Kazi Zahidul Hasan :
The government has decided to review its cash incentive programme for export sectors aiming to double Bangladesh’s export by 2021.
Finance Division under the Ministry of Finance will hold a meeting on August 8 in this regard, with Finance Minister AMA Muhith in the chair.
High officials of National Board of Revenue (NBR), Bangladesh Bank (BB), Export Promotion Bureau (EPB) and Finance Division will attend the meeting.
“The meeting has convened to review the government’s cash subsidy programme. The main goal of the review is to reach the country’s export earnings to US$60 billion by 2021,” a Senior Finance Division official told The New Nation yesterday, asking not to be named.
He said that the review would be made after re-fixing existing rates of cash incentives on various export sectors and inclusion of series of newer sectors under the subsidy scheme.
At present, 27 categories of goods and products get cash incentive ranging from two per cent to 20 per cent.
“It is high time to review cash incentive scheme and its impact on exports. The review will help spur export growth and export market diversification,” Commerce Secretary Shubhashish Bose told The New Nation yesterday. He said, the Ministry of Commerce has already assessed the impact of cash incentives on exports and it is working to include more export sectors under the scheme to encourage export.
“The government’s cash incentive programme has made local products competitive in the global market, leaving a positive impact on exports,” said Shubhashish Bose.
The Commerce Secretary said, his ministry has already recommended to the Finance Ministry to comprise potential export sectors under the programme to help reach the US$60 billion export target by 2021. Pharmaceuticals, shipbuilding, leather, furniture, jute and agro-products are being considered as prospective export sectors.
Bangladesh’s export income stood US$36.67 billion US dollars in the just concluded (2017-18) fiscal year when the government provided Tk 4,500 crore cash incentives for the export-oriented sectors.
“Country’s export income has remained stable and it continues to increase taking advance of the government’s policy support. The government is ready to provide further support to export sectors to boost the country’s outbound shipments,” he added.
