Bangladesh sets $80 billion export target for FY2024

The Cabinet Committee on Economic Affairs approved the draft of “Export Policy 2021-2024” on Wednesday (12 January), setting the $80 billion export target for FY2024. Export target for the fiscal year 2021 was $60 billion.

“All exporters will get uniformed facilities. Besides we will provide policy supports regarding challenges over 4IR,” Finance Minister AHM Mustafa Kamal said in the virtual meeting of the committee.

He also said, “The government will emphasize on recycling, research and development.”

Regarding Planning Minister MA Mannan’s concern that Bangladesh might fall in the middle-income trap, the finance minister said, “Bangladesh will never fall in middle-income trap as own resources and funds are being used in the country’s developments. Foreign investments in Bangladesh are very low.”

“Whereas Vietnam’s economy depends on foreign investments. They can’t 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% year-on-year growth, according to provisional data of the Export Promotion Bureau (EPB).

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