BM Report
The Bangladesh Foreign Trade Institute (BFTI) and the Bangladesh Chamber of Industries (BCI) have signed a Memorandum of Understanding to work together in researching scopes of diversifications of export products and markets.
As MoU was signed in this regard in presence of the Commerce Minister Tipu Munshi. Dr. Md. Zafar Uddin, CEO of BFTI, Anwar-ul Alam Chowdhury (Parvez) also spoke at the function held at BFTI Conference Room in the city on Thursday and attended by senior officials the ministry and BCI.
The Commerce Minister expressed hope that both organizations will play an appropriate role in the country’s trade expansion through quality trade research, training, and advice in the policy making process.
“There is no alternative to diversification of products and markets to continue Bangladesh’s export growth,” Munshi said. ”Research information and innovative consulting services on potential products and markets can play a significant role in increasing exports.”
Citing country’s exports data for the fiscal year 2022-23, the Commerce Minister pointed out that still 85 percent of Bangladesh’s export earnings come from the garment sector while two-thirds of the country’s export market is concentrated in the European Union (46 percent) and the USA (18 percent).
The minister said all should work together to build a smart Bangladesh by building a strong and sustainable export-dependent economy through diversification in the competitive global market.
Former senior secretary of the Ministry of Commerce, and CEO of the BFTI Dr. Md. Zafar Uddin, said, BFTI has been working to increase trade-related knowledge and skills by providing training since its inception. This agreement will facilitate domestic and foreign investment and play an active role in building a sustainable economy.
The BCI President Parvez said though the MoU is the beginning of multi-dimensional activities for mutual cooperation and commercial development with BFTI and BCI but it will open a new door of possibilities for the trade and industrial establishments of Bangladesh.