Dhaka, Sep 18 (IANS) Bangladesh has embarked on a high growth path with an aim to double its export earnings in just four years, country's Commerce Minister Tipu Munshi said.
Addressing a meeting with the Overseas Correspondents Association of Bangladesh (OCAB) at the National Press Club in Dhaka on Saturday, he said the government has planned an export target of 100 billion US dollars by 2026.
"We're planning an export target of 80 billion US dollars by 2024 and 100 billion US dollars in 2026," Xinhua news agency reported quoting the minister.
Last year, Bangladesh fetched home about 60 billion US dollars from goods exports, he said, adding that readymade garment export makes up 82 per cent of the country's annual income.
He said ready-made garments (RMG), including knitwear and woven, would be given a special priority as always to achieve goods export target.
"We've potential to export more readymade garments," said the minister, adding the country's ready-made garments industry sector looks bright further as China has already announced to raise duty-free access to 98 per cent Bangladeshi products.
Apart from this, he said China's garment industry is relocating.
"As a result, our chances have increased. We've skilled manpower, and low cost of production."
As part of various efforts to bolster export, the minister said the government is taking special initiatives to increase the export of 10 products including ICT, leather, plastic, light engineering and jute.
"Bangladesh has already started working to address challenges hindering export growths," he said, adding they are attaching very importance to sign more PTA (preferential trade agreement) or FTA (free trade agreement).
"We have already preferential trade agreement with Bhutan. Negotiations are underway seriously to conclude trade agreements like PTA or FTA with several other countries.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.