Economy
Export prospects comparatively better: Dr Salehuddin
Adviser to the interim government on the Ministries of Finance and Commerce Dr Salehuddin Ahmed today said that the export prospects is comparatively better in the current fiscal year (FY25) as it will increase with the changing context.
“Regarding export prospects, we’ve realized that it will be comparatively better as the context has already been changed as well as the situation…exports will not decline further, rather it will increase,” he said.
The Commerce Adviser was replying to a good round of questions from reporters after chairing the 146th board meeting of the Export Promotion Bureau (EPB) and 59th Board meeting of the Bangladesh Foreign Trade Institute held at the Ministry of Commerce conference room at Bangladesh Secretariat today.
Replying to another question, Dr Salehuddin informed that the export target for the current fiscal year is being projected considering a healthy growth of 12.4 percent.
He said the government would set a reasonable target for exports in the current fiscal year after reviewing the growth for various components and addressing the existing barriers.
The Commerce Adviser said that the government would also continue strides for diversifying its export basket to extend further the export volume.
“We’ll have to reduce our export dependence on one or two products,” he added.
Dr Salehuddin said potential products and commodities would be promoted to expand the export basket.
About the meeting outcomes, he said the government would publish the export data and project a true picture of the country’s export earnings after coordinating and reconciling all the available data from the EPB, NBR and the Bangladesh Bank.
He also acknowledged that there have been some mismatches in the calculation of export figures in the past while integrating the export data of all concerned agencies.
Responding to another question, he said whatever mismatches in export data took place is a matter of the past and it would not reoccur in the future.
When asked whether the US will provide the GSP facilities afresh, he said efforts are on and hopefully there would be a possible gesture from the US government in this regard.
He informed that the US has some conditions and quarries in this regard which are not so tough while discussions in this regard would be held during his upcoming tour to Washington. The US has some issues on decent work other than
readymade garments (RMG), he added.
Replying to a question, the Adviser said efforts are on to boost the FDI inflow in the country while the Bangladesh Investment Development Authority (BIDA) would be energized further in this regard.
Asked about the market management of essential items, he said the government has already reduced and withdrew duty on some essential items like potatoes.
“There are also some issues like extortion …there are also some barriers, the local administration has also been involved. It will take some time to contain the prices of essentials. Our efforts will continue so that the consumers need not to suffer,” he added.
The adviser told another questioner that the confidence in the banking sector is being restored as many of the boards of the banks are being reorganized by the central bank while the culprits of the banking sector are being identified and nabbed.
In this regard, he said a task force will be formed to identify those who have laundered money abroad and thus bring back the siphoned off money.
He said apart from local experts, foreign experts might be recruited if necessary.
Dr Salehuddin said the structure of task force has been finalized and it has already started it process although the experts and personnel of the task force would be unveiled by the Bangladesh Bank.
He, however, opined that it is not easy to recover the stolen assets and it takes certain time. “But, the operations in this regard we’ll be visible soon,” he added.
Replying to another question, the finance and commerce ministries adviser said that the Dhaka International Trade Fair (DITF) would take place in January 2025 but the date for final inauguration is yet to be finalized.
In the upcoming edition of DITF, there would be some innovative things while the main focus would be on promotion of local industries and exportable items, he added.
Commerce Secretary Md Selim Uddin and senior officials concerned attended the meeting.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
