PRAN-RFL targets $2 billion export by 2030

PRAN-RFL Group, the country's leading business conglomerate, has targeted to export products worth $1 billion by 2025 and $2 billion by 2030 through diversification of exportable items.

PRAN-RFL, which is the most diversified exporter in Bangladesh, exported goods worth $532 million in the fiscal year 2021-22, wants to export all the products it usually manufactures for the customers of the country.

Ahsan Khan Chowdhury, Chairman and Chief Executive Officer of the Group, announced this at a "meet the press" event titled "25 years of PRAN-RFL Export: Taking Bangladesh to the world" held at a Dhaka hotel on Sunday.

He said the "secret of success" of the PRAN-RFL Group since its inception is the positive mindset of the top brass as well as all other staff of the company.

When asked about the major challenges and necessary policy support for attaining the group's export target of $2 billion by 2030, he opined that the target can be achieved if the overall efficiency of the agencies concerned and stakeholders is improved side by side port handling capacity is further enhanced.

Ahsan also noted that for attaining such a big target, necessary capital expenditure should also be ensured where the development financing institutions could come up with necessary funding.

Replying to another question, he said that they are yet to decide on whether to enlist their companies in the capital market abroad as it would depend on the necessity of funding.

The PRAN-RFL Group Chairman also thanked Prime Minister Sheikh Hasina for her initiative towards pursuing austerity in the consumption of electricity and other utilities.

He said still there is a need to change the mindset of the local entrepreneurs as Bangladesh has the bright potential to become as good as Vietnam and Germany in boosting exports.

Ahsan said not only the government but also the private sector would have to come forward towards ensuring diversification of exportable items to expand the export basket.

He said the exploration of the ASEAN market yielded good results for them while there is also a bright potential in the African market.

At present, the group is regularly exporting its products in various sectors including agricultural products, plastic products, RMG, footwear, light engineering, chemical products and furniture to different parts of the world.

Apart from creating the highest employment in the private sector, PRAN-RFL is the most diversified exporter in Bangladesh, which is playing a major role in diversifying the country's export.

"Our group's products are now competing with well-known brands of different countries as those are available in chain stores including in Walmart, Carrefour, Loblaws, Aldi, Lidl, Mydin, Dollarama and Tesco."

Since 80 per cent of Bangladesh's export earnings come from the garment sector, Ahsan said this is the time to diversify the country's export. "We are working tirelessly to diversify the export of Bangladesh. PRAN-RFL Group wants to lead from the front in this sector."

He said the Group has a plan to export PRAN-RFL products to every country in the world. "If it is possible to export from Bangladesh, we will do it. In that case, there will be a lot of employment opportunities in the country. If there is an obstacle, we have a plan to manufacture products in at least 4-5 places around the world, subject to approval from the government".

Noting that the export sector of the country has done well despite the global crisis including COVID-19 and the Russia-Ukraine war, Ahsan said they could not fully utilize that opportunity due to various reasons including non-availability of liner service on particular routes, increase in freight and not having enough containers.

Pointing out that the government has set an export target of $80 billion by 2024, the CEO of PRAN-RFL Group said that the export sector must be diversified to attain the goal.

PRAN-RFL started its export activities in 1997 by sending products to France. 

Currently, the group is exporting products regularly to 145 countries around the world including India, Nepal, Australia, United Kingdom, France, Netherlands, Italy, Canada, USA, United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, Malaysia, Bolivia, South Africa, Kenya and Ethiopia.

Kamruzzaman Kamal, director (marketing) at PRAN-RFL Group, Touhiduzzaman, head of public relations and high officials of the group were present at the event.