Bangladesh is currently facing the heat of declining revenue generation, which is assumed to be lower than 6 percent and may move down even further. Increasing unemployment and continuous lowering of the country's GDP has become a matter of growing concern. Its competition in the world market is also weakening largely because of the higher prices of domestic goods and services.
With regard to such degenerating economic conditions, the present caretaker government has worked out an export and import policy with effect from 2006-09. Besides, the authority has also approved the Export Development Strategy Paper (EDSP) that will increasingly help the country speed-up on the import of essential goods, which will in turn assist in the stabilization of price-level.
The Government is opting for a complete liberalization of import policy fenced by other measures to encourage its domestic exports. The three-year policy has been implemented with the aim to organize and reinforce the economy that will ultimately help dispense the goods to the consumers at an affordable price and will contribute to expanding the major export related industries of the country. To adopt and widen technology based import and attract foreign direct investments are some of the major objectives of the Government.
According to the statistics of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), the country recently, earned US $9.21 billion from the exports of ready-made garments. Moreover, Bangladesh is expected to further increase its exports by over 70 percent to reach $15 billion in the next 2 years.
Interestingly, the Government has decided to encourage exports by conferring exporters with 'Product of the Year' award, 'National Export Trophy' or identifying them as commercially important persons (CIP). EDSP policy will mainly concentrate on expanding exports by catering special facilities for goods like readymade garments, leather and jute.
Besides, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Jute Mill Corporation (BJMC) have been taking enormous efforts to boost the country's economy by generating more revenue out of exports of domestic garments and jute products.
Export target for Bangladesh can be successfully achieved by means of Balancing Modernization, Rehabilitation and Expansion (BMRE) of jute and leather sectors. All in all, there is an urgent need to bring about a revolutionizing of policy to meet the pressing demand of the changing domestic market of the country.
marketing@alchempro.com
