Bangladesh hikes cash incentive for apparel exports to new markets by 1 per cent
In what may be termed as an effort to popularize non-traditional and new export destinations among the apparel exporters, the Bangladesh Government recently increased the incentive for RMG export to markets to 4 per cent from earlier 3 percent, for markets other than the US, Canada, and the European Union, for…
Egytex News Desk
Source: Apparel Resources
Bangladesh Commerce Minister Tofail Ahmed announced the same while addressing a press meet to declare the country’s export targets for the current financial year.
“Simply increasing production cannot increase export earnings. You need markets to export to. That is why the Government has taken this decision to help explore new markets,” the Commerce Minister reportedly underlined at the meet.
Hailing the government’s decision, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Md Siddiqur Rahman said, “Japan, China, and India are very potential markets for Bangladesh. And the incentives will increase our exports to non-traditional markets.”
In financial year 2017-18, the country reportedly earned US $ 4.67 billion from apparel exports to non-traditional markets, which is 9.92% higher than the US $ 4.24 billion of FY17.
Source: Apparel Resources
From the Egytex news archive, first published on 5 September 2018. Figures and names are as reported at the time.
