Staff Reporter

Commerce Minister Tipu Munshi has said, Bangladesh will get trade facilities till 2029, after LDC graduation in 2026.

“We have to compete with developed countries then, so the government is working to strengthen the capacity of different sectors along with export diversification,” the minister said.

Tipu Munshi said this today while speaking as the chief guest at ‘meet the press’ organized by the Overseas Correspondents Association of Bangladesh (OCAB), held at Akram Khan Auditorium of the National Press Club in the capital.

The commerce minister said that there is no alternative to increasing exports to keep the base of the country's economy strong.

The government has set an export income target of $80 billion in 2024 and $100 billion in 2026, and is working accordingly. At present, the readymade garments sector alone contributes about 82 percent of total exports.

Besides, special initiatives have been taken to increase export of about 10 products including ICT, leather, plastic, light engineering, and jute to achieve the target, he said.

“We have more potential to increase export of readymade garments as Myanmar’s garment sector is almost closed and China's garment industry is relocating,” he added.

As a result, opportunities are being created for Bangladesh as there is skilled manpower and low production cost. Bangladesh has the highest number of green factories also, which keeps the country ahead in trade competition, Tipu said.

“Our trade gap with China and India is highest due to import of industrial machinery and raw materials. China has granted duty-free facilities to 99 percent of exports to reduce trade barriers. Bangladesh is working towards an SEPA agreement with India to reduce the trade gap,” the minister said.
In response to a query, Tipu Munshi said that Prime Minister Sheikh Hasina's recent visit to India was successful. India has agreed to provide free transit facilities by road with Bhutan and Nepal.

Convener of Overseas Correspondents Kadir Kallol, Member-Secretary Nazrul Islam Mithu and UNB Editor Farid Hossain were present in the function.