The interim government has set the export revenue growth target to 12.40 per cent for FY25, said Finance and Commerce Adviser Salehuddin Ahmed on Sunday.
Speaking to reporters after the 59th board meeting of the 146th Bangladesh Foreign Trade Institute – operating under the Export Promotion Bureau (EPB) – held at the secretariat, Salehuddin said, “The situation has changed. So, the export income will not decrease this time.”
“It will instead be more than previously recorded figures. The USA will also keep a positive view from all sides.”
About the meeting outcomes, Salehuddin said the government would publish the export data and project a true picture of the country's export earnings after coordinating and reconciling all the available data from the EPB, NBR and the Bangladesh Bank.
He continued, “There were some data issues regarding exports. We have discussed these. For those who collect information, they will continue to do so. We will combine all data to provide the full picture.”
“We will no longer allow different sources to contribute different data on an indicator. There might be some differences, but severe inconsistencies will not be allowed.”
He then said, “The export target must be logical. There are various components for exports, I will look at them. There are different products, so I will look at them. And we will review the regulatory and tax-related obstacles. Exports should be diversified, that is our aim.”
"We will have to reduce our export dependence on one or two products," he added.
Salehuddin said potential products and commodities would be promoted to expand the export basket.
GSP benefits
When asked about GSP benefits from the USA, Salehuddin said, “We have already asked them [USA] about GSP benefits. We will try again. We hope that America will look favourably on us from all sides. Therefore the GSP is looking positive.”
He informed that the US has some conditions and queries in this regard which are not so tough while discussions in this regard would be held during his upcoming tour to Washington. The US has some issues with decent work other than readymade garments (RMG), he said.
“We are speaking to others about exports as well,” he added.
Boosting FDI, managing essential markets
Replying to a question, the adviser said efforts are on to boost the FDI inflow in the country while the Bangladesh Investment Development Authority (BIDA) would be energised further in this regard.
Asked about the market management of essential items, he said the government has already reduced and withdrawn duty on some essential items like potatoes.
"There are also some issues like extortion ...there are also some barriers, the local administration has also been involved. It will take some time to contain the prices of essentials. Our efforts will continue so that the consumers need not suffer," he added.
Banking sector, money laundering
The adviser told another questioner that confidence in the banking sector is being restored as many of the boards of the banks are being reorganised by the central bank while the culprits of the banking sector are being identified and nabbed.
In this regard, he said a task force will be formed to identify those who have laundered money abroad and thus bring back the siphoned-off money.
He said apart from local experts, foreign experts might be recruited if necessary.
Salehuddin said the structure of the task force has been finalised and it has already started its process although the experts and personnel of the task force would be unveiled by the Bangladesh Bank.
He, however, opined that it is not easy to recover the stolen assets and it takes a certain time. "But, the operations in this regard we'll be visible soon," he added.
Int’l trade fair
Replying to another question, the finance and commerce ministries adviser said that the Dhaka International Trade Fair (DITF) would take place in January 2025 but the date for final inauguration is yet to be finalised.
In the upcoming edition of DITF, there would be some innovative things while the main focus would be on the promotion of local industries and exportable items, he added.
Commerce Secretary Md Selim Uddin and senior officials concerned attended the meeting.
