progress that they can see and feel in their everyday lives.