Achieving New Export Targets
FBCCI for more private sector credit, lowering interest rates
FBCCI has demanded more credit to private sector, low rate of interest on bank loans, other policy supports, cash incentives and enhancing capacity of the country's sea and air ports to achieve the newly set export target of $54 billion - $ 10 billion higher than last years.
The apex trade body made these demands in a statement on Thursday with emphasis on increasing skill development and necessary infrastructural supports.
The FBCCI statement said the government has set the overall export target at $54 billion for the current financial year (FY20) of which the share of manufactured products including apparel alone stand at $45.5 billion and the remaining $ 8.5 billion will come from export of under various service sector.
The target is $10billion higher than last fiscal's $44 billion which was exceeded at robust growth of exports by readymade garments sector.
Export growth in the just concluded fiscal was 10.54 per cent higher over $36.66 billion in the financial year 201-718. At this growth rate it may be possible to earn $50 billion from readymade garments alone by 2021 as set by the last government, the federation states.
The FBCCI in its statement said, it is possible to achieve the target once the government provides supports as per changing global business environment, formulates business friendly policies and helps in ensuring safety and security of the factories as per global standards.
The statement sates it is imperative to reduce costs of doing business, overhead costs, make available of banks loans with low interest rates, policy supports for developing more backward linkage and increase port facilities with enhanced skills in cargo dealings.
It said along with earning foreign exchange Bangladesh also needs to devise policies for sustainable developments that will create more job opportunities.