Bangladesh: Government targets $80b in exports in the new export policy

Dhaka: The Cabinet on Sunday gave its approval to the draft "Export Policy 2021-24" with a target of $80 billion export for fiscal year 2023-24.

The approval was given on Monday in the Cabinet meeting with Prime Minister Sheikh Hasina in the chair.

The draft policy was approved on January 12 earlier this year by the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Public Purchase (CCPP).

Now it has received the final go-ahead from the government.

The government has also decided to allow food ingredients to be imported from Japan.

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 Covid-19 Omicron spread.

Export earnings exceeded 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).

The export target for FY2021 was $60 billion.