The government approved the draft of the new export policy and will take any step to achieve an $80 billion export target for the fiscal year 2024.
The approval came from the meeting of the Cabinet Committee on Economic Affairs (CCEA) held virtually with Finance Minister AHM Mustafa Kamal in the chair.
Briefing reporters after the meeting virtually, the Finance Minister said, “We have increased our existing export trade target from $60 billion to $80 billion. For this, I will do whatever is necessary for the relevant issues.”
All export-oriented sectors will get similar benefits, he said adding that, at the same time, we have to emphasize on diversification of the goods and services sector.
Besides we will provide policy support regarding challenges over Fourth Industrial Revolution (4IR), he said.
He mentioned that the government will emphasize recycling, research and development to achieve the target.
Responding to a question, Kamal said Bangladesh will never fall into the middle-income trap as its own resources and funds are being used in the country's development.
“Vietnam's economy depends on foreign investments and they cannot be compared with Bangladesh,” he added.
Bangladesh recorded its highest ever single-month export earnings amounting to $4.91 billion in December last year, thanks to a strong rebound in demand for apparel in western markets even amid the Omicron spread.
The export receipts surpassed the $3.91 billion target set for the month, registering more than 48 percent year-on-year growth, according to provisional data of the Export Promotion Bureau (EPB).
Answering another question, Kamal said that dollar is not likely to rise much even though prices in the market fluctuate.
“We import more compared to export,” he said, adding “Therefore when we buy something from the international market we resort to trade finance for the adjustment of dollar rates accordingly.
“Such financing creates a difference between the kerb market and the local bank rate,” he mentioned.
Meanwhile, the Cabinet Committee on Government Purchase (CCGP) has approved 13 proposals worth Tk 10,794 crore, including one for importing 14.90 lakh metric tonnes of refined fuel oil at a cost of Tk 8,417.23 crore.
The approval came from the CCGP meeting with Finance Minister AHM Mustafa Kamal in the chair on the day.
Out of the 13 proposals, the committee approved seven proposals of the Shipping Ministry, three of the Power Division, two of the Energy and Mineral Resources Division and one of the Information and Communication Technology Division.
The total amount in the 13 proposals is Tk 10,794.84 crore. Of the total cost, Tk 9,589.66 crore will come from GoB portion and Tk 1,205.18 crore will be borrowed from India.