Research holds the key

As we step into a new year with hopes of continued development and aspirations to overcome the pandemic challenges, Prime Minister Sheikh Hasina makes a timely call to the country’s businessmen to focus on research to diversify products and self-branding to boost exports and business growth. She reminds everyone that there is still long way to go to fulfil the dream of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and said the government is working relentlessly to materialise it.

The businessmen have to move ahead both inside and outside the country through developing own brand, she said at the inaugural ceremony of the month-long Dhaka International Trade Fair (DITF)-2022 at Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC) at Purbachal, a new city on the outskirts of the capital. Joining virtually at the inauguration ceremony from Ganabhaban, she said research is needed for the expansion of trade and commerce to understand and maintain the product demand and its quality. She suggested industry owners and exporters to put their focus on this issue to boost export. “I called upon you (businessmen) that you have to take the initiative to uphold the image of your own country side by side with keeping your market afloat and expand by maintaining quality of your products,” she added.

The prime minister said that foreign ministry and all the high commissions, embassies and missions abroad have already been directed to work and go ahead following the strategy that “our present diplomacy will be economic diplomacy”. She said the government has already conducted feasibility studies on 23 countries for bilateral and regional trade agreements, free trade agreement and comprehensive economic agreement.

The prime minister also declared “ICT Products and Services” as the “Product of the Year” for 2022 to encourage exports in accordance with the export policy. The government is continuing efforts to maintain the ongoing development spree for transforming Bangladesh into a developed and prosperous nation by 2041. The prime minister said her government has taken a measure to formulate a Smooth Transition Strategy which would have effective guidelines to cash on the prospects and face the challenges which might arise in continuing the development journey of the nation. She said her government is working and preparing to tackle any challenges as a developing nation.

The UN recognition is a great achievement for Bangladesh but the accomplishment of Bangladesh’s graduation from the LDC to a developing country did not come ordinarily, rather it has been possible due to Sheikh Hasina-led government’s planned initiatives that included short, medium and long-term plans alongside unwavering support of the countrymen, development partners and friendly countries. She said that the UN recognition would make Bangladesh one step ahead to materialise the dream of Father of the Nation to give the countrymen a beautiful and developed life.

As the country continues its march, Bangladesh is expected to have a $500 billion economy by the next financial year. Finance Minister AHM Mustafa Kamal said it took 19 years for our economy to become a $100 billion economy. Now the size of our economy is $411 billion and per capita income has increased to $2,554. In the next financial year, the size of our economy will be $500 billion.

Bangladesh is now a developing country from being one of the least developed countries. Prime Minister Sheikh Hasina has achieved this milestone. The country is moving forward in all sectors of the economy. Bangladesh has been praised all over the world for its growth. The education rate has increased, poverty has decreased. The size of our annual development programmes has increased. The state of the world economy is not good because of the coronavirus, yet Bangladesh is doing well. Our foreign exchange reserves are around $45 to 46 billion, and the government is optimistic that it will reach $50 billion by the end of this financial year.

In today’s fast-changing world, we cannot survive depending on one or two products. The situation will become even more challenging in the coming years. We must diversify our basket and maintain quality to boost exports – research is the key to unlocking the full potential.