Close on the heels of the Bangladesh Government setting a US $ 72 billion export target for FY ’24, business leaders and economists have termed the target as ambitious even if they have raised concerns as to the potential obstacles such as the gas, electricity, and dollar crises, which they reportedly underlined if not addressed, the country’s exports may decline compared to the previous fiscal year.
The inability to open letters of credit (LCs) due to the dollar crisis and the constraints on industries operating at full capacity due to shortages in gas and electricity supply are cited as major challenges.
Furthermore, economists and top businessmen emphasise the importance of avoiding political uncertainty surrounding the upcoming elections even as they stressed the need for a clear separation between political programmes and economic activities.
Additionally, attention is drawn to the significance of maintaining focus on resolving the gas, electricity, and dollar crises.
Meanwhile, to achieve the target set for garments, which is the country’s main export item, businessmen highlighted the necessity of securing 20-25 per cent of export orders from other apparel exporting countries even as they reportedly held Bangladesh has the opportunity to fill the gap resulting from reduced exports from China to Europe and the US due to the current geopolitical situation.
