FBCCI demands lower interest rate

$54b export target

FE Report | Published: August 09, 2019 10:29:25 | Updated: August 09, 2019 13:10:14

Picture used for illustrative purpose only — Collected

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) demanded the authorities lower bank interest rate with easy access to finance to help achieve the $54 billion export target for the current fiscal year.

The ministry of commerce has fixed $54 billion export income, of which $45.50 billion from goods and $8.50 billion from services for the current fiscal year of 2019-20.

The apex trade body also demanded the government provide required policy support to the backward-linkage industries to help boost exports, the FBCCI said in a statement on Thursday.

The FBCCI's other demands included improving facilities in all ports and improving operations and management in airports passenger and cargo services, multimodal connectivity, trade logistics and ensure the facilities mentioned in the export-import policy.

The chamber sought the support to reduce production cost and increase the competitiveness in the country's export-oriented sectors, it added.

It stressed that the trade facilitation programme should be accelerated for the sake of improving the ease of doing business index and export earnings.

It hailed the government's decision on providing cash incentives to 10 new exportable items and trade facilities to the readymade garment sector to help diversify export volumes.

The FBCCI also demanded transparency in the management of trade facilitation.

Export earnings grew by 14.30 per cent to $46.87 billion--$40.53 billion from goods and $6.33 billion from service exports in the just-concluded fiscal year over that previous year.

The $60 billion export earnings target by 2021 will also be possible if such growth continues and the government provides the required policy support, the statement said.



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