The Sheikh Hasina-led Awami League administration aims to raise Bangladesh’s export earnings to $50 billion by the next two years.
“We want to work sincerely to expand trade and commerce, generating new employment and attracting more investment. Highest priority will be given to raise the country’s export earnings to $50 billion,” says Commerce Minister Tipu Munshi.
Speaking to the media in Dhaka, he said that the apparel sector would play a key role in it with its high growth. “Pharmaceuticals are also doing well and we will work to fulfill our target.”
Bangladesh targets to export goods worth $37.5 billion in the ongoing 2017-18 fiscal year.
The country has posted growth in exports for two straight months, pushing the earnings in July-November period by 6.86 percent higher year-on-year.
The export earnings of over $14.56 billion in the first five months of 2017-18 fiscal year have also crossed the target by around 1 percent, according to official data.
In November, the country earned around $2.9 billion, which is 6.42 percent more than the same month last year and 6.28 percent more than the target.
Exports in the last financial year were $34.59 billion, which was 3.39 percent more than the previous year, but still way short of the $37 billion target.
Tipu Munshi said they would work to fetching more FDI, ensure diversification of products, generating new employments and ensuring region-wise development.
“There is already an export target of $50 billion where RMG will play the major role with its high growth. Pharmaceuticals are also doing well and we will work to fulfill our target,” he added.
The commerce minister said that the government would also consider setting up cold storage in Mymensingh to capitalize the huge fisheries production in that region while plan is also there to ensure optimum utilization of agricultural production in Rangpur.