New export policy to focus on services sector

Service sector is getting high importance in the draft export policy 2015-18, which will be placed before the cabinet shortly, as ventures in this field hold significant economic potentials, officials said.
"Tourism, architecture, engineering and consultancy services have been included in special development service sector for giving exclusive assistance," a senior official of the Ministry of Commerce told the FE on Tuesday.
He said the Ministry of Finance has given its opinions on the draft of the new export policy in the making. Necessary modification is being done to submit it before the cabinet very soon.
According to the official, the new policy has listed information technology (IT), pharmaceuticals, light-engineering, agro-products, herbal, and ship-building as emerging sectors, and has incorporated those into separate sub-sections.
The draft of the policy shows that special importance has been given to IT-based service export and expansion of e-commerce.
Besides, the formation of a committee to prepare a roadmap for ensuring quality in exporting plant and plantation products is pledged in the draft.
In the face of refusal to accept testing results of Bangladesh Standards and Testing Institution (BSTI) by many countries the policy also underscores the necessity of setting up accredited testing laboratories in public and private sectors. The draft policy also recommends that the export-oriented industries should be given priority in getting power, gas and other utility services.
It gives ample importance to raising productivity, quality improvement of goods, and compliance in line with buyers' requirements.
It also proposes duty-free import of compliance-related equipments and fire-extinguishing equipments.
The draft policy also suggests taking steps for infrastructure development of ports, easing delivery of goods from the ports, and reducing cost of doing business by introducing one-stop service to help raise competitiveness of exporters.
The tenure of the existing export policy for 2012-15 expired last month.
A memo, prepared for submission before the cabinet, says despite unfavourable economic situation and global pressure on compliance issues, export earning has marked 5.99 per cent, 11.22 per cent, and 11.69 per cent growth during the fiscal year (FY) 2011-12, FY 2012-13, and FY 2013-14 respectively.
"The friendly export policy and vigorous endeavour from both public and private sectors helped achieve the success," it says about the export performance under the bygone policy.
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