Export earnings to exceed $60bn in 2021: Tofail

Commerce Minister Tofail Ahmed today reiterated that country`s export earnings would go beyond US$ 60 billion in 2021.

"Export earning was US$ 14 billion when the Awami League assumed in power this time and it reached at $ 34.2 billion in last fiscal . . . if the trend is continued, the earning would exceed $ 60 billion in 2021," he added.

The minister was addressing the opening ceremony of the four-day "Garmentech 2017" as chief gust in city`s International Convention Centre organized by Bangladesh Garments Accessories and Packaging Manufacturers` and Exporters` Association (BGAPMEA).

The country registered $ 3.08 billion export earning when Awami League led government took the office in 1996 and it was $ 6.7 billion during the end of the tenure.

Mentioning the RMG is the prime sector for Bangladesh`s export earning as nearly 82 percent foreign currency come from this sector, Tofail said RMG has reached at this stage overcoming difficulties and it also has the potentiality to go long way.

He said over 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," added the minister.

He said the United States have canceled the quota for Bangladeshi apparels in 2005, resulting 16 percent duty fee has to be given to enter American market which is also the largest market for country`s RMG and export earning was $ 6.2 billion last year.

The commerce minister said the government has taken measures to increase export basket and expand market in line with 7th five years plan. He mentioned cash incentive is also being provided to boost export.

The export has been organized for seventh time where 400 firms from 24 countries are taking part at 800 stalls. The expo will remain open 11am to 7pm for visitors.

Dhaka North City Corporation Mayor Annisul Huq, FBCCI First Vice President Shafiul Islam Mahiuddin, BGMEA President Siddikur Rahman and BIDS Senior Research Fellow Dr Naznin Ahmed, among others, also spoke on the occasion with BGAPMEA President Abdul Kader Khan in the chair.