Exporting more goods means importing success

The Export Promotion Bureau's (EPB) decision to extend the validity of the registration certificate -- a necessary paperwork that is needed for export operations -- is exactly the shot in the arm needed for our exporting industries.

Despite Bangladesh's impressive track record when it comes to indicators such as GDP growth, the country has always been mired in bureaucratic and administrative hassles which discourage stakeholders -- both local and international -- from investing in the private sector.

Even in our export sector, entities have had to renew their registration certificates on an annual basis, which is certainly a process that does not do any favours in expediting export operations.

However, the recent decision by the EPB means that the authorities are indeed on the pulse when it comes to the exporting sector. Bangladesh has consistently ranked low on global indicators such as ease of doing business, and steps like this should go a long way to improve our standing.

If the authorities can implement such pro-active decision making for other government entities that regulate the business landscape, then Bangladesh can elevate itself into the business center of Asia, as is its ambition.

While facilitating easier exports is certainly a much appreciated move, the wider goal has always been the gradual diversification of our export basket -- a goal that fewer bureaucratic hindrance will surely help achieve.

As things stand, Bangladesh relies far too heavily on the RMG sector as an exporting industry -- our nation has far too much to offer to just play the role of the world's tailor only. Increased investment into other industries -- light engineering and jute-based products are two good examples here -- in terms of export will absolutely be key.

Source: Dhaka Tribune