In a recent interview with The Daily Star, Aditya Gahlaut, Head of Asia for Global Trade Solutions at HSBC, urged Bangladesh to go beyond its heavy reliance on cotton-based apparel exports and venture into mid-tier technology sectors. While garment exports remain vital, especially for foreign exchange and employment, Gahlaut noted an urgent need to align with shifting global demand, particularly towards man-made fibers, and to explore new markets in Southeast Asia and the Middle East.

He highlighted promising sectors where Bangladesh has natural advantages and can create significant employment opportunities: footwear, toys, machine tools, agricultural products, and bicycles. Yet, he cautioned that persistent high import tariffs suppress innovation by insulating local industries. A removal of such barriers, he argued, is crucial for enabling domestic manufacturers to compete, innovate, and scale in the global arena.

For Export Bangladesh, the takeaway is clear: diversifying the export basket isn’t optional, it’s strategic. Building capacity in mid-tech manufacturing, reducing tariff-induced inefficiencies, and targeting new markets will ensure sustainable growth, reduce concentration risk, and unlock new pathways for employment and export competitiveness.