Tuesday, 23rd July, 2024

Exporters should take advantage of taka devaluation: Minister of State for Commerce

Thursday, 09 May 2024 | 12:37 pm | 94 times

Exporters should take advantage of taka devaluation: Minister of State for Commerce

Commerce State Minister Ahsanul Islam Titu said, yesterday, about 6 percent of our currency was devalued. There has always been a pressure from the exporters that we devalue the dollar to a level that makes our exports competitive.

Now that devaluation has happened, our exporters’ income has increased. Although our country is import dependent. Still we have to do devaluation for our export competitiveness. We hope this will increase the competitiveness of our export trade. Our exporters should utilize this opportunity.


He also said that in the last three years, the devaluation of the dollar against the taka has been over 30 percent. That means the income of our exporters has increased by 30 percent. Due to which we as a developing country have limited opportunities to give cash incentives.

He said these things while speaking as the chief guest at the CIP (Export and Trade)-2022 award ceremony in recognition of his significant contribution to export trade at Radisson Blur Water Garden in the capital on Thursday (May 9) afternoon.

In the event, the state minister for commerce said that there are many challenges ahead of us. Bangladesh is no longer a bottomless basket. Bangladesh is moving forward now. We are moving from underdeveloped countries to developing countries. As a developing country, we will start the journey in 2026. As an LDC graduating country, we will have access to different countries for three years. But if it is a developing country, that opportunity will be limited. So we have to prepare from now, so that we can enter the market of different countries. Our aim is to diversify our exports.

He also said that one of the few initiatives of our commerce ministry is product diversification. On the instructions of the Honorable Prime Minister, we have taken up our activities in the country by giving priority to pharmaceuticals sector including textile and garments, leather, jute, tea sector. This year the Hon’ble Prime Minister declared Handicrafts as the Product of the Year. We would like to promote handicrafts as an alternative export product through financial and technical assistance to grassroots artisans under the slogan ‘One Village, One Product’ from the Ministry of Commerce. We have many plans for it. We have embassies in 73 countries of the world. We have commercial counselors in 23 countries. Through them, I want to hold a Boishakhi fair at the embassy on next Pahela Boishakh We want to deliver our handicrafts there. So that it can play a significant role in our export trade.

The Minister of State for Commerce also said that the achievements of Bangladesh today, especially the achievements of Bangladesh from 2009 till today, are recognized all over the world. Many did not believe that Bangladesh would reach this place. While exports were a little over $15 billion in 2009, today those exports have nearly quadrupled to $63 billion. Bangladesh is the 35th largest economy in the world today. whose GDP size is about 460 billion. All these achievements were possible due to the able leadership of Prime Minister Sheikh Hasira. The logistics support he has given in business and the change in communication is undeniable. Today the biggest driver of export trade is energy communication system.

He said, through various initiatives of the Ministry of Commerce, we have taken various plans to advance the export trade. Like every year this year also we are awarding CIP to 140 people for significant contribution in export in various fields. Along with that, the role of leaders in business in this country is undeniable. Therefore, 44 people have been designated as CIP trades as per the recommendation of FBCCI, the apex body of traders in their recognized form.

President of FBCCI Mahbubul Alam was present as a special guest at the CIP card distribution ceremony under the chairmanship of Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce. Vice-Chairman of Export Development Bureau AHM Ahsan delivered the welcome address on the occasion.

184 people were awarded CIP (Exports and Trade)-2022 in recognition of their significant contribution to export trade.

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