Expenses for export competitiveness project to be raised by Tk 71cr
Published : Tuesday, 25 June, 2019 at 12:00 AM Count : 134
The government has decided to raise expenditure for the "Export Competitiveness for Jobs" project by Tk 71 crore to Tk 1012 crore. The raising has been imperative to include more initiatives, officials of the Planning Commission said.
Commerce ministry will implement the project from July 2017 to June 2023, the officials told The Daily Observer.
They said the Ministry has already sent the project proposal to the Planning Commission while Pre-Evaluation Committee (PEC) has assessed the proposal.
The sources said the project is likely to be placed before the Executive Committee of the National Economic Council (ECNEC) tomorrow (Tuesday) meeting for its final approval.
The objective of the project is to help the economy to integrate further into the world trading system, and provide better jobs to Bangladeshi youth entering the labour market in the next decade, with a particular focus in improving female labor participation."
Before this, the ECNEC approved the project on August 9, 2017 worth was Tk 941 crore.
Sources said that the reason for the correction, initially it was not included in equipment, machineries and logistics, but later those were included in the project.
After the inclusion the project has been divided in three centres namely Electrical and Mechanical Machineries for Technology Centers, Office of Equipment and Future for Technology Centres and Logistics Facilitative for Technology Centres Increasing costs in the sector.
Sources said "Export Competitiveness for Jobs" projects will be implemented at Savar of Dhaka, Sirajdikhan of Munshiganj, Sadar Upazila of Gazipur and Mirsarai of Chittagong.
Technology centres, cold-storage, recycling facility and infrastructure for cluster industry will be developed in these areas, they added.
The government has taken initiatives to improve the quality of leather and leader goods, shoes, light engineering and plastic products and develop the market brand of these products as part of its move to expand export market.
Under the project the officials concerned will also be given training to improve the capacity for expanding the export market.
"The main objective of the 7th Five Year Plan is to reduce poverty by increasing export and to this end, the Export Competitiveness for Jobs project has been taken to diversify export products and expand market," said Shamima Nargis member of the Planning Commision said.
She said the prime target of the project is to solve those problems which are hampering enhancement of the competitiveness of the country's export products.
She said that this project will contribute to export diversification and more and better jobs in targeted sectors.
It was found from a review of the export information that around 93.58 percent export earnings came from only six products and readymade garments dominated 82 percent. Of the total exports, 54.58 percent went to the European countries and 22.71 percent to the United States. If any problems are created in these markets, Bangladesh exports will suffer tremendously.
According to sources, Bangladesh will get USD $10 crore from the World Bank for diversifying exports in labour-oriented industries beyond the ready-made garment sector.