Export earnings to cross $80B by 2024, hopes Tipu

[Black_cats]

Export earnings to cross $80B by 2024, hopes Tipu

ECONOMY​

BSS
06 June, 2022, 06:35 pm
Last modified: 06 June, 2022, 08:35 pm

Export earnings to cross $80B by 2024, hopes Tipu

Commerce Minister Tipu Munshi today hoped that the country's export earnings would cross $80 billion by 2024. "We've earlier set an export earnings target of $51 billion in this fiscal year (FY22). Now, we're hoping that this figure would reach $60 billion in this year.

www.tbsnews.net

Commerce Minister Tipu Munshi today hoped that the country's export earnings would cross $80 billion by 2024.

"We've earlier set an export earnings target of $51 billion in this fiscal year (FY22). Now, we're hoping that this figure would reach $60 billion in this year. I'm hopeful that the export earnings would cross $80 billion by 2024," he said.

The Commerce Minister said this while inaugurating 50 types of online services by the Office of the Chief Controller of Imports and Exports as the chief guest, marking 50 years of the country's independence, held at the Shaheed Sheikh Kamal auditorium at NSC Tower in the capital.

Presided over by Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Jashim Uddin, Bangladesh Competition Commission Chairperson Md Mofizul Islam and Chief Controller Office of the Chief Controller of Imports and Exports Sheikh Rafiqul Islam, among others, also spoke on the occasion.

Alleging that a vested quarter has been making negative criticisms over the country's development march, Tipu said that the situation is being changed every now and then while the country is moving towards development.

"The big example of this is that the Office of the Chief Controller of Imports and Exports is now providing cent percent digital services. Some 52 services including that of license are being available through online," he said adding that no one would require coming to this office in future to receive services.

Citing the findings of a recent survey conducted by JETRO, the commerce minister informed that some 88% Japanese businesses now want to do business in Bangladesh while this has been possible since the country has been changed. He informed that Japan also wants to strike a Free Trade Agreement (FTA) with Bangladesh.

Directing the officials and employees of the Office of the Chief Controller of Imports and Exports to render instant services digitally with utmost honesty, Tipu said, "We're now moving towards building smart Bangladesh. We'll have to make all necessary arrangements so that people need not to come to office for taking services."

Referring to the inauguration of Padma Bridge on 25 June, the Commerce Minister said that Prime Minister Sheikh Hasina had earlier taken the challenge of building this mega structure with own financing. Through the inauguration, the courage and strength of Bangladesh will be projected afresh, he added.

The senior secretary of the Commerce Ministry said that from now on no services would be provided offline from the Office of the Chief Controller of Imports and Exports as businessmen would be able to avail all services online.

Sheikh Rafikul Islam, chief controller of the Office of the Chief Controller of Imports and Exports, said that businessmen are now getting all related services including certificates of imports and exports online from this office.

"In such case, there is no need to submit hard copy by the service seeker. A service seeker will need to file an Online Licensing Module (OLM) account against his or her organisation and thus, would be able to avail desired services through that account. No third party will be able to interfere in the process."

 

[Flight of falcon]

Anything is possible in Bangladesh … from fake GDP numbers to cooked up export earnings …. Hasina can make anything happen .

 

[Black_cats]

Anything is possible in Bangladesh … from fake GDP numbers to cooked up export earnings …. Hasina can make anything happen .

Yes anything can happen. First time hearing export number can be faked as well.

 

[fallstuff]

Esteemed Minister is being too hopeful. He's hoping the trend will continue.

I hope he is right.

 

[rainbowrascal]

Esteemed Minister is being too hopeful. He's helping the trend will continue.

I hope he is right.

Exports will have to grow 19% for the next 2 years to be 80bn in 2024

Inflation in eu us will cause problem to achieve it.

 

[UKBengali]

Anything is possible in Bangladesh … from fake GDP numbers to cooked up export earnings …. Hasina can make anything happen .

Dude, sorry to be blunt..

Did you go to a special needs school by any chance?

No country can fake export earnings as it can be cross-checked with the importers who have their own numbers.

Unless you are saying that all countries that BD trades with are in some sort of mass conspiracy theory with BD here to cook it's export earnings?



