Export policy roadmap sets to earn $110 b by 2026

Mahfuz Emran : Bangladesh will leave the LDC in 2026. But after this transition, there is a lot of lobbying going on as to whether or not the export sector will get the benefits it still has. In addition to this lobbying, the export policy for the year 2024-2027 is being prepared considering that the country’s export sector does not come under any threat. By 2027, the target of export income is $110 billion. Which is $60 billion in 2018-21. And in 2021-24 it was $80 billion.
According to the sources of the Ministry of Commerce, the annual product and service-based export income has been targeted at $6,200 in the fiscal year 2023-24. In the financial year 2022-23 it was $6,306. And in the fiscal year 2021-22 it was $6,097 million.
Now after the transition from LDC i.e. in 2026, there have been various researches about the position of Bangladesh. According to the study, the image of the government will be brighter after transition from LDC on several issues. At the same time there will be challenges. These include- the country’s image will shine in the global arena. Investment opportunities will be created. Several challenges will arise in the export and economic sectors. There will be no duty-free and quota-free facilities in developed and developing markets. 10 percent duty to be paid on goods exported to the EU market. Apart from this, we will have to face fierce competition with other countries.
It is known that the issues that will be important in the draft export policy. Among them, 80 percent of the products exported will be export-oriented industries. 5-10 percent concession on electricity bill will be offered for major commodity producers. Apart from this, there may be proposals for waiver of all types of licensing fees, 1 percent duty on import of capital and spare parts.
It is learned that there is a proposal to create an export promotion fund to provide various benefits to the export sector. And it will be supervised by EPB. From this fund, loans will be given to exporters on low interest and easy terms for production of goods. Apart from this, assistance will be given to build environment-friendly factories for sales centers, market development and expansion abroad.
The proposed export policy will facilitate banking transactions with several countries, including Russia, to boost exports. Even the products of export-oriented industries will be given the facility to be marketed in the local market subject to payment of 20 percent customs tax.
It is known that companies that export 80 percent of their products will be considered as export-oriented industries. And in this case, the remaining 20 percent of the produced products can be sold in the local market after paying the customs tax.