Commerce Minister Tipu Munshi on Thursday said that there is no alternative to diversification of products and markets to maintain the export growth of the country.
He also said that research and innovative suggestions related to potential products and the market would play an important role in expanding exports.
The Commerce Minister said this while addressing an MoU signing ceremony between the Bangladesh Foreign Trade Institute (BFTI) and Bangladesh Chamber of Industries (BCI) as the chief guest held at the Trading Corporation of Bangladesh (TCB) Bhaban in the capital's Kawranbazar area on Thursday.
He mentioned that around 84.58 per cent of the country's overall export earnings came from the RMG sector in the last fiscal year (FY23) while 62.88 per cent of the country's export market is concentrated in the EU and the USA.
Tipu opined that with the signing of the MoU, the BFTI and BCI would conduct standard trade-related research, impart training, provide suggestions in the policy-making process and thus play an important role in the expansion of trade and commerce.
He said that this MoU would not only pave the way for attracting local and foreign investment but also would help to build an export-based sustainable economy through the expansion of products and services in the global market as well as diversification of the market.
CEO of BFTI Dr Md Jafar Uddin said BFTI from its inception has been providing training on trade-related knowledge and skills.
"This MoU will open up the opportunities for local and foreign investment and thus boost export of products and services in the competitive global market," he added.
BCI president Anwar Ul Alam Chowdhury (Parvez) said that the BFTI and BCI would work together to open up new doors of potential for the businesses and industries of the country.
BFTI CEO Dr Md Jafar Uddin and BCI president Anwar Ul Alam Chowdhury (Parvez) signed the MoU on behalf of their respective sides.
