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Economic Diplomacy: Editorial! Daily. - 1

Economic diplomacy involves using economic tools to achieve a state's national interests and includes policy decisions around exports, imports, investments, and trade agreements. As globalization has increased connectivity between states, every country now pursues economic diplomacy strategies like attracting foreign direct investment and technical assistance for development. Bangladesh also engages in economic diplomacy by setting economic growth targets and policies to expedite development, and could benefit from strengthening its economic diplomacy efforts to boost exports, attract investment, and pursue its development goals. The Prime Minister has emphasized the importance of economic diplomacy and asked Bangladeshi envoys in Europe to promote trade, investment, and improve the country's image to support ongoing development.

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66 views3 pages

Economic Diplomacy: Editorial! Daily. - 1

Economic diplomacy involves using economic tools to achieve a state's national interests and includes policy decisions around exports, imports, investments, and trade agreements. As globalization has increased connectivity between states, every country now pursues economic diplomacy strategies like attracting foreign direct investment and technical assistance for development. Bangladesh also engages in economic diplomacy by setting economic growth targets and policies to expedite development, and could benefit from strengthening its economic diplomacy efforts to boost exports, attract investment, and pursue its development goals. The Prime Minister has emphasized the importance of economic diplomacy and asked Bangladeshi envoys in Europe to promote trade, investment, and improve the country's image to support ongoing development.

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Sajjad Hossain Shuvo
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Economic diplomacy

Economic diplomacy is a form of diplomacy. By definition, economic diplomacy is the use of


the full spectrum economic tools of a state to achieve its national interests. The scope of
economic diplomacy can encompass the all of the main international economic activities of
a state including, but not limited to, policy decisions designed to influence exports, imports,
investments, lending, aid, free trade agreements, etc. Still in the midst of nineteenth
century, the world’s states continued their closed economic formulas in their national
agenda for economic development. But in course of time, the world is now like a village and
every state is opening, reforming their economic theory towards co-operations, co-relation
and mutual exchange of benefits.

Mutual trade, export-import, mutual investment is increasing by the demand of the states.
Digital connection, information and communication technology and other technological
development made them easy and closer to each other. Every state now wants and
encourages Foreign Direct Investment (FDI), foreign financial and technical help for their
economic development. Every state of the world is competing to each other to raise its
economic development. Every state has a target in its every financial year about production,
income, expenditure, trade and investment, etc. To meet these targets, they adopt some
strategy to raise their domestic and external finance, export-import income, foreign direct
investment, foreign debts, grants, aid, etc.

Bangladesh is not exception to it. Bangladesh has its own monetary and fiscal policy, foreign
policy to expedite for economic development. Bangladesh has its tremendous success of its
economic growth, such as Bangladesh maintained its GDP growth from 6-8% during the past
decade and now some domestic and foreign organizations predict more than 8% GDP
growth in the coming years.

Bangladesh is now a growth model in South Asia and many other states are enthusiastic and
interested in our economic model. Economic diplomacy is a popular word in our modern
and dynamic world. Every state has its envoy or ambassadors/high commissioners in other
countries to communicate, manage and balance the relations with political and economic
issues. Economic diplomacy is the crying need of hour for our country.

We have the targets to become middle income country by 2021, to achieve Sustainable
Development Goals (SDG) within 2030 and rich one within 2041. So, rapid development is
necessary and we should take immediate measures to identify different sectors for more
export our service and commodities to foreign countries. We can pursue other countries for
exporting our domestic products more through economic diplomacy. Most of the states of
the world developed or developing have their own economic strategies to raise their Gross
National Products (GNP). Brazil, China, United States of America (USA), Russia, European
countries, Middle-East, Latin America, our neighbour India are the examples of them.

Brazil has made a concerted effort to engage in economic diplomacy with the developing
world. Brazil has made it a priority to be a leader in sharing technological knowledge in
areas such as education and the all-important agricultural sector. One example of Brazil’s
economic diplomacy strategy is the Brazilian Cooperation Agency (ABC), which is affiliated

Editorial! Daily. | 1
with the Brazilian Ministry of External Relations. The ABC has the mandate to negotiate,
coordinate, implement and monitor technical cooperation projects and programs with
countries, primarily in the developing world. Similarly, China, United States of America
(USA), India has its own economic diplomacy strategy to conduct with foreign countries
about export and investment. The United State has a long history of economic diplomacy
dating back to the dollar diplomacy of William Howard Taft. It was involved in one of the
more notable acts of diplomacy in history with the Marshall Plan.

Former secretary of state of US, Hillary Clinton, prioritized economic diplomacy during her
time at the state department. Bangladesh should have a strong economic diplomacy and its
foreign diplomats can sponsor, arrange more display and development fair of our main
export items such as leather and leather products, woven garments, knitwear,
pharmaceuticals, petroleum products, jute, jute goods, agricultural products, engineering
and plastic products etc. More export of Bangladeshi products and services will generate
more foreign income and will be added in our Gross Domestic Products (GDP).

They can also pursue more economic diplomacy along with political diplomacy. Economic
diplomats will monitor and report on economic policies in foreign countries and give the
home government advice on how to best influence them. Prime Minister Sheikh Hasina is
now on official visit to United Kingdom for more than two weeks has asked Bangladesh
envoys in European countries to pursue the economic diplomacy alongside, as she joined
the first-ever Bangladeshi envoys’ conference in London. She has rightly underscored the
important issues like economic diplomacy and now it is the demand of the time. She
stressed the needs for more on economic issues besides political diplomacy so the ongoing
development in Bangladesh continues. She also asked them to put in efforts to attract
investment in the country, boost trade and commercial relations and enhance Bangladesh
image in Europe.

Fifteen Bangladesh ambassadors, high commissioners and permanent representatives


posted in different countries of Europe attended the conference at a local hotel. It was a
good opportunities to exchange news and views with our foreign diplomats posted in the
European countries. Each envoy presents and made separate presentations on activities,
challenges and future plan of actions for their respective countries of assignment at the
conference.

Prime Minister Sheikh Hasina has directed them some important issues including
expatriates Bangladeshis in foreign land. She said that the envoys can help Bangladeshi
expatriates providing better and faster service. Bangladesh can open more foreign mission
in different countries and can appoint more skilled, trained and talented diplomats in those
countries.

We should research, analyze, conduct feasibility study to more economic diplomacy to


attract foreigners for our economic interests and inflow of external finance and investment.
To materialize our dream to make the country as a Sonar Bangla (Golden Bengal), we need
both internal and external finance and income by economic diplomacy and other diplomatic
efforts.

Editorial! Daily. | 2
Writer: MD. MUZIBUR RAHMAN, freelancer, columnist, The Independent, 17 August 2019

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