Bangladesh publishes three-year export policy

The Bangladeshi government Thursday published a three-year export policy targeting 15 sectors for development to generate employment and alleviate poverty, local news agency UNB reported.

"Measures to support their (15 sectors) development will be reflected in the next budget," Finance and Commerce Advisor of Bangladeshi caretaker government Mirza Azizul Islam said at a press conference here Thursday.

He hoped that the three-year policy, to be effective immediately after the gazette notification soon, would play a role in creating employment opportunity, alleviation of poverty and achieving the Millenium Development Goals (MDGs).

The policy elevated pharmaceutical sector from the previous list of special development sector to extend the existing list of highest priority sector to six, considering its export potentials offered by the exemptions of patent rights under the World Trade Organization (WTO).

The existing sectors are agro-products and agro-processing items, light engineering products including auto-parts and bicycle, shoes and leather products, software and ICT (Information and Communication Technology) products, and home textile.

The policy also recast the special development sectors to reduce the list at nine from existing 10 by axing few sectors and inducting new ones considering their respective potentials.

The advisor said the exclusion and inclusion of the sectors were decided through consultations with the stakeholders in the process of formulating the policy.

Finished leather, frozen fish production and processing, fresh flower and foliage, jute products, textile items by indigenous people and diamond polishing are the new sectors added in the list with handicrafts, electronics and herbal medicine and plants.

Items excluded from the special development sectors are cosmetics and toiletries, luggage and fashion products, CR coil, cards and calendar, stationary items and rayon fabrics.

Source: Xinhua