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4 New Products Have Been Added To The Export Incentive

Noushin Ahmed Monira: Four more new products have been added to the export of goods. In the current financial year (2021-22), the government has added four new products for 4 percent cash assistance. As a result, a total of 43 products and sectors, including four new products, will receive cash assistance for export in the current financial year.

On Wednesday (November 10), Bangladesh Bank's Foreign Exchange Policy Department issued four separate notifications in this regard. At the same time, a separate notification has been issued regarding payment of 1 percent export incentive in case of export of other related products outside the country by all the category companies of the specialized region.

Bangladesh Bank says the government will provide cash assistance at the rate of 4 percent to the four new sectors or products that have been added in the current financial year. In addition, as a result of the issuance of new notifications in specialized areas, the number of export-oriented sectors stood at 43. The products are - Tea (produced in the country), bicycle and its parts, MS Steel products and cement sheets.

On the other hand, in the case of tea, bicycle and its parts, MS steel products and cement sheets, export incentives and duty drawback or duty bond facilities will not be available simultaneously.

According to the circular, these products' local value-added rate should be more than 30 percent. In all cases, export incentives will be provided in accordance with WTO rules as opposed to the cost of handling, quality improvement, processing of goods and domestic and international transportation and payment of freight charges.

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