Adviser to the interim government on the Ministries of Finance and Commerce Dr Salehuddin Ahmed Sunday said that the export prospects is comparatively better in the current fiscal year (FY25) as it will increase with the changing context.
“Regarding export prospects, we’ve realized that it will be comparatively better as the context has already been changed as well as the situation…exports will not decline further, rather it will increase,” he said.
The Commerce Adviser was replying to a good round of questions from reporters after chairing the 146th board meeting of the Export Promotion Bureau (EPB) and 59th Board meeting of the Bangladesh Foreign Trade Institute held at the Ministry of Commerce conference room at Bangladesh Secretariat Sunday.
Replying to another question, Dr Salehuddin informed that the export target for the current fiscal year is being projected considering a healthy growth of 12.4 percent.
He said the government would set a reasonable target for exports in the current fiscal year after reviewing the growth for various components and addressing the existing barriers.
The Commerce Adviser said that the government would also continue strides for diversifying its export basket to extend further the export volume.
“We’ll have to reduce our export dependence on one or two products,” he added.
Dr Salehuddin said potential products and commodities would be promoted to expand the export basket.
About the meeting outcomes, he said the government would publish the export data and project a true picture of the country’s export earnings after coordinating and reconciling all the available data from the EPB, NBR and the Bangladesh Bank.
He also acknowledged that there have been some mismatches in the calculation of export figures in the past while integrating the export data of all concerned agencies.
Responding to another question, he said whatever mismatches in export data took place is a matter of the past and it would not reoccur in the future.
When asked whether the US will provide the GSP facilities afresh, he said efforts are on and hopefully there would be a possible gesture from the US government in this regard.
He informed that the US has some conditions and quarries in this regard which are not so tough while discussions in this regard would be held during his upcoming tour to Washington. The US has some issues on decent work other than readymade garments (RMG), he added.
Replying to a question, the Adviser said efforts are on to boost the FDI inflow in the country while the Bangladesh Investment Development Authority (BIDA) would be energized further in this regard.
Asked about the market management of essential items, he said the government has already reduced and withdrew duty on some essential items like potatoes.
“There are also some issues like extortion …there are also some barriers, the local administration has also been involved. It will take some time to contain the prices of essentials. Our efforts will continue so that the consumers need not to suffer,” he added.
The adviser told another questioner that the confidence in the banking sector is being restored as many of the boards of the banks are being reorganized by the central bank while the culprits of the banking sector are being identified and nabbed.
In this regard, he said a task force will be formed to identify those who have laundered money abroad and thus bring back the siphoned off money.
He said apart from local experts, foreign experts might be recruited if necessary.
Dr Salehuddin said the structure of task force has been finalized and it has already started it process although the experts and personnel of the task force would be unveiled by the Bangladesh Bank.
He, however, opined that it is not easy to recover the stolen assets and it takes certain time. “But, the operations in this regard we’ll be visible soon,” he added.
Replying to another question, the finance and commerce ministries adviser said that the Dhaka International Trade Fair (DITF) would take place in January 2025 but the date for final inauguration is yet to be finalized.
In the upcoming edition of DITF, there would be some innovative things while the main focus would be on promotion of local industries and exportable items, he added.
Commerce Secretary Md Selim Uddin and senior officials concerned attended the meeting.
