The Commerce Ministry of Bangladesh has planned to take a total of 16 initiatives getting access to duty-free markets in Russia and Myanmar. Russia is a big export market for Bangladeshi exporters, however there are some problems with the banking system.
“The currencies of Russia and Myanmar are yet to be recognised by the global banking system. As a result, local exporters are not interested to export their products directly through a letter of credit,” recently Abdus Salam Murshedy, president of Bangladesh Exporter Association, said this to the journalists.
The authorities concerned are working to further ease the country’s banking facilities for businessmen to export their products to the countries. Moreover, a separate fund will be made for the sector’s growth.
The government is very concerned to re-establish the export sector and gain the status of a middle-income country by 2021 and a developed country by 2041. To achieve the target, problems with banking system and other sectors government should be fixed immediately through discussions with the authorities of Russia and Myanmar.
The apparel industry, the country’s largest export earning sector, has seen only a 0.20% rise to $28.15 billion, which is the lowest on record in the last fifteen years, in the recent concluded fiscal year. Bangladesh’s overall export earnings stood at $34.83bn in the Fiscal Year 2016-17, which is a 1.68% higher compared with the $34.25bn in the previous year.
Previously, in the export policy 2015-18, published by Commerce Ministry, set the target to increase export, expand markets and diversify products, and improve balance of trade rationally with different countries in light of the Perspective plan and 6th and 7th Five year plan, with a view to graduating Bangladesh to a Middle income country by 2021.