Finance Minister Amir Khosru Mahmud Chowdhury on Wednesday said the government will extend the same incentives and facilities enjoyed by the readymade garment (RMG) sector to other promising export industries including gold and diamond, as part of a broader drive to diversify the country's export base.
“To bring diversity to export trade, potential sectors like gold and diamond will be given the same level of opportunities and facilities as the garment industry,” the minister said while addressing the 46th meeting of the National Board of Revenue's (NBR) Consultative Committee jointly organised by NBR and FBCCI at a city hotel in the morning.
Acknowledging the overwhelming dominance of the RMG sector, the minister said other industries have lagged far behind and that the government is determined to investigate why and address the structural barriers holding them back. “We will not keep sectors locked down out of fear of theft. The solution to theft will be found separately, but business opportunities will remain open.”
The minister noted that the government has been in office for just two months but has already engaged with businesses and stakeholders across sectors.
“The private sector is the primary driver of the economy, and resolving its problems is our priority,” he said, adding that the government will take a hard look at why non-RMG sectors continued to underperform.
Pledging a crackdown on corruption and unnecessary cost escalation at ports, he invited businesses to report any obstacles they faced and assured them of swift resolution.
On the upcoming budget, the minister said the government was prioritising a large, quality fiscal plan aimed at poverty reduction, stimulating investment and boosting demand among ordinary citizens.
To improve revenue collection, Khosru said the government would minimise direct contact between taxpayers and tax officials through a “One Citizen One Card” framework and full digitalisation, a move designed to curb corruption. “A related digital project has already received cabinet approval.”
Urging business associations and chambers to support efforts to widen the tax net, the minister said those operating outside the tax framework were distorting competition and must be brought into the fold. “The current government believes not in a patronage economy, but in the democratisation of the economy, where all businesses compete on equal footing.”
Commerce Minister Khandakar Abdul Muktadir and NBR Chairman Md Abdur Rahman Khan were also present at the event.