As the 29th Dhaka International Trade Fair kickstarted in 2025, Chief Adviser Prof Muhammad Yunus emphasized the need for stronger exports by investing in the services sector. He urged the business community to explore opportunities beyond products and enhance Bangladesh's export base. In addition, the CA proposed introducing an "Entrepreneur of the Year" initiative to recognize and promote the individuals behind the country's products, along with the traditional "Product of the Year" model. The government's efforts to showcase Bangladesh's diverse products in the global market were also highlighted.
Bangladesh Banks on Services Sector to Boost Exports
Background
Bangladesh has traditionally relied on the export of goods, such as textiles and apparel, to drive its economic growth. However, in recent years, the government has recognized the need to diversify the country's export base and explore opportunities in the services sector.
2025 Dhaka International Trade Fair
During the 29th Dhaka International Trade Fair held in 2025, Chief Adviser Prof Muhammad Yunus emphasized the importance of investing in the services sector to boost exports. He urged businesses to go beyond traditional product offerings and enhance Bangladesh's export capabilities.
Entrepreneur of the Year Initiative
To support the development of the services sector, the government proposed introducing an "Entrepreneur of the Year" initiative. This initiative would recognize and promote the individuals behind the country's successful products and services, complementing the existing "Product of the Year" model.
Government's Role
The government highlighted its efforts to showcase Bangladesh's diverse products in the global market. This includes participating in international trade fairs, organizing trade missions, and providing incentives to exporters.
FAQs
1. What is the significance of the services sector in Bangladesh's economy?
The services sector plays a crucial role in Bangladesh's economic growth, contributing to over 50% of GDP. It includes industries such as tourism, hospitality, banking, and technology.
2. Why is the government emphasizing investment in the services sector?
By investing in the services sector, Bangladesh can reduce its reliance on exports of goods and diversify its economy. This will make the country less vulnerable to global market fluctuations.
3. How will the "Entrepreneur of the Year" initiative boost the services sector?
The initiative will recognize and reward individuals who have made significant contributions to the development of the services sector. This recognition will encourage innovation and entrepreneurship, driving the sector's growth.
4. What are the government's initiatives to promote Bangladesh's products globally?
The government participates in international trade fairs, organizes trade missions, and provides financial incentives to exporters to promote Bangladesh's products in global markets.
5. What are some of the challenges facing the services sector in Bangladesh?
Challenges include a lack of skilled labor, inadequate infrastructure, and limited access to technology. The government is addressing these challenges through various initiatives, such as vocational training programs and digitalization efforts.
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