–Govt support sought
Industry Desk: Bangladesh’s engineering equipment gradually steps up in the international market primarily because of its quality and competitiveness and it accomplished over 153 percent growth in the nine months of this fiscal 2021-22, according to Export Promotion Bureau data.
The shipments of the product aggregated $198.52 million against an annual target of $115 million, during the July-March period of FY22.
“The reason is simple. Our equipment quality is good and the lockdown imposed because of the Covid-19 pandemic is gone, enhancing foreign-bound shipments. Besides, the demand for Bangladeshi equipment is increasing day by day. I hope it will raise up to $300 million at the end of the fiscal year,” Abdur Razzak, President of Engineering Equipment Manufacturers and Exporters Association (EEMEA) told this correspondent.
However, the trade leaders also sought policy support from the government to adopt modern technologies. They want to build compliant factories for attracting more international buyers.
“The sector’s main obstacles are the lack of international-standard certification, lack of skilled manpower,
infrastructure and branding. If we could overcome these problems, the country’s engineering products will emerge as another prime forex earner,” he said.
EEMEA appears to be confident about the engineering products’ future.
“We can fetch more than $34 billion out of the $6 trillion global market if we get policy support from the government. Unfortunately, in spite of having huge demand, the engineering sector cannot earn a mere $1 billion at this point,” Razzak said.
The contribution of the sector could be lauded for its employment opportunity, too. It became a job hub for nearly 800,000 people.
In the previous FY 2021, the exports of engineering products had fetched $96.31 million, EPB data showed.
Bangladesh shipped merchandise worth $4.76 billion in March ‘22 and made a 54.82 percent growth.
The country’s light engineering products comprise electrical equipment, construction-based equipment and machinery parts, spare parts for paper and cement mills, bicycle light fittings, automobile spares, train-and-rail-support equipment, marine spare parts and the like.
Prime Minister Sheikh Hasina in January 2020 announced light engineering as the “product of the year” in an attempt to draw stakeholders’ attention so that export receipt could be increased.
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