Govt eyes $2b exports in 2yrs
The agriculture ministry plans to double export earnings from fresh vegetables, fruits, processed spices and foods to $2 billion in the next two years by addressing bottlenecks faced by exporters, according to a draft plan. The initiative comes as export receipts from overall agricultural sector crossed $1 billion for the first time in fiscal 2020-21, buoyed by a surge in shipment of dry foods and spices apart from fresh vegetables, fruits and other foods. Bangladesh Agricultural Development Corporation (BADC) has taken steps to increase the capacity of the airport’s cold storage by 120 tonnes. The government has also taken up an initiative to set up globally accredited lab in order to increase export of agricultural goods, which brought $550 million in export earnings five years ago.
BSEC working for ‘making a vibrant bond market’
Discussants have said the country’s stock market, insurers and pension funds need to play a significant role in achieving the target of sustainable development goal (SDG). Their suggestions came Monday at a virtual seminar titled ‘Sustainable Finance in Bangladesh: Strategies and Options for Implementation’. President of Bangladesh Association of Publicly Listed Companies (BAPLC) arranged the seminar to observe World Investor Week 2021. More than 5200 companies are listed with Indian Stock Exchange while the number is 750 in Vietnam. On the other hand, the number of companies listed with the country’s stock exchanges is only 388, including 37 mutual funds. BSEC commissioner Mr. Ahmed also said the listed companies are required to publish authentic price sensitive information in an effort to restore investors’ confidence and increase good governance. The chairman of Dhaka Stock Exchange (DSE) Md. Eunusur Rahman said the country needs around Tk 78.920 trillion within 2030 to fulfill the target of SDG.
Salim Osman re-elected BKMEA president
AKM Salim Osman has been re-elected the president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) for 2021-23 — his sixth term in a row. Names of the newly elected 35 members of the board of directors were announced at the trade body’s Dhaka office in the city on Monday, according to a BKMEA statement.
Govt plans to raise agri export to US$ 2.0b
The government has drafted two roadmaps to boost the country’s annual export volume of agricultural goods to two billion US dollars within the next two fiscal years, reports UNB. A views-exchange meeting over the draft roadmaps was held at Bangladesh Agricultural Research Council (BARC) auditorium in the city on Monday. If the recommendations can be implemented, it would be possible to raise the export earnings from agricultural goods to US$ 1.634 billion in the current fiscal year (2021-22) and US$ 2 billion in the 2022-23 fiscal year, according to one of the roadmaps. Another roadmap states that it would be possible to export 80,000 tonnes of potato in 2022, 120,000 tonnes in 2023, 180,000 tonnes in 2024 and 250,000 tonnes in 2025.
No tax fair this year: NBR
Individual taxpayers will have to submit their income tax returns at tax offices this year too as the annual tax fair will not be held this time to avoid mass gatherings amid the Covid-19 pandemic. The National Board of Revenue (NBR) took the decision in a meeting on October 7 regarding facilitating submission of tax returns. The idea of holding a tax fair was to motivate people into paying taxes and increasing the country’s tax-GDP ratio, one of the lowest globally. The tax authority said it would create festive environment in all field offices of taxes from November 1 to November 30, so that taxpayers can furnish returns easily. The NBR had been holding the month-long annual tax fair for years, which usually takes place in November. But due to the coronavirus pandemic, taxpayers had to submit their income tax returns at tax offices last year.
Leather goods export exceeds pre-pandemic level
Exports of leather and leather products from Bangladesh exceeded the pre-pandemic level in the first quarter of the current fiscal year as Western economies reopened following extended coronavirus pandemic-induced closures, pushing up demand. Manufacturers shipped leather and leather products worth $271.34 million from July to September, up 21 per cent from $225.15 million in the same period last fiscal year, data from the Export Promotion Bureau (EPB) showed. The receipts were 6.66 per cent higher than $254.39 million recorded in the same three-month period of FY2019-20. Exporters fetched $324.62 million in the July-September quarter in FY2017-18, the highest in five years. In the first quarter of FY22, leather exports rose 33.29 per cent, leather products 33.34 per cent, and leather footwear 13.72 per cent, EPB data showed.