Exporters of shoes and bags made from synthetic materials will soon benefit from cash incentives, as announced by Bangladesh Bank (BB) in a circular issued on Thursday.
Under the new initiative, exporters will receive 3 per cent cash assistance on shipped goods between 1st February 2024, and 30th June 2024. Following this period, a 2 per cent cash incentive will be available for shipments made from 1st July 2024, to 30th June 2025.
The circular also noted that existing guidelines for exporting shoes and bags made from a mix of synthetic fabrics under the bond and duty drawback facilities will remain unchanged. This move aims to bolster the export sector and support manufacturers in leveraging synthetic materials for their products.
