DITF's role in promoting Bangladesh's international trade

The 28th Dhaka International Trade Fair was officially inaugurated on January 21 by Bangladeshi PM Sheikh Hasina as the chief guest at the Bangabandhu Bangladesh-China Friendship Exhibition Center located in Purbachal, near the capital. According to the layout plan of this year’s trade fair, the total number of pavilions, restaurants and stalls of different categories is 351 and the total number of pavilions, restaurants and stalls allotted to local and foreign organizations is 300. This year, the entrance of the fair has been made in the pattern of Karnaphuli tunnel to bring forward the development and progress of the fair premises. On one side is the Rooppur nuclear power plant and on the other side is the third terminal of the airport. These are made visible to continue the journey of development.

The main objective of the trade fair is to diversify the export of domestic products by reducing the dependence on the garment sector. If Bangladesh can diversify its products, then our export can be more than 100 billion. Bangladesh fair can sustain rapid growth with resilience, emerging as a highlight of high-standard opening-up endeavors.

EPB said, in addition to domestic products, various countries including India, Pakistan, Thailand, Turkey, Malaysia, Indonesia, Hong Kong, Singapore, Nepal will participate in this year’s trade fair. Aims to find large market for export of domestic products besides product display. The fair was held in Sherebangla Nagar from 1995 to 2020 as a joint initiative of the Ministry of Commerce and EPB to promote, spread, market, and support domestic products. Due to the covid epidemic, it was not possible to organize the fair in 2021.

The fair was then held for the first time in 2022 at the BBCFEC in Purbachle amid pandemic restrictions. This is the third time the trade fair is being held at the permanent venue Bangladesh-China Exhibition Center. A permanent trade fair center has been built in Purbachal with Chinese funding. From now on, the International Trade Fair will be held here every year. A fair like computer fair, science fair, agricultural fair and book fair is the most modern version of our culture Dhaka International Trade Fair. Since 1995, the fair has been organized regularly in Shere Banglanagar, Dhaka, under the initiative of Bangladesh Ministry of Commerce and Export Development Bureau, but now the venue of the fair has been changed and it is being held at the present place.

The fair attracts a large number of people as the best products are available in terms of uniqueness, beauty and quality. The Dhaka International Trade Fair has started in the month of January as always, upholding the traditional folk culture of Bengal. Due to the internationalization of the fair, many foreign business organizations and manufacturing companies participate. Foreign buyers and visitors gather. Small and cottage industries of our country are very popular with foreigners. By selling these products to foreign visitors at fairs, the sales and reputation of our indigenous industry in the world increases. As a result, our small industries can benefit. And the way of earning profit of big domestic companies is also facilitated through this fair. Besides, the Government of Bangladesh gets huge revenue from the participating domestic and foreign companies and has the opportunity to earn a lot of foreign exchange. A lot of money is also earned from the sale of fair tickets. Through part-time employment in the fair, temporary unemployment of the unemployed is overcome. Many also get permanent jobs by showing good skills in part-time jobs at fairs. Trade fairs are related to the economic infrastructure of a country.

Efforts are being made to improve the functions of thetrade fair,making it the South Asia’s most influential fair for trade, injecting new impetus to the Bangladesh’s economy. The trade fair is a valuable opportunity for businesses to engage with government stakeholders, for Bangladesh to exhibit its own strengths and ambitions for the business sector, and for international companies to announce deals with local partners.

For domestic small and medium-sized enterprises, participating in the Fair can be an excellent opportunity to build brand awareness, expand their customer base, and generate new business leads. They can meet potential partners and customers, explore new markets, and learn about the latest industry trends and developments.

Moreover, the Fair provides small and medium-sized enterprises with a level playing field to compete with larger companies on a global stage. It is a great opportunity for them to showcase their quality products and services, which can help them gain recognition and establish their brand in the international market.

The Fair also plays a critical role in attracting foreign investment to Bangladesh. The fair provides foreign investors with an opportunity to learn about the country’s business environment, meet with potential partners and suppliers, and explore investment opportunities which has helped to attract foreign investment to Bangladesh, contributing to the country’s economic growth and development.

That is, trade fairs play a supporting role in the economic development and expansion of the country. Therefore, it is necessary to organize a trade fair to build a rich infrastructure of the main energy economy of the country. Moreover, since the merchants of different countries appear with their various products in the fair, domestic business establishments can get acquainted with the latest foreign products. Manufacturing companies get new product ideas. Buyers or consumers can compare the quality of our domestic products with foreign products. The relationship between our country’s businessmen and foreign businessmen and entrepreneurs has improved. As a result, foreign trade is promoted and expanded. Trade is the main carrier of national progress and development. And the development and expansion of this trade is the main goal of the trade fair. Dhaka International Trade Fair has and will continue to play an important role in the rapid development of the country’s economy. This fair is the biggest business event in Bangladesh. The necessity of this fair is essential to bring together the producers-exporters, importers, traders and buyers on one platform and for the promotion of products and market expansion as well as for the development of the national economy.

Writer: Anup Sinha, a researcher and freelance columnist specializing in South Asian Affairs with a particular focus on the Rohingya issue, India-Bangladesh relations, water sharing, etc.

Source: Eurasia Review.