BD plans strategy of diversification targeting 18 key markets
The government is formulating a comprehensive, integrated national strategy aimed at systematically diversifying Bangladesh’s export basket and overseas destinations, with a strategic focus on reducing reliance on readymade garments while expanding exports of services, technology, and skill-based products.
Under this sweeping economic initiative, market potential, tariff and non-tariff barriers, positioning of key competing nations, and Bangladesh’s required policy interventions across 18 major international trading destinations are being rigorously analyzed to construct customized, country-specific export action plans.
Speaking as the chair at a high-level consultative workshop titled “Bangladesh Export Diversification Strategy: Product and Market Diversification Across 18 Key Trading Destinations” at the Commerce Ministry conference room in the Secretariat today, Commerce Secretary Md Ataur Rahman Khan revealed that detailed commercial intelligence is being gathered directly through Bangladesh’s diplomatic and trade missions abroad.
He emphasized that the government is volgensly according equal priority to product innovation and market expansion to build a resilient, long-term export architecture.
“Detailed information on the selected 18 key export destinations is being collected and analyzed to prepare comprehensive country profiles and implementable strategies,” the Commerce Secretary stated, adding that data from various commercial wings will be consolidated into actionable roadmaps for each target market.
Elaborating on the methodology, Khan explained that a standardized evaluation matrix is being applied across all 18 destinations.
The matrix comprehensively maps Bangladesh’s current export share, identifies major foreign competitors for specific product lines, evaluates methods to enhance price and quality competitiveness, and outlines the precise policy, regulatory, and institutional measures required to secure broader market access.
He noted that this framework will help identify promising non-traditional goods, scale up existing shipment volumes, and determine concrete entry strategies for untapped markets.
Addressing the workshop as a key expert, Centre for Policy Dialogue (CPD) Distinguished Fellow Dr. Mustafizur Rahman stressed that service sector exports must receive equal strategic weight alongside physical commodities in the national diversification agenda.
He urged policymakers to prioritize the rapid development of information technology, skill-based services, and institutional capacity-building, while executing targeted support programs to boost the country’s growing freelance economy.
Dr. Mustafizur further emphasized that urgent investments in skills development and technological adoption are essential across production and service sectors to elevate Bangladesh’s global competitiveness.
Leveraging geographic proximity to step up exports of goods and services to neighboring South and Southeast Asian countries must also form a core pillar of the strategy, he added.
The consultation brought together top trade leaders and sector representatives from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Foreign Investors’ Chamber of Commerce and Industry partners, CPD, Walton Group, Bangladesh Agro-Processors Association (BAPA), and the pharmaceutical sector.
Participants presented specific recommendations to boost international competitiveness in pharmaceuticals, consumer electronics, agricultural and agro-processed items, leather goods, light engineering, and IT-enabled services alongside readymade garments.
Stakeholders concluded that a targeted multi-market framework will broaden Bangladesh’s export base and guarantee long-term fiscal stability.