If you are Pakistani then please accept that the part you thought was "inferior" from 1947-1971 is far superior in terms of economic and social development, and your country itself would have been a far more tolerant and prosperous country if BD dominated it from 1947.

 

[Flight of falcon]

Dude, sorry to be blunt..

Did you go to a special needs school by any chance?

No country can fake export earnings as it can be cross-checked with the importers who have their own numbers.

Unless you are saying that all countries that BD trades with are in some sort of mass conspiracy theory with BD here to cook it's export earnings?



If you are Pakistani then please accept that the part you thought was "inferior" from 1947-1971 is far superior in terms of economic and social development, and your country itself would have been a far more tolerant and prosperous country if BD dominated it from 1947.

No dude I wasn’t dropped on my head like you most likely were.

I was merely pointing out that you guys have a habit of cooking up numbers and making complete fool out of yourself and your country. Infact it is an ongoing joke on the net .

Anyone who has been to Bangladesh will corroborate that Bangladesh is light years behind in development and infrastructure compared to both India and Pakistan but yet churn out GDP numbers so impressive that even Americans are put to shame.

There is no diversity in Bangladesh exports and are stuck with Garments and raw agricultural products .


Anyways the point being you guys have an advantage of being a sweat shop of clothing in the world so all the credit due but when it comes to infrastructure , industry , strategic importance and value , global influence and presence and out of border influence and reach you guys are light years behind……

Heck try to win some ICC tournament for once ….

 

[POPEYE-Sailor]

Anything is possible in Bangladesh … from fake GDP numbers to cooked up export earnings …. Hasina can make anything happen .

ok you personally hate Bangladesh but it doesn't mean all world finance institute predicts GDP growth of bangladesh should be neglected by saying , it all Hasina fake magic. Accept it Pak is fkd by its own people and disaster is upcoming.

 

[mmr]

Lmao ya sweatshops will flood market with more cheap cotton underwear. Absolutely no diversification same shit cheap garments. Good luck.

Try to at least export few billions high value items in light engineering or electronics or even basic software exports.

 

[UKBengali]

No dude I wasn’t dropped on my head like you most likely were.

I was merely pointing out that you guys have a habit of cooking up numbers and making complete fool out of yourself and your country. Infact it is an ongoing joke on the net .

Anyone who has been to Bangladesh will corroborate that Bangladesh is light years behind in development and infrastructure compared to both India and Pakistan but yet churn out GDP numbers so impressive that even Americans are put to shame.

There is no diversity in Bangladesh exports and are stuck with Garments and raw agricultural products .


Anyways the point being you guys have an advantage of being a sweat shop of clothing in the world so all the credit due but when it comes to infrastructure , industry , strategic importance and value , global influence and presence and out of border influence and reach you guys are light years behind……

Heck try to win some ICC tournament for once ….

Dude, can I ask how were you ranked in school in your class?

I do not have much confidence that you were in the top half with the two posts you made so far in this thread.

 

[Flight of falcon]

ok you personally hate Bangladesh but it doesn't mean all world finance institute predicts GDP growth of bangladesh should be neglected by saying , it all Hasina fake magic. Accept it Pak is fkd by its own people and disaster is upcoming.

I don’t hate Bangladesh but merely trying to point out few things .

Look at the electricity use per capita , number of vehicles on the road, industry consumption and types of industry etc and you get the true nature of Bangladesh so called progress . Go down to Dhaka and then travel to other cities ( if that’s what slums are called ) and you will be shocked to see so called export oriented country living in a giant shit hole.

Pakistan will end up with $40B export figure this year. This dispite huge amount of geo political challenges we are facing . We are a strategically important country being pulled in different directions and Facing challenges . We will come out of it soon so you don’t need to get hard thinking as if anything is going to happen to Pakistan.

Our misfortune is understating and under invoicing of services which make our exports look less. For example export earrings from IT are expected at $3 B this year but yet all IT export houses have their offices offshore offices where the payments are received and only fraction is reimbursed to Pakistan to pay cost and shown as earnings.

We have our challenges but at least we acknowledge and show and not just cook up any other GDP number to impress fellow Bengali:..

Dude, can I ask how were you ranked in school in your class?

