Dhaka, May 25 -- The strategic emphasis on export diversification has been a long-standing policy objective in Bangladesh, as evidenced in its various medium-term national planning documents and long-term perspective plans. Nevertheless, the country's export structure continues to be predominantly concentrated in apparel products-most popularly known in the country as ready-made garments (RMGs)-contributing to more than 85 per cent of total merchandise exports in 2023. This heavy reliance on a single industry exposes the economy to risks associated with sector-specific disruptions.

After achieving remarkable socioeconomic achievements, including maintaining an average yearly gross domestic product (GDP) growth close to 6.0 per cent since...