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. (BSS)