Bangladesh sets $80 billion export target for FY24

ZOOMBANGLA DESK: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the draft of “Export Policy 2021-2024”, setting the US$80 billion export target for FY2024.

The approval came from this year’s 1st meeting of the CCEA held virtually with Finance Minister AHM Mustafa Kamal in the chair.

Briefing reporters virtually after the meeting, Kamal informed that the existing export target of Bangladesh is $60 billion.

“All exporters will get uniformed facilities under the export policy. Besides we will provide policy support regarding challenges over Fourth Industrial Revolution (4IR),” he said.

He mentioned that the government will emphasize on recycling, research and development to achieve the target.

Responding to a question, Kamal said Bangladesh will never fall in the middle-income trap as its own resources and funds are being used in the country’s development.

Vietnam’s economy depends on foreign investments and they cannot be compared with Bangladesh, he added.

Bangladesh recorded its highest ever single-month export earnings amounting to $4.91 billion in December last year, thanks to a strong rebound in demand for apparel in western markets even amid the Omicron spread.

The export receipts surpassed the $3.91 billion target set for the month, registering more than 48 percent year-on-year growth, according to provisional data of the Export Promotion Bureau (EPB).