Businesses want 10yr export policy

Business leaders of the country have demanded quality and continuous gas-electricity supply, 10-year export policy instead of five years, continuation fund support from export development fund to increase export income.

Businesses are not getting sufficient gas supply even while paying extra, they complained during the National Export Trophy giving ceremony at Hotel InterContinental in Dhaka on Sunday.

A total of 71 business organisations from 28 sectors were awarded the trophies for their outstanding contribution to the export sector in the fiscal year 2019-20 (FY20). Commerce Minister Tipu Munshi handed over the trophies to the representatives of the organisations. Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) President Md Jasim Uddin called on authorities to reduce tax at source to 0.5 per cent from the existing 1 per cent.

He said businesses are not getting uninterrupted gas despite price hikes. On top of it, they now have to increase the wages of the workers. In this situation, if businesses cannot operate properly due to lack of gas, it will be suicidal.

Receiving the National Export Trophy (Gold) medal, AK Azad, managing director of Ha-Meem Group, said, “The export sector is now infected due to the Ukraine-Russia war. This situation is expected to continue until next December.

He called on authorities to provide facilities to the export sector to tackle the crisis.

Meanwhile, Universal Jeans Limited was awarded the Bangabandhu Sheikh Mujib Export Trophy for the highest export earnings in FY20.

Speaking on the occasion, Universal Jeans Managing Director Syed Mohammad Tanvir said the apparel industry faces challenges. A 10-year export policy will be helpful to traders instead of a five-year policy.

Minister Tipu said, “The apparel business of the country has come a long way from scratch. Now is the time to focus on increasing exports to other sectors including electronics and pharmaceuticals. If everyone works together, it will be possible to achieve the export target set by the government in the coming days.”

Senior Commerce Secretary Tapan Kanti Ghosh said export diversification has been in discussion for over 30 years. However, other than apparel, no other sector has progressed much in that direction. Except the apparel sector, which exports annually $42 billion, only four other sectors are exporting $1 billion worth of goods annually.