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Mixed reactions on stimulus package

STAR REPORT
The government's new export incentive package has drawn mixed reactions from exporters. Some small sectors, which add higher value to exportable, find the offer helpful. But some of the big sectors, including the apparel and textiles, see the stimulus almost useless.
Fabrics and yarn manufacturers are shocked as the government slashed cash incentives for them and said it will put them in a difficult situation to compete against the Indian producers.
Leather and frozen food exporters welcomed the move, but said they are yet to analyse the conditions tagged with the perks to assess the impact.
On the other hand, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said the incentive package will not have any positive impact on apparel exports.
Meantime, a Bangladesh Textile Mills Association (BTMA) delegation led by its President A Matin Chowdhury yesterday met Finance and Planning
Minister M Saifur Rahman to talk him into enhancing cash incentive for the textiles sector to 20 per cent from the slashed down 15 per cent.
But the effort proved futile as the finance minister said it will be difficult to arrange resources to provide the declared incentives.
However, there was some solace for the BTMA as Saifur indicated that the government was contemplating the idea of financing textile projects at 30 per cent equity instead of the existing 50 per cent, according to meeting sources.
"The reduction (in incentive) was less than what it should have been," Saifur said. He also wanted to know from them their contribution to the national exchequer and said with the tax they pay a year it would not be possible to construct only a two-kilometer road.
Meantime, the BGMEA in a statement said the incentive package overlooked the question of survival of the apparel sector in the current critical situation. In the context of the sluggish global economy, there should
have been steps to reduce pickhour electricity rate, port charges and bank and insurance charges and to make the port efficient to make the apparel sector competitive in the international market, it said.
It also urged the finance and commerce ministers to give 15 per cent cash incentive to the apparel sector till 2005.
The BTMA is unhappy as the government slashed the cash incentive for the textile sector to 15 per cent from the previous 25 per cent. Incentives will be reduced by five per cent every year before the facility turns zero in June 2005.
The Bangladesh Finished Leather and Leather Goods Exporters' Association (BFLLEA) welcomed the increase in cash subsidy for the sector from 10 per cent to 15 per cent. But the association said the conditions related to duty-bond and duty-drawback facilities will leave out many exporters from availing themselves of the offer.
The BFLLEA will sit today to review the incentives.
Salauddin Ahmed, president of the BFFEA, termed the government decision a good one, but said very few exporters would be benefited by the measures.
"Currently, 90 per cent of exporters do not export frozen foods in consumer packs and as such they will not get the benefit," he said.
"The incentive would have very little impact on the sector," he said.
Golam Mostafa, former president of the BFFEA, said the incentive may encourage corruption and most of the frozen food exporters would not be benefited by it.