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Cabinet body okays draft policy to raise export to $110 bln

Messenger Online

Published: 17:11, 15 May 2024

Update: 17:24, 15 May 2024

Cabinet body okays draft policy to raise export to $110 bln

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The Cabinet Committee on Economic Affairs in a meeting on Wednesday (15 May) approved the draft “Export Policy 2024-27” setting a target to increase the annual export to $110 billion by 2027 from the current target of $80 billion.

Finance Minister Abul Hassan Mahmood Ali virtually presided over the meeting as he tested Corona positive after returning from abroad.

Briefing reporters about the outcomes of the meeting Md. Mahmudul Hossain Khan, Secretary, of Coordination & Reforms at the Cabinet Division, said different issues including the upcoming challenges in the country against the backdrop of the graduation from LDC have been highlighted in the new draft export policy.

He said now the draft policy will be sent to the Cabinet for final approval.

“We’re going to graduate from the LDC in 2026 and some new challenges are coming ahead in our export business...Which sectors should get the priority and which products need branding were focused in the new policy,”  he said.

He noted that some new issues have been included the new export policy.

Strategies to overcome the impact of the Covid-19, Russia-Ukraine War, 4th industrial revolution, support for small and medium entrepreneurs, raising the participation of women entrepreneurs, and environment-friendly initiatives are among the new initiatives included in the new export policy.

He said directives were given in the new export policy to take supporting measures for the women entrepreneurs to promote their exports and finding alternative measures to the financial incentives to the exporters.

Some new items have been included as potential export items including vegetables, handicrafts, dyeing and printing while drugs and equipment manufacturing have got extra focus in the new policy.