The Bangladesh Bank has declared 43 products eligible to receive government incentives or monetary support against export earnings in the current fiscal year (FY) 2023–2024.
Exporters would receive cash incentives at the rate of 1 per cent to 20 per cent as they received in the past financial year, according to a Bangladesh Bank circular issued on Thursday.
However, the export of textile goods to the UK, USA and Canada will not be eligible for market exploration assistance.
The export of processed products from 100 per cent halal meat will be eligible for the cash incentive while individual freelancers are entitled to have cash incentives of 4 per cent during the current fiscal year.
Incentives for exporters operating in specialized zones like Bangladesh Economic Zones Authority (BEZA), Bangladesh Export Processing Zone Authority (BEPZA), and Hi-Tech Parks (HTP) will continue as per the last fiscal year.
Business insiders appreciated the circular and said that it would help to promote export trade. An official of the central bank said the circular on cash incentives for the current fiscal year was issued in accordance with the government’s decision.
Export incentives are allocated as follows: a 4 per cent incentive for textile exports, 20 per cent for agro processing, 15 per cent for capital machineries, 20 per cent for Jute products, 7 per cent for jute fibers, 20 per cent for Active Pharmaceutical Ingredients (API), 20 per cent for 100 per cent halal meat, 10 per cent for frozen shrimp, 15 per cent for leather products, 10 per cent for the leather industry in the Savar area, 20 per cent for potato export industries, 15 per cent for export furniture industries, and 20 per cent for vegetable seed export industries
