Govt moves to attain export target

The Ministry of Commerce (MoC) has taken initiatives to achieve the export target of the current fiscal that include gearing up activities of country's missions abroad and market diversification to non-traditional markets.
The government has set a target of merchandise shipment of US$ 33.02 billion for the fiscal year (FY) 2014-15.
The country exported goods worth US $ 30.18 billion during the last fiscal, which was $ 27.03 billion in the FY 2012-13, according to the EPB data.
The ministry has started sending letters to the commercial counsellors of Bangladeshi missions abroad asking them to intensify efforts to help reach the export target.   
"We have taken several steps for achieving our export target of the current fiscal. We've started sending letters to our commercial counsellors to provide us with the up-to-date information about export prospect," Senior Secretary of the MoC Hedayetullah Al Mamoon told the FE Sunday.  
Bangladesh exports readymade garment (RMG), pharmaceuticals, medicine, ceramics, jute and jute goods, plastic items, shrimp and vegetables to different counties of the globe.
The main destination of the country's RMG shipment is the European Union (EU) countries and the USA. Besides, some countries in Asia, and the Latin America are also on the list of RMG export.
Mr Mamoon said the country has also the potential to export non-traditional items such as puffed rice, chira (beaten rice) and handicraft items to the Kingdom of Saudi Arabia, United Arab Emirates (UAE), Qatar, Oman, the United States of America (USA), the United Kingdom (UK), Italy and some other European countries as a considerable number of expatriate Bangladeshis live there.
He said they will hold meeting with the Ministry of Foreign Affairs (MoFA) soon so that the commercial counsellors of the country's missions could gear up their activities for boosting export.
Apart from activating the country's foreign missions, the government has initiated a move to incorporate some fresh provisions in the draft Export Promotion Bureau (EPB) Act, 2014 aiming to make the Bureau more functional and effective for further rejuvenating the country's overseas trade.
Earlier on July 7 last, the cabinet sent back the proposed draft EPB Act, 2014 to the MoC for taking stakeholders' opinions as well as completion of vetting by the Ministry of Law, Justice and Parliamentary (MoLJP) affairs.
The MoC, in line with the cabinet directives on the proposed draft law, held stakeholders' meeting aiming to make the proposed law 'time-befitting and effective' for the EPB.
Economic diplomacy now appears to be more important than the political diplomacy for increasing the country's export. It could help the country's annual export worth $ 75 billion within the next five years, according to businessmen and international affairs analysts.