Explore new export markets, says PM

Highlighting various steps of her government to attract foreign direct investment (FDI) and help local industries flourish, Prime Minister Sheikh Hasina on Thursday sought the business community's wholehearted participation in achieving the export target, reports UNB.

Addressing the inauguration ceremony of the 20th Dhaka International Trade Fair (DITF-2015) at the Bangabandhu International Conference Centre, the Prime Minister noted that sites had been selected for eight Special Economic Zones (SEZs) across the country while around $ 6,823 million in FDI came to Bangladesh over the last six years since 2009.

The work on upgrading the Dhaka-Chittagong and Dhaka-Mymensingh highways into four lanes would be completed by June next while the Dhaka-Chittagong four-lane highway would be upgraded to a six-lane one soon, she added.

"The export target for the current fiscal year (2014-15) has been set at $ 33.20 billion, and I call upon all to work together to achieve this target. I want the businesspeople to work in full spirit to achieve the target," she said.

The Prime Minister said the average rate of export growth over the last five years was 14.90 per cent which many neighbouring countries could not achieve.

"We won't remain stuck here…we'll have to attain greater export growth," she said adding that her government did not assume office to do business, rather to facilitate the businesses. She also expressed

the hope to take the export earnings of RMG items to $ 50 billion by 2021.

She said various steps of the WTO taken for further liberalising trade to expand trade and commerce had created newer opportunities and facilities and on the other hand created various challenges and competitions.

"Keeping in mind the challenges of WTO, from now onwards our businesspeople will have to take plans and steps on how to expand trade and enhance exports," she noted. Noting that the country's export earnings tripled in the last fiscal year totaling $ 30.19 billion compared to $ 10.12 billion fetched in the fiscal year 2005-06, Hasina said about 729 products were now being exported to about 192 countries across the world.

"We'll have to go for exploring newer markets and newer products ...we'll have to expand the export basket in a bid to enhance the export volume," she added.

Mentioning that a peaceful and tolerant environment is needed in all fields, including business, Hasina said her government had been working relentlessly to maintain the business-friendly environment, where the government would continue to extend all necessary cooperation.

Calling upon the private sector to take initiatives for improving the standard of own products, finding out the demand of potential exportable items to potential countries and so as their production and export, the Prime Minister said that her government would also lend necessary support to this end.

The Prime Minister noted that once Bangladesh becomes a mid-income country, then it would not get the due facilities as an LDC and for this the country's industries would have to attain international standards.

In this connection, she said there is a need for increasing productivity to survive in competition alongside improving the standard of products and further strengthening the efforts of branding.

Later, the Prime Minister visited different pavilions and stalls set up at the DITF-2015.

The fair is being held at Sher-e-Bangla Nagar on the west side of Bangabandhu International Conference Centre till January 31.

About 14 countries -- India, Pakistan, China, Malaysia, Iran, Thailand, the USA, Turkey, Singapore, Australia, the UK, the UAE, South Korea and Germany -- along with Bangladesh are taking part in the fair.

About 75-80 thousand visitors are expected to visit the fair regularly and there will be 97 pavilions with 58 mini pavilions apart from 516 stalls. The fair will remain open from 10am to 10pm every day, and each visitor will have to pay Tk 30 as entry fee.

Commerce Minister Tofail Ahmed, Chairman of the Parliamentary Standing Committee on Ministry of Commerce Md Tajul Islam Chowdhury, Commerce Ministry Senior Secretary Hedayetullah Al Mamoon, FBCCI President Kazi Akramuddin Ahmed spoke as special guests, while EPB Vice Chairman Shubhashish Bose delivered the welcome address.