Bangladesh puts in place programme to increase exports

DHAKA: Bangladesh is embarking on a high growth path with an aim to double its export earnings in just four years, the country’s Commerce Minister Tipu Munshi says.

Addressing a meeting with the Overseas Correspondents Association of Bangladesh at the National Press Club in Dhaka, he said on Saturday that the government has planned an export target of Us$100bil (Rm453bil) by 2026.

“We’re planning an export target of Us$80bil (Rm363bil) by 2024 and Us$100bil in 2026,” said the minister.

Last year, Bangladesh brought in about Us$60bil (Rm272bil) from goods exports, he said, adding that ready made garment exports make up 82% of the country’s annual income.

He said ready-made garments, including knitwear and woven, would be given a special priority to achieve the goods export target.

“We’ve potential to export more ready made garments,” said the minister, adding that the country’s ready-made garments industry sector looks bright, as China has already announced its desire to raise dutyfree access to 98% for Bangladeshi products.

Apart from this, he said China’s garment industry is relocating.

“As a result, our chances have increased. We’ve skilled manpower and low cost of production.”

As part of various efforts to bolster exports, the minister said the government is introducing special initiatives to increase the export of 10 products including leather, plastics, light engineering and jute.

“Bangladesh has already started working to address challenges hindering export growth,” he said, adding they are attaching importance to signing more preferential trade agreements or free trade agreements.