The government has set a target to export goods and services worth $110 billion in FY27, which is double the earnings recorded in the last fiscal year.
The cabinet committee on economic affairs approved the draft Export Policy prepared for 2023-24 to FY27 on Wednesday.
“It will now be placed at the cabinet for approval,” said Mahmudul Hossain Khan, secretary for coordination and reforms at the Cabinet division.
Bangladesh’s export earnings stood at $55 billion in FY23.
Khan said that the draft policy highlighted the challenges that Bangladesh is expected to face once it graduates from the group of least-developed countries in 2026.
The policy focuses on alternatives to cash incentives to encourage exporters since the country will not be able to offer direct financial support once it becomes a developing country.
The government’s export target for FY24 stands at $62 billion.
Exporters shipped goods worth $47.47 billion in July-April of the fiscal year.
