A government taskforce has urged the implementation of strategic initiatives to drive economic development, focusing on economic diplomacy, skilled labour exports, and revitalising Special Economic Zones (SEZs).
The recommendations, outlined in a report led by Education and Planning Adviser Professor Wahiduddin Mahmud, were recently submitted to Chief Adviser Professor Muhammad Yunus.
The report emphasises the need for proactive economic diplomacy to enhance global market access for Bangladeshi goods, services, and skilled labour. It advocates for advancing bilateral and multilateral Free Trade Agreements (FTAs) and launching multilingual communication campaigns in languages such as Chinese, Hindi, Korean, Japanese, English, and Russian.
The report also highlights the potential of leveraging cultural exports, including music and film, to strengthen Bangladesh’s soft power internationally. Moreover, it suggests using the Ready-Made Garment (RMG) sector as a base to build a thriving fashion industry, aligning with global trends in design and branding.
Opportunities in Skilled Labor Exports
With aging populations and labor shortages in countries like Japan and South Korea, Bangladesh is poised to become a key supplier of skilled workers. The report encourages partnerships to establish training programs within Bangladesh to enhance skill standards, facilitating smoother pathways for workers to secure visas and employment abroad. This approach is projected to benefit both the Bangladeshi economy and the host nations, creating a win-win scenario.
Revitalising Special Economic Zones
The taskforce also calls for prioritizing select SEZs to deliver measurable outcomes in attracting foreign direct investment (FDI) and boosting exports. Despite significant political and media focus, SEZ progress has been hampered by bureaucratic inefficiencies, poor infrastructure, and unclear policies. Addressing these challenges, the report emphasizes, is critical for SEZs to fulfill their role in Bangladesh’s economic growth.