The national committee on export proposed to solve the issues by introducing of export credit guarantee scheme, making the Export Development Fund (EDF) realistic, and providing duty-free import of raw materials to meet post-graduation challenges.
Moreover, it also called for incentives in the export and manmade fiber (MMF) sectors until 2026, a five-year extension of the customs bond and trade license time frames, the removal of HS code bottlenecks, and the launching of commercial shrimp farming for the vannamei species.
The committee, headed by Prime Minister Sheikh Hasina, suggested examining critical issues, including the bonded-warehouse facility in all sectors, a combination of at-source tax and income, establishing a central bonded-warehouse facility for the SME sector, and establishing cold-storage facility at airports.
Different state entities have been instructed to encourage pre and post-wastage activities, reduce import duty with a view to signing FTA/PTA, and make the duty-repatriation process smooth and trade-friendly.
Later last month, the 44-member national body sent the orders to the finance division, industries, textiles and jute, environment, forest and climate change, civil aviation and tourism, fisheries and livestock, and shipping ministries and the revenue board for steps.
The high-powered panel gave the instructions from the 11th meeting held on March 20 to devise necessary strategies to deal with challenges emerging after Bangladesh’s graduation from LDC status.
It has already assigned commercial counsellors and first secretaries (commercial) of Bangladesh missions abroad to identify new export opportunities during and after the pandemic.
The government formed a high-profile committee under the chairmanship of the principal secretary of the Prime Minister’s Office to guard against any possible external shock to export earnings after graduation.
A total of seven subcommittees have been formed under the committee to draft strategies with a time-bound action plan to meet the challenges of LDC graduation.
The government has set an export target of $67 billion in revenues from export of goods and services for the current FY23.
The panel on export comprises 11 ministers, principal secretary at the PMO, 16 senior officials and executives of different ministries, divisions, agencies and presidents of 16 trade bodies/associations.
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