Bangladesh eyes $80 billion exports by 2024

DHAKA: The Bangladeshi government has formulated a new export policy with a target to facilitate receipts of annual $80 billion by 2024.

A host of incentives including low-interest loans under the new export policy has been planned to facilitate receipts of annual $80 billion by the 2023/24 fiscal year.

The new export policy was approved at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Finance Minister A H M Mustafa Kamal on Wednesday.

“The draft of Export Policy for fiscal 2021/22 to fiscal 2023/24 has been approved in light of the current world trade situation,” Kamal said after the meeting.

In line with the new policy, he said all required measures will be taken to bolster potential export sectors for further development.

Priority sectors and special development sectors will be given special benefits including subsidies and tax benefits, the minister added.

Bangladesh’s previous export policy for fiscal 2018/19 to fiscal 2020/21 set an export target of $60 billion.

Bangladesh’s total exports in the first half of the current 2021/22 fiscal year reached nearly $25 billion, up 28.41 per cent on a year-on-year basis, according to the latest official data.

Bangladesh set its export target in 2021/22 at $43.5 billion, including $35.14 billion from ready-made garment products, which usually account for about 85 per cent of the country’s annual shipment.