Bangladesh aims for USD 100 billion export revenue by 2026

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Dhaka, Sept 18 (IANS) Bangladesh has embarked on a strong growth path with the goal of doubling its export earnings in just four years, said the country’s Commerce Minister Tipu Munshi.

Speaking 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 US$100 billion by 2026.

“We are planning an export target of $80 billion by 2024 and $100 billion by 2026,” Xinhua news agency said.

Last year, Bangladesh raised about $60 billion from goods exports, he said, adding that ready-to-wear exports make up 82 percent of the country’s annual income.

He said ready-to-wear (RMG), including knitted and woven garments, would be given special priority as always to meet the goods export target.

“We have the potential to export more ready-to-wear,” the minister said, adding that the country’s ready-to-wear industry sector is looking brighter as China has already announced it will increase duty-free access to 98 percent Bangladeshi products.

Apart from that, he said the Chinese clothing industry is moving.

“As a result, our opportunities have increased. We have a skilled workforce and low production costs.”

As part of several efforts to boost exports, the minister said the government is taking special initiatives to increase exports of 10 products, including ICT, leather, plastic, light engineering and jute.

“Bangladesh has already started addressing challenges hampering export growth,” he said, adding that they attach great importance to signing more PTA (Preferential Trade Agreement) or FTA (Free Trade Agreement).

“We already have a preferential trade agreement with Bhutan. Serious negotiations are underway to conclude trade agreements such as PTA or FTA with several other countries.

–ians

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