In a bold move, the government of Bangladesh has set an ambitious export target of $72 billion for the upcoming 2023-24 financial year, reflecting a remarkable growth rate of 11.52 percent. The announcement was made by Commerce Minister Tipu Munshi during a press conference held at his office in the capital city on Wednesday.
Out of the total target, goods exports have been allocated $62 billion, while the service sector has been tasked with achieving $10 billion in exports. Minister Tipu Munshi highlighted the achievements of the previous fiscal year, revealing that the export target of $64.55 billion was successfully attained, marking a growth rate of 5.88 percent.
In the fiscal year 2022-23, Bangladesh witnessed substantial growth in both goods and services exports. The nation exported goods worth $55.55 billion, demonstrating a remarkable growth rate of 6.67 percent. Simultaneously, the service sector’s exports amounted to $9 billion, showcasing a growth rate of 1.25 percent.
Prior to the announcement, Minister Tipu Munshi held a meeting with leaders from various business organizations and ministry officials. During the meeting, the business leaders emphasized the importance of ensuring uninterrupted gas and electricity supply to industries at affordable rates. They highlighted the detrimental impact that a lack of such provisions could have on the country’s export industry.
Taking into account the concerns raised by the business leaders and the prevailing global economic slowdown, Minister Tipu Munshi assured that all factors were considered when setting the new export target. He acknowledged the challenges posed by gas and power crises and assured stakeholders that measures would be taken to mitigate these issues.
The government’s ambitious export target for the upcoming fiscal year demonstrates Bangladesh’s commitment to strengthening its position in the global market. With concerted efforts and strategic planning, the nation aims to further boost its export industry, contributing to economic growth and prosperity for its people.
