In addition, low wage keeps workers poor, raising a barrier to higher standard of living and worsening rich-poor income and social gaps.
Sustainable business competitiveness based on innovation and increased productivity is critical to continued economic growth and jobs creation, with the possibility of ensuring higher wages for workers and improved living standards.
At this point in time, Australia is a very small export market for Bangladesh, accounting for only 1.2 per cent of total Bangladesh exports.
The United States, Germany and the United Kingdom are the major export destinations of Bangladesh. A variety of factors affect the competitiveness of exports and imports.
Increased market share in existing markets and penetration into new exports markets can contribute to achieving sustainable economic growth with a social goal.
Bangladesh has untapped potential for further development of some others industry sectors.
This is largely driven by India’s growth rebound and is not consistent among countries.
Despite accelerating global growth and trade, exports remain weak.
With declining employment rates, the region is foregoing some of its potential demographic dividend.
These countries are also pursuing a social objective of lifting the standard of living of people, including the factory workers.
Cost competitiveness based on low wage may not last for long.
These include shipbuilding, and information and communication technology (ICT).
Bangladeshi companies can explore if they have opportunities for exporting shipbuilding and ICT products to Australia. The total value of exports in Australian currency increased from 9 million in 2008-09 to 5 million in 2011-12 – an increase of 156 per cent in three years.