Shrimp and fish export

Central bank issues new guidelines for cash incentive

Published : 26 Oct 2023 08:47 PM | Updated : 26 Oct 2023 08:47 PM

The companies applying for cash incentives in the frozen shrimp and other fish export sector must be a member of BFFEA or a member of the BMFA for the export of frozen shrimp and other fish extracted from the deep sea and then processed, according to a new guideline of the central bank.

Bangladesh Bank (BB) has issued the new guidelines for cash incentive against exports of frozen shrimp and other fish items especially for the affiliated members of the Bangladesh Frozen Foods Exporters Association (BFFEA) and Bangladesh Marine Fisheries Association (BMFA). 

The Foreign Exchange Policy Department of the Bangladesh Bank issued the guidelines on Wednesday and instructed all the authorized dealers in foreign exchange transactions to come to effect from day, the guideline is issued.

Kazi Belayet Hossain, President of BFFEA, also the Managing Director of Sobi Fish processing Industries Ltd. told Bangladesh Post that the new guideline of Bangladesh Bank is a positive one and will help the real businessmen involved in the exporting frozen fish to have cash assistance.   

As per the new directive, from now on the application for cash assistance will have to be submitted along with the certificate of the concerned trade organisation.

Besides, from now on, the BFFEA and the BMFA certificates must be submitted along with the application form for cash assistance against the export of frozen shrimp and other fish.

The concerned exporting company should be a fish exporting company duly licensed by the Department of Fisheries.

The circular said instructions will come into effect in respect of shipped goods from the date of issue of the circular.

Currently a total of 105 member organization of BFFEA engaged in exporting frozen foods while there have 77 fish processing plants approved by European Union (EU). In the year 2022 Bangladesh exported frozen foods worth Tk 3,805.16 crore.