• Wednesday, Oct 28, 2020
  • Last Update : 11:18 am

Government to provide cash incentives on exports of nine new product categories

  • Published at 12:22 am August 9th, 2018
Bangladesh exports $15.45 million-worth pharmaceuticals productsBigstock
Representational Image Bigstock

The products include ceramics, pharmaceuticals, razors and razor blades, hats, chlorine, hydrochloric acid, caustic soda, hydrogen peroxide, and motorcycles

As part of its product diversification initiatives, the government has decided to provide cash incentives on the export of nine new product categories. 

The products include ceramics, pharmaceuticals, razors and razor blades, hats, chlorine, hydrochloric acid, caustic soda, hydrogen peroxide, and motorcycles.  

Commerce Minister Tofail Ahmed made the announcement at a media briefing in the capital on Wednesday. 

“In the past, export earnings were highly dependent on the apparel sector, and this still exists. However, we are gradually beginning to diversify products,” he said.

“I think the incentives will have a significant impact on export earnings, as well as on product diversification,” the commerce minister added.  

Tofail further said the decision to provide cash incentives on the products was taken at a meeting with Finance Minister AMA Muhith earlier in the day.

Currently, 27 product categories enjoy cash incentives on exports. After publication of the gazette notification on the nine new additions, the total number of product categories which enjoy cash incentives on exports will reach 36.

Of the new items, ceramics, pharmaceuticals, caustic soda, motorcycles, and hats will be entitled to 10% cash incentives on exports. 

According to data from the Export Promotion Bureau (EPB), the Readymade Garment (RMG) sector contributed 83.49% or $30.61 billion to the country’s total export earnings from goods in the last fiscal year. The total export earnings from goods amounted to $36.66 billion in FY18.

Speaking at the media briefing, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President, Shafiul Islam Mohiuddin, expressed hope that the incentives would help product diversification and reduce dependency on the apparel sector.

He also urged the government to explore new opportunities for export. 


54
52
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail