Bangladesh sets ambitious export target for RMG sector for 2024-27

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The interim government’s advisory council has recently adopted the 2024-27 export policy draft, creating a shipment target of US $ 110 billion by 2027. This important objective is in line with the country’s larger goals for economic development as well as the changing nature of international trade.

Chief Adviser’s Press Secretary Shafiqul Alam stated at a press conference on October 3 that the new policy intends to create a balanced trade environment between imports and exports, create substantial employment opportunities through export growth, and significantly boost the national economy through increased foreign currency earnings.

Bangladesh’s economy is particularly affected by the focus on the textile and ready-made garment (RMG) sectors, which continue to be the mainstay of the nation’s export profile. A significant amount of the country’s export earnings come from the RMG business, which is the focus of the planned export policy’s major attempts to improve its competitiveness.

In order to ensure compliance with World Trade Organisation (WTO) regulations and promote export growth in the textile and associated sectors, the strategy contains particular requirements. Notably, the strategy seeks to encourage diversity and inclusivity in this important industry by promoting the involvement of women and small business owners in the textile and RMG sectors.

The policy gives priority to new products and services in addition to well-established industries like spinning, fabric manufacturing, and dyeing and printing, in order to facilitate the growth of the textile and RMG sectors. Within the export framework, it also includes special initiatives to support the handicraft, pharmaceutical, and medical equipment industries.

Furthermore, pertinent HS codes will be included to the amended “Export Prohibited List” and “Conditional Export List,” which will simplify export procedures and laws pertaining to textile goods. The duties assigned to several export committees have been elucidated in order to guarantee the efficient execution and oversight of the policy’s goals.

The success of this export strategy could be crucial in determining the direction of Bangladesh’s textile and RMG industries going forward, which would eventually spur economic growth and the creation of jobs across the nation as the country looks to establish itself in the cutthroat international market.

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