Friday, 28 January, 2022

DITF: Tapping into Potentials of Trade and Export

  • Md. Muzibur Rahman
  • 4th January, 2022 08:54:24 PM
  • Print news

Dhaka International Trade Fair (DITF) begins at Purbachal on 1st January with good enthusiasm and festivity. Prime Minister Sheikh Hasina on Saturday inaugurated the 26th edition of Dhaka International Trade Fair declaring ICT products and services as “Products of the year 2022”. For the first time, the largest annual commercial and trade event of the country has been arranged at its permanent venue – Bangabandhu Bangladesh-China Friendship Exhibition Centre in Purbachal, on the outskirts of the capital. This kind of trade fair positively affects our economy, especially to our trade and export.

We know that a company/organisation may take its strategies to expand its business either by advertisement or by diplomatic relation or by both of them. Bangladesh government is trying to expand its export and to increase trade with all the friendly countries in the world.

Domestically, it has been arranging international trade fair every year which is responding with good result i.e. getting more import orders from foreign countries and foreign consulate, which is very important to increase our export and trade volume with other countries. The Export Promotion Bureau (EPB) arranges month-long Dhaka International Trade Fair every year, aiming to expand internal trade and attract more foreign businesses and customers.

Businessmen from both native and foreign land participate and exhibit their products and services by setting up different stalls and shops in the fair. Different countries in the world also arrange such type of trade fair in their native land to showcase their products and services, and to attract foreign businessmen and potential investors in their countries. Many countries in the world adopt economic diplomacy and use their foreign consulate economic wing for the same purpose.

Bangladesh is successful in many ways like producing and exporting readymade garments, leather, ceramics, cement, steel and drug. Bangladesh is the 2nd largest readymade garments exporter in the world. It is self-sufficient in medicine (drug) production & about 97% demand of the medicine is met by domestically and many pharmaceutical companies are exporting medicine to foreign countries.

There are more products like vegetables, fruits, cereal crops, meat, aquatic and maritime products, which can be exported to other countries. They are contributing to our GDP (Gross Domestic Products) directly or indirectly. In our competitive world, there is no other alternative to business competitiveness to survive and increase trade with other countries. Bangladeshi people must have their production efficiency so that they can produce world class commodities.

They will make strong market power through large market share and dominance by their products. They will make new and specialised products and build a powerful consumer base with highly advertised brands through obtaining operative cost advantages and better factor cost and operational efficiencies. Bangladeshi products will be in leading position supplying qualitative products in the world.

The countries in the world are taking different steps, adopting strategies and giving attention to develop their branding power. Our neighbouring countries like China and India can be mentioned as examples.

They adopt different strategies to expand their trade and brand in the world. The world is now like a village, and every state is opening and reforming their economic theory towards co-operations, co-relation and mutual benefits. Mutual trade, export-import, mutual investment is increasing as per the demand of states.

Digital connection, information and communication technology and other technological development bring them closer. Every state now wants and encourages Foreign Direct Investment (FDI), foreign financial and technical help for their economic development.

Every state of the world is competing to each other to raise its trade and export. They have a target in its every financial year about production, income, expenditure, trade and investment etc. To meet these targets, they adopt some strategies to raise their domestic and external finance, export-import income and foreign direct investment. Economic diplomacy is one of these strategies.

Bangladesh has its favourable investment-friendly policy and has given more incentives for FDI (Foreign Direct Investment). Now, we have to create environment by diversified diplomacy for more trade and export of our produced goods and services to the nations of the world. We can make a brand name “Made in Bangladesh” that will introduce Bangladeshi products and Bangladesh throughout the world. In the age of digital technology, we can easily showcase and connect with all other countries in the world for more trade and export.

Bangladesh can take part in trade fairs of those countries to showcase its products and services to attract of foreign businessmen and investors. Commerce Ministry with help of Foreign Ministry and Foreign Mission can take this initiative to make the plan successful.


Md. Muzibur Rahman writes on development and economic issues