After Bangladesh got Independence in 1971, jute was the biggest export of the country. In 1972, Bangladesh earned US $348.33 million and US $313.497 million from exporting jute and jute made products. During that time, Bangladesh also exported tea and leather products. In recent years, the export sector of Bangladesh has expanded much. Now, the biggest export sector of Bangladesh consists of readymade garment and knitwear. Among other export items, are shrimp, newspaper, fertilizer, fish, leather and leather products, fruits and vegetables.
On the other hand, Bangladesh imports cotton, textile fabrics, petroleum products, automobiles and spare parts, chemicals, edible oil, coal and other products. To keep pace with the rapidly developing world, the Government of Bangladesh has liberalized their trade and export policies over the years. These steps taken by the Government has brought significantly positive result.
Before the British began colonization in the Indian subcontinent, the state of Bengal (Currently Bangladesh) was the biggest exporters of textile, silk and sugar. This side of the subcontinent did not undergo much development during the British era. It was again the same situation when Bengal was a part of Pakistan. Therefore, by the time Bangladesh became a sovereign country, she did not have a per-existing developed industrial side to build on.
Over the last 40 years, constant work by the Government, local and foreign investors and entrepreneurs has given a moderately developed shape to the industrial sector of Bangladesh. At present, Bangladesh has a large ready made garment industry, a vast shrimp and fish exporting industry, and a developed tea industry among many others.
However, while the economy of Bangladesh concentrated on industrialization, it overlooked one of the key sectors of Bangladesh - the agricultural sector. As the country was adorning herself with modern industries, the integrated agricultural sector of Bangladesh remained neglected. Thus, various problems arose, such as the lack of educated and trained farmers, inadequate number of cold storages to keep the crops and vegetables, and many others. The Government needs to put their focus back in this high potential sector of Bangladesh to ensure proper growth of the economy.
On the other hand, some industries have seen remarkable growth in the last few years. For example, the shipwrecking industry of Bangladesh has prospered so much that it is now the primary supplier of the demand for steel across the country.
The Government of Bangladesh has offered many benefits, fiscal and non-fiscal incentives, to attract potential foreign investors. This has yielded a positive result and the number of foreign investors in Bangladesh has almost doubled up in the last few years.
On the other hand, Bangladesh imports cotton, textile fabrics, petroleum products, automobiles and spare parts, chemicals, edible oil, coal and other products. To keep pace with the rapidly developing world, the Government of Bangladesh has liberalized their trade and export policies over the years. These steps taken by the Government has brought significantly positive result.
Before the British began colonization in the Indian subcontinent, the state of Bengal (Currently Bangladesh) was the biggest exporters of textile, silk and sugar. This side of the subcontinent did not undergo much development during the British era. It was again the same situation when Bengal was a part of Pakistan. Therefore, by the time Bangladesh became a sovereign country, she did not have a per-existing developed industrial side to build on.
Over the last 40 years, constant work by the Government, local and foreign investors and entrepreneurs has given a moderately developed shape to the industrial sector of Bangladesh. At present, Bangladesh has a large ready made garment industry, a vast shrimp and fish exporting industry, and a developed tea industry among many others.
However, while the economy of Bangladesh concentrated on industrialization, it overlooked one of the key sectors of Bangladesh - the agricultural sector. As the country was adorning herself with modern industries, the integrated agricultural sector of Bangladesh remained neglected. Thus, various problems arose, such as the lack of educated and trained farmers, inadequate number of cold storages to keep the crops and vegetables, and many others. The Government needs to put their focus back in this high potential sector of Bangladesh to ensure proper growth of the economy.
On the other hand, some industries have seen remarkable growth in the last few years. For example, the shipwrecking industry of Bangladesh has prospered so much that it is now the primary supplier of the demand for steel across the country.
The Government of Bangladesh has offered many benefits, fiscal and non-fiscal incentives, to attract potential foreign investors. This has yielded a positive result and the number of foreign investors in Bangladesh has almost doubled up in the last few years.
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