Commerce Minister Khandakar Abdul Muktadir. File photo

DHAKA, April 29, 2026 (BSS) - Commerce Minister Khandakar Abdul Muktadir today stressed the need to bring the country's gold and jewellery sector under the formal economy to unlock an estimated export potential of $12-14 billion.

"Bangladesh possesses skilled artisans comparable to global competitors, but the sector remains largely untapped. In contrast, a neighbouring country exports ornaments worth around $52 billion annually," Muktadir said.

The Minister made the remarks while speaking at the 46th meeting of the consultative committee between the National Board of Revenue (NBR) and FBCCI, held at a hotel in the city.

Highlighting the challenges, He noted that the gold trade is widely perceived as part of the black economy, which hinders its growth and global competitiveness.

 "This is not a healthy practice. The sector must be brought into the white economy to ensure sustainable development," he added.

To achieve the projected export target, the Minister underscored the need for establishing high-quality testing laboratories, developing modern design facilities and ensuring supportive policy measures.

He also said the initiative aligns with the government's broader strategy to jumpstart the economy by revitalizing struggling industrial sectors through incorporating private sector proposals in the upcoming national budget.

Muktadir also pointed out that high bank interest rates and the ongoing energy crisis are major barriers to investment and business sustainability.

He emphasized reducing logistics costs and improving public debt management to strengthen long-term economic stability.

Calling for a change in mindset among business leaders, he also stressed the importance of increasing the country's tax-to-GDP ratio, noting that taxpayers benefit from state-provided security and infrastructure.