An USAID study identified six promising industries beyond the readymade garments (RMG) to help Bangladesh diversify its export basket to stimulate new streams of economic growth.
The study named Comprehensive Private Sector Assessment (PSA) identified agribusiness (food processing), healthcare, information and communications technology and outsourcing, light engineering, pharmaceuticals, and tourism as the most promising industries beyond the RMG for private sector engagement and investment.
This was revealed on Tuesday as USAID launched the report at American Chamber of Commerce in Bangladesh (AmCham) in Dhaka in presence of visiting USAID deputy administrator Bonnie Glick and US deputy chief of mission in Dhaka JoAnne Wagner, a US Embassy press release said.
The US government through the US Agency for International Development or USAID conducted the study in a show of bilateral support towards strengthening Bangladesh’s economy through diversification, said the release.
The study examined 16 emerging sectors in total, including ceramics, entrepreneurship, leather and leather goods, medical equipment, plastic, renewable energy and energy efficiency, shipbuilding, shrimp and fish, telecommunications and vehicle assembly.
The assessment did not cover some traditional industries, including the energy sector as a whole, the release added.
The US embassy in Bangladesh, through USAID and other sections and in collaboration with the Bangladesh government, will analyse the priority sectors identified in the PSA to explore specific strategies for investment and increased engagement with the local private sector in these fields.
It is expected that the PSA’s findings will support the Government of Bangladesh’s economic diversification reforms initiative and help the private sector deepen its engagement with the government and other stakeholders in order to further promote Bangladesh’s economic growth.
The PSA was conducted by Inspira Advocacy and Consultancy Ltd, a Bangladeshi private consultation firm between October 2018 and July 2019.