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Govt wakes up to Iraq war impact on exports

Commerce ministry mulls bailout package

STAR BUSINESS REPORT
A commerce ministry meeting yesterday discussed a possible bailout programme for the export-oriented industries in view of the war in Iraq.
The meeting decided to pursue with the central bank to make funds available immediately for those whose audit for cash incentive have already been completed.
The meeting observed Bangladesh will suffer severely if the war prolongs and that export has already declined substantially.
The US and the UK are second and fifth biggest markets for Bangladeshi products but both these countries are now engaged in
the war. There is no sign of ending the war shortly and it will have a far-reaching impact on export-oriented industries, it observed.
The meeting decided to initiate moves to concentrate on some regional markets like Myanmar, Thailand, northeastern Indian states. As foreign buyers usually face different problems in Dhaka, special attention should be given for easing such problem.
The meeting decided to convene a joint meeting with Ministry of Foreign Affairs. The missions abroad will be asked to send market reports on weekly basis. Besides, they will be asked to send updates on demand of Bangladeshi products and also
impact of war.
Missions in general will be asked to send reports on monthly basis but some important ones like the US and the UK will be asked to send reports on daily basis, the meeting opined.
The decisions also include having online facility at the Export Promotion Bureau and Bangladesh Bank and that it should be linked with customs through network so that information is updated instantly.
Presently, export and import figures from EPB and BB are released after more than two months.
With Commerce Minister Amir Khosru Mahmud Chowdhury in
the chair, the meeting was attended by commerce secretary, foreign affairs secretary, executive chairman of Board of Investment, representatives of the central bank and National Board of Revenue.
According to the working paper of the meeting, the export income has gone down substantially in recent months with unit price of major products dipping dangerously. Exports not only in the US and the UK but also in the middleeastern countries may go down further.
The country has to find the ways to face further fall in export volume as well as price, the paper added.