Export of goods and services could grow by 112 percent

A joint study reveals that the total export of goods and services from the country has the potential to surge by 112 percent within a five-year timeframe, provided that existing impediments are properly removed. The findings highlight that expensive credit increases the overall cost of domestic manufacturing, while taxation on imported raw materials and necessary production inputs creates hurdles that hinder local goods from maintaining competitiveness in international markets. Despite these challenges, exporters participating in the evaluation pointed to several favorable factors that support international trade growth. Key positive elements include the expanding global diaspora along with their established business connections, duty-free market access in neighboring India, and a positive reputation for the country among international purchasers. A senior economics officer at the development bank noted that the research provides a vital analysis of trade potential, the primary hurdles encountered by the private sector, and the foundational elements required for successful export expansion.