Bangladesh targets $34.5bn export

Aiming to boost sales in the BRICS member countries, the government has set an export target of $3.45 billion for FY 2014-15, eyeing a 14.35 percent rise from the last fiscal.

BRICS is the grouping of developing or newly industrialised countries, namely Brazil, Russia, India, China and South Africa.

The target will be finalised on Monday at a meeting headed by Commerce Minister Tofail Ahmed, said Export Promotion Bureau's (EPB) Vice Chairman Shubhashish Bose.

He said they hoped the readymade garment (RMG) industry will be able to fetch $29 billion in export earnings by the end of the current fiscal.

The meeting will be attended by representatives of export-focused industries bodies' including the BGMEA and BKMEA, ministries of finance, foreign affairs, agriculture, fisheries and livestock, jute and textile as well as the National Revenue Board and Bangladesh Bank.

RMG exports rose almost 14 percent in the last fiscal despite the odds, said Bangladesh Garments Manufacturers' and Exporters' Association (BGMEA) President Atiqul Islam.

The $34.5 billion export target is 'achievable' if political stability persisted, he added.

"The BGMEA held a meeting on Sunday over the new fiscal's export target. We have decided to organise expositions in the BRICS member states," Islam told bdnews24.com.

EPB Vice Chairman Bose said Monday's meeting at the commerce ministry will finalise the target after discussing it with the representatives of the export sectors.

Export targets were set at $30.5 billion for the FY 2013-14, while earnings stood at $30.18 billion.

The export target for woven garment for FY 14-15 has been set at $15 billion, while for knitwear it is about $14 billion.

A $ 5.5 billion target has been set from the sectors including frozen fish, jute and leather.

Bangladesh's export earnings surpassed the $30bn mark for the first time in history in the just concluded FY 13-14.

According to figures by the EPB, exports stood at $30.18 billion during the last fiscal, rising by 11.65 percent from the previous fiscal.

In the sixth BRICS summit at Brazil's Fortaleza this month, leaders of the five countries launched a $100 billion development bank

They also set up a further $100 billion currency reserves pool to help countries forestall short-term liquidity.

The bank, aimed at funding infrastructure projects in developing nations, will be based in Shanghai, and India will preside over its operations for the first five years, followed by Brazil and then Russia.

BGMEA President Atiqul Islam said that they have already adopted measures to boost export in the BRICS member countries.

"We are exporting some garment products to India. China is slowly leaving from the industry due to labour shortage," Islam said

“There is market for Bangladeshi RMG products in South Africa as well. Exports will increase substantially if we can tap these markets,” he added.

Exports earnings can touch $50 billion in four years at the most if the government's incentives and political stability prevails, according to the BGMEA chief.