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'7 Measures' To Safeguard Exports: Muhith PDF Print E-mail
Wednesday, 25 March 2009

The government is set to decide on seven urgent precautionary measures to safeguard export industries against global recession, the finance minister said after a first sitting with taskforce members on Tuesday.

Terming the recession as unprecedented in severity, the minister apprehended its disastrous effects on all export sectors including garments, frozen food, leather and jute.

"As RMG products alone account for over $11 billion in export earnings and a huge number of workers are employed in this sector, we'll have to keep it alive at any cost including cash incentives," said the finance minister.

The other urgent initiatives include redefining 'non-performing' loans (changing CIB rules), paying all outstanding cash incentives to the export sector, extra incentives for the frozen food sector, cutting VAT on export products, strengthening BSTI support for enhancing export quality, and issuing license for captive power plants for adequate supply to industries.

"The government is set to take an immediate decision on the proposed measures," said Muhith.

Chaired by the finance minister, taskforce members, including agriculture minister Matia Chowdhury, textile and jute minister Abdul Latif Siddique, former agriculture minister MK Anwar MP, economists Rehman Sobhan and Wahiduddin Mahmud, adviser to the prime minister Mashiur Rahman, Bangladesh Bank governor Salehuddin Ahmed, NBR chairman Mohammad Abdul Mazid, finance secretary Mohammad Tareq, FBCCI chief Annisul Haque, among others were present.

Nobel laureate Muhamad Younus attended as special guest.


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