Agro processing sector getting additional support to boost exports: NBR Chair
Business Report :
The government is providing additional support to the agro processing sector for the upcoming fiscal year 2023-24 (FY24) in a bid to boost exports, the National Board of Revenue (NBR) said on Wednesday.
“The government is giving extra emphasis to the agro processing sector to increase exports. That’s why we are giving additional support to this sector,” NBR Chairman Abu Hena Md Rahmatul Muneem said at a pre-budget meeting at the board’s headquarters in the capital’s Agargaon.
“The amount of value addition in the agro-based food sector is very high. For this reason, we are giving importance to the sector, so that exports increase,” he said.
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“There is a big market for agro processing products in various countries, including those in Africa. We want to capture that market. We will provide all the necessary logistical support for this.
“However, it needs to be ensured that the facilities are not misused,” he added.
Earlier, speaking at the meeting, Bangladesh Cold Storage Association Senior Vice President Eshtiaque Ahmed said this year carrots will be stored experimentally in three chambers of cold storage.
“At present, the carrot storage capacity is 3,000 tonnes, but it will be continuously increased. But support is needed for this. If the duty on imported carrots is not increased, the local cold storage business will not become profitable.
Last year, 12,500 tonnes of carrots had to be imported, he said.
Speaking on the matter, NBR Chairman Muneem said 58% import duty has already been imposed on carrots.
“But if the local industry develops, we will always support it. We want the import of agricultural products to be reduced as much as possible.”
In the pre-budget discussion with the revenue board, the representatives of Bangladesh Agro-Processors Association (BAPA) proposed to reduce the source tax at the production level of paddy and other goods to bring their price down.
