The Cabinet on Tuesday approved the draft of “Export Policy 2018-2021,” offering special facilities to potential export sectors and industries with the aim of achieving $60 billion export target by 2021.
Officials said, the draft policy has attached the highest priority to 12 export sectors and considered 18 others as special development sectors.
Denim, active pharmaceutical ingredients and reagent and footwear (leather, non-leather and synthetic) have been added to the list of priority sectors, while motorcycle, battery, photovoltaic module, cashew nut, crabs and toy have been included in the list of special development sectors, according to the new policy.
“The main objective of the export policy is to update and liberalize the trade regime keeping consistence with the global perspectives and needs and the requirements of World Trade Organization,” a senior Commerce Ministry official told The New Nation yesterday.
The policy focused on developing trade relations with the regional, continental and inter-continental trade partners to increase export, expand market and diversify products with a view to reaching $60 billion export target by 2021, which is also imperative to graduating Bangladesh to a Middle income country by 2021.
When asked, the Commerce Ministry official said that the new policy offered a number of special facilities and policy supports for the prioritised and special development sectors. “They will enjoy tax waiver, cash incentives, bonded warehouse facility and duty-free import of equipment and machinery.”
The existing top priority sectors are high value-added readymade garments and accessories, software and IT-enabled services, ICT products, pharmaceuticals, shipbuilding, shoe and leather products, jute goods, plastic goods, agro and agro-processed products, furniture, home textiles and terry towel, home furnishing and luggage.
The tenure of the Export Policy for 2015-18 expired on June 30 this year.
As per the new draft export policy, incentives will be provided for exporting non-traditional products having at least 30 per cent value addition instead of the existing 40 per cent.
The export-oriented industries will get finance under easy terms and conditions from the Export Development Fund (EDF) of Bangladesh Bank.
A new policy has been proposed to set up a plastic industrial park in Munshiganj and special industrial zones and introduction of inter bond transfer facilities for the export-oriented plastic industry.
