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Diversifying exports: Non-RMG sectors face 11 challenges

The article from TBS News discusses the challenges faced by Bangladesh in diversifying its export sectors beyond the dominant Ready-Made Garments (RMG) industry. It highlights that while the RMG sector has been a significant driver of economic growth, other sectors like leather, jute, pharmaceuticals, and ICT are struggling to expand their export capabilities. The key challenges include inadequate infrastructure, lack of product diversification, limited access to finance, high tariffs on imports for export production, regulatory and bureaucratic hurdles, insufficient technological advancement, and a lack of skilled labor. Additionally, there are issues with market access due to non-tariff barriers, poor branding and marketing strategies, and a general lack of competitiveness in global markets. The article emphasizes the need for policy reforms, investment in technology and human capital, and strategic market expansion to overcome these obstacles and achieve a more balanced export portfolio.

Read the Full tbsnews Article at:
[ https://www.tbsnews.net/economy/diversifying-exports-non-rmg-sectors-face-11-challenges-1007511 ]