Experts call for export diversification

The country needs to strengthen export diversification to ensure increased foreign currency earnings to keep the economy stable, experts said at a conference yesterday.
“In recent years, export diversification took place widely in the country, we need to strengthen it further to overcome current critical economic situation,” said Professor Mustafizur Rahman, executive director of the local research body Centre for Policy Dialogue (CPD).
He was speaking at a conference on Bangladesh Current Issues and Policy Options, organised by 'Young Economists' Forum' (YEF), a students' club of the Department of Economics of North South University (NSU) in the capital.
Mentioning that Bangladesh has made a progress in exporting small ships this year, he said the government needs to find alternative export opportunities to increase the foreign currency earning, which would help keeping the national economy stable.
He mentioned that in the last 15 years the export of the country has increased more than 15 times.
He said that currently the country's economy is passing through a critical situation, mainly because of the rise of food prices in both the international and domestic market.
He suggested that the government should take long term planning on increasing the food stock and take measures to reduce income inequality.
The CPD ED pointed out that the low-income people now have to spend 40 percent of their income to buy foodstuffs.
Dr. Hafiz GA Siddiqi, vice chancellor of NSU, inaugurated the programme. Prof M Ali Rashid, dean of faculty of arts and social sciences of NSU and Shah M Mujtaba, president of YEF were also present.