Govt. set new target for FY 2016-17

Govt. set new target for FY 2016-17


Dhaka-The government set the country’s export target at $37 billion for the FY 2016-17, which is 8.06 per cent higher compared to export earning of the immediate past fiscal, said commerce minister Tofail Ahmed.
“We achieved the target and earned $700 million more than the target as we could recover from Rana Plaza incident,” Tofail said while disclosing the export target for these fiscal at secretariat yesterday.
Senior secretary of commerce ministry Hedayet Ullah Al Mamun, senior secretary of Industries ministry Msharraf Hossen Bhuiyan, first senior vice president of Federation of Bangladesh Commerce and Industries (FBCCI) Md. Shafiul Islam Mohiuddin, vice chairman of Export Promotion Bureau (EPB) Mafruha Sultana, and leaders of business community were present in the programme.
The country’s total export receipts reach $ 34.24 billion in the last fiscal, reflecting an 8.72 per cent growth over the FY 2014-15.
Responding a question Tofail said they are trying to diversify the product export.
“We are providing 10 to 15 per cent cash insensitive for leather, furniture products,” he said adding “We also provide all kind of support from the government to increase the export volume.”
Commerce ministry set target 6.09 per cent growth for knitwear, 9.96 per cent for woven garments, 5.09 per cent for leather and leather products, 0.98 per cent frozen food, 2 per cent for agriculture products, 4.83 per cent for jute and jute goods, 2.92 per cent for for home textiles, 9.89 per cent for handicrafts, 14.67 per cent for engineering products, 12.33 per cent for chemical products, 5.06 per cent for plastic products, and 0.82 per cenr for ceramic products.
The ministry set $ 14.16 billion and $ 16.20 billion target from knit and woven products exports respectively. It also proposed $ 969 million export target with a growth projection of 4.83 per cent for jute and jute goods sector.
Bangladesh earned $ 31.20 billion in FY 2014-15, $ 30.18 billion in FY 2013-14 and $ 27.02 billion in FY 2012-13 from exports respectively.

Export Promotion Bureau (EPB) data shows exports grew to $16.20 billion in FY 2009-10 from $15.56 billion in FY 2008-09. The export earning in FY 2010-11 was $22.93, while it was $24.92 billion in 2011-12. The FY 2000-01, the last year of the past Awami League government’s tenure, witnessed exports of only $ 6.46 billion. In the first year of the BNP government’s rule, export earning was $ 5.98 billion.
In the previous year growth target was 8 per cent and export target was $33.50 billion. But both targets had been exceeded, said Tofail.
RMG remains the lead export earner having accounted for 82.05 per cent of total exports.
Bangladesh’s exports crossed a $34 billion in FY 2015-16 for the first time, overcoming the fear of fallout from political unrest in last two years despite prickly queries by foreign buyers in the readymade garment sector.
Tofail said Britain’s exit from the European Union and the latest terror attack in Dhaka will not affect the export of Bangladesh.
“The United Kingdom is one of the closest business partners of Bangladesh. Over 200 UK companies work in Bangladesh,” he added saying “We will negotiate with UK to enjoy GSP facilities like EU.”

About recent terrorist attack, commerce minister said terrorism “is a global phenomenon and that the Gulshan attack is not different from the terrorist attacks carried out worldwide like USA, and Europe.”
“These problems will not have any negative impact on Bangladesh’s exports,” he said.
On Begum Zia’s call for forging unity against militancy Tofail said “It was just joke—as Bangladesh Nationalist Party is working with terrorist party Jamat-e-Islam.”
sharraf Hossen Bhuiyan said the tannery industries will shift to Savar within next three weeks.
He also said the government will not allow to process the raw skin of animals during Eid ul Azah at Hazaribag in Dhaka. -STAFF REPORTER


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