Bangladesh To Offer Additional Incentive To Exporters For Diversifying Products

November 17, 2009 10:58 a.m. EST

Dhaka, Bangladesh (AHN) - Bangladesh will provide special incentives to exporters for diversifying their exportable products and exploring new markets abroad, Bangladesh Bank (BB), the country's central bank, Governor Atiur Rahman said in Dhaka Tuesday.

"We'll give additional incentive to the exporters for diversifying their exports and exploring new destinations for exports," the central bank chief said at a seminar on 'Global Financial Meltdown and International Trade Finance' at the auditorium of the Bangladesh Institute of Bank Management (BIBM) in the capital, Dhaka.

The BB governor did not specify the size of the special incentives and when the exporters would get the financial assistance for adding new products to the country's export basket.

Currently, a high-powered committee is working on how to help the export sectors, particularly the textile sector, facing fallouts from the global financial crisis.

"We're awaiting their recommendations that would be implemented immediately," the BB governor promised, adding that the central bank already took some measures aiming to help the exporters.

The central bank boss made the promise against the backdrop of a decline in export growth in the recent months due to the global financial meltdown.

The central bank chief also asked the commercial banks to give more attention to financing in the manufacturing sector than to consumer credit to spur the country's overall production.

"The banks will have to give more attention to the manufacturing sector than to consumer credit," he said, adding that the BB took the move to create internal demands that would help cope with the adverse impact of any external shock.