Activities relating to export have been encouraged for certain reasons. While developed countries focus much on these activities, developing countries should also adopt the practice. The emerging power house, RR Holdings, is of the view that these activities can boost the growth of the economy. RR Holdings Limited is run by a group of experienced entrepreneurs who has the aspiration of making the world a better place. This boost can be obtained as export tends to increase employment as well as expand markets in a developing country. Keeping such benefits in mind, when a developing country decides to increase exports, it can expect never-ending growth in the future.
Important for Current Account Deficit
Companies like RR Holdings, who have huge contribution to a country’s economy, consider that export activities can help in achieving a better current account deficit. During the COVID-19 pandemic, this deficit may have been affected in developing countries. By focusing on increasing exports, this deficit can be improved. As these activities are continued for a long time, the deficit can also be maintained.
Relevant for a Growing Economy
The emerging power house in Bangladesh has shared that for a growing economy, export activities can be very beneficial. One of the main benefits can be an increase in aggregate demand.
Local economies in developing countries like Bangladesh, Vietnam, U.A.E, can further aim for higher sales. This means that they will be producing more goods than they used to. Clearly then, these economies will also be receiving better profits. The power house adds that when such economies wish to grow better, they can continue exporting goods and services in the future.
Better Employing during and Post-Coronavirus
In the coronavirus-hit year, the loss of employment can be recovered by doing export more often. In developing countries including in Bangladesh, increasing employment opportunities is significant for the overall growth of economies. However, for such countries, adding more jobs can be a major challenge as well.
As activities relating to export are performed more, there will be a natural increase in the demand for higher production. This demand can help to a great extent to create more jobs. Thus, more workers will be hired in developing countries.
Leading to Market Expansion
It has been known that an increase in export can add to the demand for certain goods as well as services. It may be surprising to know that when the demand increases, it can lead to the emergence of new markets. The emerging power house says that with the coming up of new markets, expansion can be aimed at. For both developed and developing countries, market expansion can be beneficial. The benefits can be seen in terms of both profits and employment.
Finally, we can state that, the RR Holdings Limited is committed to make the world a better place. The current COVID-19 pandemic has resulted in the loss of economic growth especially in the case of developing countries. Export can be one of the ways to regain this growth. Moreover, a rise in export activities can be best for the citizens and economies of developing countries, as we read here. In countries like Bangladesh, such activities should be encouraged. Within a few years, such countries can witness their economies significantly rise.