I do not have much confidence that you were in the top half with the two posts you made so far in this thread.

Dude I have have two post grad degrees …. What do you have …. Degree from Bangla institute of fake stats …

 

[UKBengali]

Dude I have have two post grad degrees …. What do you have …. Degree from Bangla institute of fake stats …

Degrees are handed out to even imbeciles these days.

Means little.

How about being in the top 2% of my cohort at school dude?

I have probably forgotten more than you have or will learn in your entire life.

 

[Flight of falcon]

Degrees are handed out to even imbeciles these days.

Means little.

How about being in the top 2% of my cohort at school dude?

I have probably forgotten more than you have or will learn in your entire life.

Sure good luck .

By the way just wondering if anyone gives you any attention in your family and friends or do you have to come to a public forum to talk about your degree to feel valued and important ?

 

[UKBengali]

Sure good luck .

By the way just wondering if anyone gives you any attention in your family and friends or do you have to come to a public forum to talk about your degree to feel valued and important ?

Dude, I never talked about my degree.

All I asked was how were you ranked in your cohort?

I only replied with my rank as you asked about a degree that could be worthless as a lot are.

Ignored as you are a total timewaster with no knowledge and just here to troll.

 

[Bilal9]

Lmao ya sweatshops will flood market with more cheap cotton underwear. Absolutely no diversification same shit cheap garments. Good luck.

Try to at least export few billions high value items in light engineering or electronics or even basic software exports.

All will come in time.

Export diversification takes time. Apparel is a basic necessity, as is food. Other products are not as essential and not in as high a demand for import in most markets.

Somebody in some US trailer park near a Walmart will buy cheap cotton underwear, which is a disposable item. Better we make it in Bangladesh and give that job to a semi-educated 19 year old female whose only other option was to work as a maid. That will be her ticket to a better life, clean water and hopefully a pathway to educate her kids.

Making higher value addition items in Bangladesh needs higher levels of education and aptitude. Not many have it locally. However they still have to eat. So lower level value addition making cheap stuff is still a viable alternative.

Import substitution in some light engg., and most of the electronics and home/major appliances have already taken place in Bangladesh to a large degree, which are prerequisites for export diversification.

Bangladesh is doing better than most South Asian countries in terms of home/major appliances e.g. TVs, Refrigerators, Washing machines etc. - at least I know one company is.

85% of cellphones sold in Bangladesh are made locally. Ditto for 75% of TVs and Refrigerators. Ditto for many other small kitchen electrics. These will venture overseas in time - they have to. Price/Quality ratio and Bang-for-the-buck quotient will take care of them.

Export of basic software is taking place, even in languages like Japanese and those of the EU. Local software startups are gaining market share and they have a vibrant market locally at least. Bangladesh is the second largest exporter of software after India and has even a bigger freelance export market percentage-wise compared to India, which is the largest exporter.

While I understand your frustration, you also have to understand that certain overseas markets are saturated and have strong players entrenched in them. Those are tough markets to break into. Talking about EU, US and developed Asian countries especially.

To compete in those markets, you need USP's of high quality, attractive modern design and low cost for lower end entry level product. Right now China has that whole sector cornered. No other country can challenge China in those qualities - for now.

Chinese assemblers and manufacturers will venture into Bangladesh to do the same thing the Japanese did for assembly in Vietnam, Thailand and Phillippines - which do have electronics and even camera, drone type products export to some degree but their exports are mostly assembly value-addition related on behalf of Japanese brands.

Chinese business folks have moved some low end value addition (shoes, toys, electronics) operations to Bangladesh, as well as cellphones, but unlike next door in India (which is to serve local market), our assembly operations are primarily for exports. That type of export operation FDI takes far longer to materialize.

This is the reason I am tired of responding to people who say that India gets "x" amount of FDI while Bangladesh doesn't. India gets FDI for serving their local market. Also, their retraction rate for FDI is way higher than for example - China. Google the subject and you will see what I mean. FDI left Indian shores at far higher rates recently, even before covid (Automotive is one example).

Neighboring South Asian countries for example don't export much in terms of electronics into those advanced markets - for example. If they could, they would. But they can't - so they don't even try.

Bangladesh has done a lot in less than five years, and the diversification trend will continue.