A Tk 9.95 crore project of the Commerce Ministry aimed at expanding the country’s export basket and reducing import dependency has failed to meet its deadline for a second time due to the slow pace of implementation. In an unpromising sign, the project has only 11 per cent progress after a three-year original schedule and a one-year extension. The project director was changed six times during the four-year duration.
The ministry has failed to implement the project at a time when the country is still dependent on the garments sector, which accounts for about 82 per cent of total exports. The project’s goal is to continue assisting in export diversification and expanding the export capacity of select sectors, namely garments, food-processing and active pharmaceutical ingredients. The World Trade Organisation (WTO) cell under the Commerce Ministry is implementing the initiative, which is being funded by the Enhanced Integrated Framework (EIF).
The project could not be completed on time due to the weak feasibility study, a lack of supporting manpower, frequent changes in the project director, and the outbreak of Covid-19. The actual physical and financial progress was 11.5 per cent as of April this year. In the implementation of the project, 11 out of 17 technical activities are yet to begin operations. During the formulation of the project, the authorities did not take proper opinions from the stakeholders.
For sustainable economic flourishment, diversity in export baskets must be achieved in the shortest possible time. Supportive institutions, infrastructure, skilled workforce, and global and regional collaboration should be accelerated strategically. It is unfortunate that the project director was changed several times and no outcome-based plan was chalked. Easing business and ensuring a business-friendly secure environment both politically and economically need to be gained for sustainable economics. Relevant policy support and budgetary allocation with quality checks and proper monitoring can agile the project of export diversity.
