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Export earnings of Bangladesh to cross $60b in 2021: Commerce Minister

Bangladesh's export earnings will cross $ 600 million in five years. This was announced by the commerce minister Tofail Ahmed. As the chief guest, he was addressing the opening ceremony of three international trade shows on RMG sourcing in Dhaka on yesterday.

He further went on to say that when the Awami League assumed office, the export earning of the country was $ 14 billion. Last fiscal year, the exports clocked $ 34.2 billion. If the trend continues, the export earnings would exceed $ 60 billion in 2021, he added.

Further Tofail Ahmed declared that the government was offering 15 per cent cash incentive in furniture, 10 pc in plastic and 20 pc in agricultural products. Stating that ready-made garment (RMG) was the main forex earner of Bangladesh as nearly 82 pc foreign currency come from this sector, he said that RMG has reached this stage overcoming difficulties and it also has the potentiality to go a long way.

More than 30 products of packaging and accessories sector are required for RMG and those were used to import from abroad. Now the packaging and accessories products are being exported meeting local demand and the export of this sector would stand at $ 18 billion from the existing $ 6.12 billion, he said.

The three exhibitions - the 16th edition of Garmentech Bangladesh, the 8th edition of International Yarn & Fabrics Sourcing Fair and the 8th edition of GAP Expo - are being held simultaneously at International Convention City Bashundhara, Dhaka.