Bangladesh has approved new export policy with an aim to invigorate sub-regional trade, particularly with neigbouring countries like Nepal, Bhutan and India.
Cabinet Committee on Economic Affairs yesterday made the approval for next three years at a meeting presided over by Finance Minister AMA Muhith.
The duration of previous export policy taken in 2012 came to an end on June 30 this year.
Commerce minister took advice from every stockholders during the preparation of the next export policy which will be effective from July this year, said Mustafizur Rahman, additional secretary at cabinet division.
He added stakeholders’ recommendations were taken into account in preparating the policy which targets to increase the country’s exports to $60bn by 2021.
The policy has also put emphasis on attracting more foreign investment in the export-orientated industries.
It further includes a plan to set up international standard testing centres in Bangladesh to ensure export of quality goods.
Special development focus will be given on the sectors like tourism, architecture, engineering and consultancy services.
The policy considers information technology, pharmaceuticals, light-engineering, agro-products, herbal and ship-building as potential and promising sectors in Bangladesh.
Special importance has been given to the IT-based service export and ensuring more use of e-commerce in export processing.
Formation of a committee is promised to prepare a road-map for ensuring quality in exporting plants and plant products.
Given the denial of testing results of Bangladesh Standards and Testing Institution by many countries including the European Union and neighbouring India, it emphasises the need to set up accredited testing laboratories under both public and private sector initiative.
Bangladeshi agricultural and RMG products were barred from entering on several occasions by the EU, US and India to their market citing the country’s labs had no international accreditation.
The policy also recommends that the export-oriented industries should be given priority in getting power, gas and other utility services.
It gives generous importance to raising productivity, quality improvement of goods, and compliance in line with buyers’ requirements.
It also proposes duty-free import of compliance-related and fire-extinguishing equipment.
The policy suggests taking steps for infrastructure development of ports, easing delivery of goods from the ports, and reducing cost of doing business by introducing one-stop service to help raise competitiveness of exporters.
The latest data, which was submitted to cabinet committee, reads despite unfavourable economic situation and global pressure on compliance issues, Bangladesh exports grew by 5.99%, 11.22% and 11.69% in last three fiscal years - 2011-12, 2012-13 and 2013-14 respectively.
According to the policy, the government will simplify offloading system in Chittagong and Mongla sea ports and develop communication system.
It reads: “Friendly export policy and vigorous endeavour from both public and private sectors assisted the country achieve success in export.”
