The new export policy for fiscal year 2018-19 to 2020-21 is approved by cabinet where Bangladesh eyes to increase export earning to USD 60 billion in next 3 years. Government added three new priority sector in list including denim, active pharmaceutical ingredients and reagents and five new in special development sector: light engineering products (motor cycle batteries), photovoltaic module, cashew nuts (raw and processed), processed crabs and toys. Special steps were taken to extend easy term loans, increased cash incentive and other banking facilities to export-oriented industries from the Export Development Fund (EDF) of the Bangladesh Bank.
This is a good opportunity for an entrepreneur to delve in to for new business ideas, and secure investment from local and foreign source. In addition, other industry owners can consider aligning their SBU expansion strategy to pivot towards these promising sectors.
Written by Omor Ahmed, Senior Associate