"Export Policy 2021-24" was approved on 28 Feb 2022 in a cabinet meeting. In this policy, the government set an export target of $80 B for the fiscal year 2023-24. The recent success of exports prompted the government to set a high target. In December 2021, Bangladesh recorded the highest ever single-month export earnings of $4.91 billion. The export target for FY2021 was $60 billion.
This is an achievable target; however, many challenges still remain on the road to making it a reality. The ease of doing business should be further simplified. China, Vietnam unloads a product in 2-5 days but in Bangladesh, this process takes 20-30 days.
Another area to focus on is infrastructure. The ports, airports, highways, and infrastructures of our industrial hubs should be ready to take on additional export to achieve the $80 B export target.
To achieve this target current export earnings, need to be increased by 30%. On the other hand, rising raw material prices could bring net profit down. This is another area for entrepreneurs and govt. to take proper measures to deal with.
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