Commerce Minister Khandaker Abdul Muktadir made the announcement on Sunday (July 26) at a press briefing held in the conference room of the Ministry of Commerce. At that time, Commerce Secretary Md. Ataur Rahman Khan and Export Promotion Bureau (EPB) Vice Chairman Mohammad Hasan Arif were present.
Economy
Export target set at $63.4 billion, expecting 15% growth: Commerce Minister
The Commerce Minister said, despite global economic uncertainty, ongoing geopolitical tensions, and challenges in international markets, Bangladesh's export sector has created a real possibility of recovery. Initiatives have been taken to bring new momentum to exports by creating a business-friendly environment, simplifying investment, and streamlining government service processes.
He informed that discussions on free trade agreements (FTAs) with South Korea and the United Arab Emirates are in the final stages. Besides, there is a target to complete FTAs with several other countries within this year. He expressed hope that formal talks on a free trade agreement with the European Union will begin soon.
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Emphasizing export diversification, the minister said that currently about 85 percent of the country's total exports are dependent on the readymade garment sector. To reduce this dependence, the government is giving special priority to leather and leather products, footwear, shipbuilding, ship recycling, light engineering, and information technology sectors. Specific action plans will be implemented soon for the development of these sectors.
Regarding US tariff policy, he said that there has been no real change in the effective tariff structure imposed on Bangladesh. The previous 10 percent tariff remains in effect under the new legal framework. As a result, there is no fear of any new negative impact on the country's exports.
Regarding the energy crisis, the minister said that due to gas supply constraints, a part of the industrial sector's production capacity is still not being fully utilized. The government is working to improve the situation by installing additional LNG regasification units (FSRUs).
He said that due to the policy stability of the elected government, business-friendly reforms, new free trade agreements, and increased buyer confidence in Bangladesh in the international market, it will be possible to achieve the set export target in the next fiscal year.
The Commerce Minister further said, “New doors of opportunity have opened for Bangladesh. Through integrated efforts of ease of doing business, entering new markets, and export diversification, we want to usher in a new upsurge in the country's export sector.”