Brexit not to affect growth of exports, affirms Tofail

Export target set at $37b for FY17

The Bangladesh government has set the country’s exports target at USD 37 billion for the FY 2016–17, which is 8.06 per cent higher than the earnings from exports in the past fiscal year, announced commerce minister Tofail Ahmed.
“We have not only achieved the target for the last fiscal year, but have earned USD 700 million more, as we were able to recover from the Rana Plaza incident,” Tofail Ahmed said while announcing the exports target for this fiscal year at the Secretariat yesterday.
The senior secretary of the commerce ministry, Hedayet Ullah Al Mamun, senior secretary of the industries ministry, Mosharraf Hossain Bhuiyan, first senior vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md. Shafiul Islam Mohiuddin, vice-chairperson of the Export Promotion Bureau (EPB) Mafruha Sultana, and leaders of the business community were present during the announcement.
The country’s total export receipts reached USD 34.24 billion in the last fiscal year, reflecting an 8.72 per cent growth over the figure of FY 2014–15. Replying to a question, Ahmed said, “We are trying to diversify product exports.”
“We’re providing 10 to 15 per cent cash incentives for leather and furniture products,” he said, adding, “We also provide all kinds of support to increase the volume of exports.”
The commerce ministry has set a growth target of 6.09 per cent for knitwear, 9.96 per cent for woven garments, 5.09 per cent for leather and leather products, 0.98 per cent for frozen food, 2 per cent for agricultural products, 4.83 per cent for jute and jute goods, 2.92 per cent for home textiles, 9.89 per cent for handicrafts, 14.67 per cent for engineering products, 12.33 per cent for chemical products, 5.06 per cent for plastic products, and 0.82 per cent for ceramic products.
The ministry has set a target of USD 14.16 billion and USD 16.20 billion from knitwear and woven product exports respectively. It has also proposed a USD 969-million exports target, with a growth projection of 4.83 per cent, for the jute and jute goods sector.
Bangladesh had earned USD 31.20 billion in FY 2014–15, USD 30.18 billion in FY 2013–14 and USD 27.02 billion in FY 2012–13 from exports.
Data from the Export Promotion Bureau (EPB) showed that exports grew to USD 16.20 billion in FY 2009–10 from USD 15.56 billion in FY 2008–09. The exports earnings in FY 201–11 were USD 22.93 billion, while these were USD 24.92 billion in 2011–12. FY 2000–01, the last year of the previous Awami League (AL) government, witnessed exports of only USD 6.46 billion. In the first year of the Bangladesh Nationalist Party (BNP) government's rule, exports earnings totalled USD 5.98 billion. In the previous year, the growth target was 8 per cent and the exports target was USD 33.50 billion. But both targets have been surpassed, observed Ahmed.
Readymade garments remain the lead export earner, accounting for 82.05 per cent of the total exports. Bangladesh's exports crossed USD 34 billion in FY 2015–16 for the first time, overcoming the fallout from political turmoil in the last two years and prickly queries by foreign buyers in the readymade garments sector.
Ahmed said, “Neither the UK’s exit from the EU nor the recent terror attacks in Dhaka and Kishoreganj will adversely affect the growth of exports in Bangladesh.”
“The UK is one of the closest business partners of Bangladesh. Over 200 British companies work in Bangladesh,” he added, saying, “We’ll hold negotiations with the UK and demand facilities under a generalised system of preferences (GSP) like the EU.”   
About the recent terrorist attacks, the commerce minister said, ‘’Terrorism is a global phenomenon and the Gulshan attack is no different from the terrorist attacks carried out worldwide, as in the US and Europe. These problems won’t have any negative impact on Bangladesh’s exports.”
On Begum Zia’s call for forging unity against militancy, Tofail claimed: “It’s just a joke—as the Bangladesh Nationalist Party is the one working with the terrorist party Jamaat-e-Islami.”

Brexit not to affect growth of exports, affirms Tofail

Export target set at $37b for FY17

The Bangladesh government has set the countrys exports target at USD 37 billion for the FY 201617, which is 8.06 per cent higher than the earnings from exports in the past fiscal year, announced commerce minister Tofail Ahmed. We have not only achieved the target for the last fiscal year, but have earned USD 700 million more, as we were able to recover from the Rana Plaza incident, Tofail Ahmed said while announcing the exports target for this fiscal year at the Secretariat yesterday. The senior secretary of the commerce ministry, Hedayet Ullah Al Mamun, senior secretary of the industries ministry, Mosharraf Hossain Bhuiyan, first senior vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md. Shafiul Islam Mohiuddin, vice-chairperson of the Export Promotion Bureau (EPB) Mafruha Sultana, and leaders of the business community were present during the announcement. The countrys total export receipts reached USD 34.24 billion in the last fiscal year, reflecting an 8.72 per cent growth over the figure of FY 201415. Replying to a question, Ahmed said, We are trying to diversify product exports. Were providing 10 to 15 per cent cash incentives for leather and furniture products, he said, adding, We also provide all kinds of support to increase the volume of exports. The commerce ministry has set a growth target of 6.09 per cent for knitwear, 9.96 per cent for woven garments, 5.09 per cent for leather and leather products, 0.98 per cent for frozen food, 2 per cent for agricultural products, 4.83 per cent for jute and jute goods, 2.92 per cent for home textiles, 9.89 per cent for handicrafts, 14.67 per cent for engineering products, 12.33 per cent for chemical products, 5.06 per cent for plastic products, and 0.82 per cent for ceramic products. The ministry has set a target of USD 14.16 billion and USD 16.20 billion from knitwear and woven product exports respectively. It has also proposed a USD 969-million exports target, with a growth projection of 4.83 per cent, for the jute and jute goods sector. Bangladesh had earned USD 31.20 billion in FY 201415, USD 30.18 billion in FY 201314 and USD 27.02 billion in FY 201213 from exports. Data from the Export Promotion Bureau (EPB) showed that exports grew to USD 16.20 billion in FY 200910 from USD 15.56 billion in FY 200809. The exports earnings in FY 20111 were USD 22.93 billion, while these were USD 24.92 billion in 201112. FY 200001, the last year of the previous Awami League (AL) government, witnessed exports of only USD 6.46 billion. In the first year of the Bangladesh Nationalist Party (BNP) governments rule, exports earnings totalled USD 5.98 billion. In the previous year, the growth target was 8 per cent and the exports target was USD 33.50 billion. But both targets have been surpassed, observed Ahmed. Readymade garments remain the lead export earner, accounting for 82.05 per cent of the total exports. Bangladeshs exports crossed USD 34 billion in FY 201516 for the first time, overcoming the fallout from political turmoil in the last two years and prickly queries by foreign buyers in the readymade garments sector. Ahmed said, Neither the UKs exit from the EU nor the recent terror attacks in Dhaka and Kishoreganj will adversely affect the growth of exports in Bangladesh. The UK is one of the closest business partners of Bangladesh. Over 200 British companies work in Bangladesh, he added, saying, Well hold negotiations with the UK and demand facilities under a generalised system of preferences (GSP) like the EU. About the recent terrorist attacks, the commerce minister said, Terrorism is a global phenomenon and the Gulshan attack is no different from the terrorist attacks carried out worldwide, as in the US and Europe. These problems wont have any negative impact on Bangladeshs exports. On Begum Zias call for forging unity against militancy, Tofail claimed: Its just a jokeas the Bangladesh Nationalist Party is the one working with the terrorist party Jamaat-e-Islami.