Commerce Minister urges businesses to take opportunity of PIFIC to boost export

Commerce Minister Tipu Munshi on Wednesday called upon the country's businesses to take opportunities of the Public investment Facility for Infrastructure Constraints (PIFIC) to increase the export volume in the global market.

"The government gives emphasis on leather, medicine and jute products to increase export earnings aiming to achieve SDGs by 2030 and developed country status by 2041," the minister said this at a virtual inaugural ceremony of PIFIC.

PIFIC is a significant component of the 'Export Competitiveness for Jobs’ (EC4J) project adopted by the ministry.

Tipu Munshi said some $40 million fund will be spent for infrastructure development of the industrial clusters and businessmen should take opportunities from this to catch global market with Bangladeshi products.

"The government provided stimulus packages to sustain business here and continue economic position during Covid-19. We took EC4J project to eliminate poverty and increase export earnings. So, youth participation is significant here," he said.

The minister said that it is an important time as Bangladesh is observing Bangabandhu's birth centenary and the country will celebrate its 50 year or golden jubilee in the next year. "We all have to work together to the country forward," he added.

Project Director and Additional Secretary of Commerce Ministry Md Obaidul Azam urged businessmen to apply quickly to get their opportunities.

The Secretary of the ministry Dr Md Jafar Uddin, Private Sector Specialist of World Bank Group, Md Jashim Uddin, President of Bangladesh plastic Goods Manufacturers and Exporters Association (BPGMEA), Saiful Islam, President of Leather Goods and Footwear Manufacturers & Exporters Association of Bangladesh (LFMEAB); Nazmul Hassan, President, Bangladesh PET Flakes Manufacturer & Exporter's Association (BPFMEA); Md Salahuddin Ahmed, Director of Bangladesh Competition Commission and other also joined there.

Application process

Suitable applications for financing infrastructure investment will be selected by PIFIC. Upon such selection, it will also provide guidance and actively assist the nominated candidates in formulating a complete project proposal.

Services provided by the PIFIC programme will include feasibility study, project evaluation, technical design, preparation of procurement document and monitoring service during project implementation period.

Subsequently, all these agreements will be continued under the EC4J project.

Leather products, footwear (leather and non-leather), plastic, and light engineering industries have been selected on a priority basis in the country's Export Policy and the Seventh Five-Year Plan.

If the PIFIC programme is successfully implemented, these potential sectors will contribute to the implementation of the country's export diversification plan, and will facilitate the access to international markets.