Govt wants to reduce dependency on urea import, increase export of halal products
The government wants to reduce dependency on the import urea and increase export of halal products in the fiscal year 2024-25.
In the proposed budget, placed in the Parliament today (6 June), Finance Minister Abul Hassan Mahmood Ali said the commercial production of urea fertiliser has commenced under the auspices of the 'Shahjalal Fertilizer Project' in Fenchuganj, Sylhet costing Tk4,985 crore.
He also mentioned that an environment-friendly, energy-efficient and modern technology-based Ghorashal-Palash Urea Fertiliser Factory with a production capacity of 9,24,000 tonnes has been launched.
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"A project is being undertaken to construct 13 buffer warehouses at a cost of Tk545.33 crore in the 1st phase and 34 buffer warehouses at a cost of Tk1,983.04 crore in the 2nd phase. A total of 54 godowns have been constructed under the project titled 'Godown Construction for Temporary Facilitating Chemicals Storage'. With the help of the BSCIC, a total of 82 industrial cities have been set up in different regions of the country in environment-friendly locations," he said.
Regarding growing market of halal products, Mahmood Ali said considering the big demand of the market for Halal products worldwide, the BSTI has become a member of the Standards and Metrology Institute for Islamic Countries (SMIIC), an international standard setting organisation and has already issued 84 halal certificates.
"As a result, foreign exchange is being earned through the export of halal products worth about Tk900 crore annually. To increase the export of halal products to the growing global market, we have formulated the Halal Certification Policy-2023 and in light of that, we are taking effective initiatives to increase the export by issuing certificates," he added.
The government has proposed an allocation of Tk2,510 crore for the Ministry of Industries in the FY 2024-25. The allocation is Tk504 crore lower than the revised budget of Tk3,024 crore in FY 2023-24.
