In a bid to offset any significant drop in garment export figures, the government in 2009 introduced a financial package to encourage garment manufacturers to explore new destinations. Under the scheme, the government gave 5 percent cash incentive to garment exporters in fiscal 2009-10, 4 percent in fiscal 2010-11 and 2 percent in fiscal 2011-12. The exporters are still receiving 2 percent cash incentive for exporting to the new destinations. Subsequently, exports to India, China, Russia, Japan, South Africa, Turkey, Brazil, Chile, Mexico, South Korea, Malaysia, Australia and New Zealand, took off.
In 2008, garment exports to destinations other than the US, EU and Canada stood at $800 million; in 2013 the figure crossed $3.5 billion.
Available at: http://www.thedailystar.net/stimulus-drives-rmg-exports-to-new-destinations-9638