At the ongoing 5-day Bangladesh Trade and Investment Summit, discussants wondered why the country is missing out on potentials of the vast Middle East market particularly for clothing and halal food export. It is unfortunate the country’s business is failing to cash in on the vast Middle East market. We agree with experts that Bangladesh must diversify exports and enter into bilateral and multilateral trade agreements with big Middle East economies like Saudi Arabia and United Arab Emirates to increase our exports and harness investments. We are at a marginal trading position in the Middle East where India is dominating the market – be it with export of apparels, halal foods or other diversified products. It goes without saying that Bangladesh’s apparel industry is dominating the global market with attractive brands. But our brands are missing the show rooms of the Gulf countries where the clothing market is huge.
Saudi Arabia imports US$ 2.6 billion worth apparels annually while UAE’s clothing import is over US$ 1.6 billion. But Bangladesh’s overall export to both the countries is little over 266 million. We are known as a manpower exporting country and it has shielded our success in other areas like clothing, pharmaceutical manufacturing and engineering. We wonder why our apparel industry leaders are shy to make a strong entry into the Gulf clothing market. Bangladesh now possesses the world’s highest number of green apparel factories. We need to merchandise these achievements. In our view we can achieve most successful results by holding annual trade fairs and we must say Bangladesh missions in those countries must actively work in this regard. We suggest trade diplomacy must be strengthened with Gulf countries.
Our market promotion activities in the region are very poor. Halaf food industries similarly have very limited infrastructure which is working as impediments to creating effective outreach. In our view it must be expanded and supported by international grade halal certification and testing facilities. India has a very strong
infrastructure and is dominating the vast food markets of the ME countries. Arab business leaders attending the summit have made valuable suggestions for investment here to export products to other countries like Latin America. We must listen to their suggestions. We would say a joint business council should be set up immediately to come closer to Middle East businesses.
