Bangladesh eyes 100 bln USD export earnings by 2026 with duty-free Chinese market, factory relocation

DHAKA, Sept. 18 (Xinhua) -- Bangladesh has embarked on a high growth path with an aim to double its export earnings in just four years, the country's Commerce Minister Tipu Munshi said here Saturday.

Addressing a meeting with the Overseas Correspondents Association of Bangladesh (OCAB) at the National Press Club in Dhaka, he said the government has planned an export target of 100 billion U.S. dollars by 2026.

"We're planning an export target of 80 billion U.S. dollars by 2024 and 100 billion U.S. dollars in 2026," said the minister.

Last year, Bangladesh fetched home about 60 billion U.S. dollars from goods exports, he said, adding that readymade garment export makes up 82 percent of the country's annual income.

He said ready-made garments (RMG), including knitwear and woven, would be given a special priority as always to achieve goods export target.

"We've potential to export more readymade garments," said the minister, adding the country's ready-made garments industry sector looks bright further as China has already announced to raise duty-free access to 98 percent Bangladeshi products.

Apart from this, he said China's garment industry is relocating.

"As a result, our chances have increased. We've skilled manpower, and low cost of production."

As part of various efforts to bolster export, the minister said the government is taking special initiatives to increase the export of 10 products including ICT, leather, plastic, light engineering and jute.

"Bangladesh has already started working to address challenges hindering export growths," he said, adding they are attaching very importance to sign more PTA (preferential trade agreement) or FTA (free trade agreement).

"We have already preferential trade agreement with Bhutan. Negotiations are underway seriously to conclude trade agreements like PTA or FTA with several other countries."