Dhaka: Exporters in Bangladesh are set to receive cash incentives for shoes and bags made from a blend of synthetic materials and fabrics, as announced by Bangladesh Bank (BB). This initiative will be available under the bond and duty drawback facilities, providing financial benefits to exporters in the coming years. According to Bangladesh Sangbad Sangstha, the central bank issued a circular detailing the new incentive structure. Starting from February 1, 2024, until June 30, 2024, the government will offer a 3 percent cash assistance for shipped goods. For the subsequent period from July 1, 2024, to June 30, 2025, a 2 percent cash incentive will be available for the same category of goods. The circular further clarified that the existing instructions for exporting shoes and bags made of a synthetic-fabrics mix under the bond facility will remain unchanged. This initiative is expected to bolster the export sector by providing financial support to manufacturers who utilize synthetic-fabric blends in their products, enhancing their competitiveness in the global market.
