Bangladesh Sets Ambitious Export Target of $110B by 2027

"The primary aim of this policy is to create substantial employment opportunities through export growth, establish a balanced trade framework, and significantly contribute to the national economy by generating foreign currency," stated Shafiqul Alam, Chief Adviser's Press Secretary, during a press conference on October 3.

He emphasized the policy's critical role in enhancing export capacity and bolstering Bangladesh's competitive stance in the global market while fostering broader economic development.

Key features of the proposed export policy include:

1. Export Target: A bold $110 billion target for the final year of the 2024-2027 period.
2. Incentive Alternatives: Guidelines for alternatives to financial incentives, designed to comply with WTO regulations, encouraging exporter engagement.
3. Inclusivity Focus: Specific measures to involve women and small entrepreneurs in export activities.

Priority sectors have been identified for export enhancement, with a strong emphasis on emerging products like vegetables and handicrafts, as well as special development sectors such as spinning, fabric manufacturing, and dyeing-printing. The policy also highlights service sectors, reflecting their importance to the economy.

Support measures for export growth include sector-specific recommendations, with new inclusions such as pharmaceuticals, medical equipment, and handicrafts. A new chapter has been dedicated to expanding service sector exports.

Additionally, the "Export Prohibited List" and "Conditional Export List" have been updated with corresponding HS codes, and the roles of the National Committee on Exports, the Monitoring and Evaluation Committee, and the Technical Committee on Exports have been clarified.
Wasa Law Amendment

During the same advisory council meeting, presided over by Chief Adviser Professor Muhammad Yunus, the draft "Water Supply and Sewerage Authority (Amendment) Ordinance 2024" received in-principle and final approval.

The Water Supply and Sewerage Authority (Wasa) is crucial for managing safe water supply and sewage systems in Dhaka, Chattogram, Khulna, Rajshahi, and Sylhet. The ordinance aims to amend the 1996 Wasa Act to ensure effective civil service and administrative functions.

Key amendments include provisions allowing the government to appoint or remove Wasa managing directors, officers, and employees in the public interest, as well as the power to dissolve any Wasa board.
Agreement for Repatriating Bangladeshi Prisoners from Maldives

The council also approved a draft agreement with the Maldives concerning the transfer of prisoners. This agreement will facilitate the repatriation of Bangladeshi nationals currently detained in Maldivian prisons.

The Bangladesh Embassy in the Maldives has reported that many Bangladeshi inmates wish to serve their remaining sentences in Bangladesh. If signed, this agreement would enable the repatriation of these individuals, promoting justice and reintegration into society, as outlined by the press secretary during a briefing at the Foreign Service Academy.