Ditf on Bangladesh Economy Essay Example

kinds of challenges arising out of the globalization of the economy as well as trade. In the challenges world the economic scenario of the country has been steadily attracting the attention of the foreign butters due to the quality of export products and helping diversity of the exportable items. Background of the fair: The International trade fair was held on first December in 1995, in Dhaka.

The venue was Sher-e-bangla nagar premises. It was under the supervision of Bangladesh Export Promotion Bureau. Items of different countries including host country Bangladesh were exhibited. From this Dhaka International Trade Fair started its adventure. The initiative of Export promotion Bureau: The International Trade Fair has been taking place in the capital since 1995. Under the joint auspices of the Ministry of commerce and the Export Promotion Bureau (EPB). To recall, the first export fair in the country was held at Cox's Bazar in 1976.

Later it continued taking place regularly at Chandrima in the capital till 1986. After the interval of many years the Dhaka International Trade Fair is regularly being held at She-e-bangla Nagar with objective of projecting local products to buyers from home and abroad. The first DITF was held in an area of 12 lakh square feet. In the consecutive years the area was extended. The buyers, visitor and participants: The number of participants and visitors in the trade fair has been increasing every year. In 1995, a total of 68,665 people visited the fair.

The number favorably increased to 25 lacs in the year 2003. The number of visitors increased further in 2004 despite a number of hartals by the opposition.

A fire broke out in the fair premises, which causes concern among the participants. It gutted five stalls in the fair. In the last DITF many friendly countries such as India, china, Japan, East Germany, Malaysia, Indonesia, Korea and other countries participated. They displayed models of their exportable products and availed themselves of the opportunity to popularize their products with importers from different countries.

Exhibition of Bangladeshi products: As the host country, Bangladesh exhibited agricultural and other products. Bangladesh being an agricultural country exhibits a good number of agricultural products like carpets, mats, show-pieces, bags, ready made garments, Rajshahi silk, Dhakai Muslim, leather goods, tea, processed food etc. Non-traditional items like flowers, cut flowers and other cottage industries were exhibited in the fair. Works of art, crafts, handicrafts and industrial products are placed at different corners of the fair.

Temporary stalls and restaurants of fashionable edible items are installed to make visitors acquainted with varieties of foods. There are also arrangements for recreation of the visitors acquainted with attaining higher priority in information technology sector. A number of companies have been working on computer and they have already produced computer programming in Bangla letters. This is a great success in our SMS technology. Its commercial aspect is very much potential in the export field of Bangladesh. Economic and commercial value: International trade fair has importance from many sides.

Such kind of initiative has been increasing economic flourishment of Bangladesh. Trade and commerce will increase with foreign countries if we can expand it. Many foreign countries take part in this fair. If our local goods are exhibited in the fair, their demand will

increase in the international markets and as a result much foreign currency can be earned. It gives scope to the businessmen and industrialists of the host country to know their counterparts in other parts of the globe, to know their mode of talk and approach and above all dealings.

Cultural Value: The visitors get a fair chance to enjoy themselves on payment of a small fee at the entrance. They get an opportunity to know men , manners, fashions and culture of different countries and nations without undertaking the trouble of personal visit to the said countries. Consequently there happens the friendly exchange of social and cultural relationship between the host and guest countries. International trade fair is very much useful for developing trade of our countries. It should be held every year to encourage the importers form countries to import goods from our country.

It will widen scope for the sale of industrial goods and will thereby create market for our exportable good. All available figures do bear out resilience of the Bangladesh economy. Its export trade has, thus, continued to grow robustly, notwithstanding the external and internal hazards. Exports from Bangladesh were noted for growing by 35. 8 per cent to $ 8. 27 billion during July-November of the current financial year, compared to the same period of the previous year. Bangladesh has edged past Mexico and Indonesia to become the third highest exporter of garments to the coveted US market.

Apart from garment products, export of jute goods, frozen foods and leather also grew during this period. The government has given financial support to the export-oriented enterprises in two

tranches in 2010 to cushion off the effects of the global recession. This has had an effect in shoring up these industries. The growth in the garments sector now appears set to continue, given the favourable externality of Bangladeshi garments products becoming more competitive than Chinese ones, foreign buyers are already leaning more towards Bangladesh, particularly in the lower market segment for RMG products.

If proper policy and material supports are maintained by the government towards the RMG industries, then the same stands a good chance of growing strongly in the shortand medium-terms, inspired by greater favourable export opportunities. The garments industries are relatively labour intensive in nature. As such, their development would specially facilitate relatively more job creation. On its part, the government must engage itself pro-actively to encourage the workers and owners to come to a durable understanding about wages.

The owners should be persuaded to try for the longer-term peaceful relations with their workers through paying proper wages. The government should also make its best efforts with the USA and a number of other countries to get duty- and quota-free access of garments products to their markets. Apart from garments, other budding sectors are showing a large promise. Specially, shipbuilding for export is fast emerging as a promising area. The government will need to keep entrepreneurs in this sphere well motivated through its fiscal and monetary policies.

The export-oriented pharmaceutical industry also seems to be on a growth track. It can be helped by the establishment of a central testing laboratory designed for quality control and issuing of quality certification. The production of active ingredients or raw materials for

these industries locally, need to be encouraged with the government providing various incentives for the establishment of such industries. Export opportunities for the information technology (IT) sector have also brightened.