In an effort to promote exports after Bangladesh graduates from the least developed country (LDC) to lower middle income status, Bangladesh govt. has selected 17 products.
The selected 17 products are selected from a list of items, given by the Bangladeshi commercial counsellors from 20 countries, where export of these goods can be boosted expressively, additionally suggesting a policy supports if required.
A Ministry of Commerce (MoC) senior official said to a leading media that the government sought ideas and suggestions from the commercial counsellors about the products.
The products comprise: woven fabrics of jute and jute yarn, footwear, leather goods, antibiotic, electronics, furniture, ceramics, frozen fish and crustaceans, sacks and bags and jute articles, pharmaceuticals, plastic goods, toys, bicycle and motorcycle, fruits and vegetables, paper and cardboard, and Information Technology (IT) and IT-enabled services.
Now the ministry officials are working on to identify the barriers that the products face in those twenty countries as well as find ways to remove the obstacles.
The official said during the pandemic period the country’s export is already facing axe and various challenges.
After graduation from the LDC club the challenges will deepen further. So, diversification of export products and destinations will be key factors.
Efforts need to be given to enhance export by providing as much as policy supports needed and removing all obstacles, he also said.
“We have to give supports to raise export, keeping in mind what our competitors provide.”
He noted that a specific action plan will be taken to promote the products in the countries, where they have immense potentials to be exported in increased volume.
These products can be given required cash incentives so that they can compete in their targeted destinations.
“We are working on keeping in mind all the regulatory requirements, tariff preferences, existing tariff, and documentary requirements to promote these products,” he added.