Concerted efforts needed to avail new GSP+ in EU market: Tipu
Published : Wednesday, 27 October, 2021 at 10:59 PM Count : 472
Commerce Minister Tipu Munshi today said that concerted efforts needed to become compliant to avail new GSP+ in the EU market.
He also mentioned that in the draft of the new GSP regulation, which was published last month, the European Union has proposed to remove the import-share criterion from the GSP+ eligibility and Bangladesh will be the direct beneficiary of this change.
Tipu made the remarks in a webinar titled "Economic Tie of Bangladesh and Europe: New Regulatory Regime" held on the 2nd day of Bangladesh Trade and Investment Summit 2021 jointly organized by Ministry of Commerce and Dhaka Chamber of Commerce and Industry (DCCI) , said a press release.
He urges all sectors including public and private to be cautious to become compliant in all conventions before applying for GSP+ facility in the EU market.
DCCI President Rizwan Rahman said Bangladesh is one of the main trading partners of Europe, accounting for around 35 percent of total trade in 2020 and after LDC graduation, Bangladesh will face strict Rules of Origin requirement.
He said, Bangladesh should sign FTAs/PTAs with the European Union (EU) and the UK, which will guarantee preferential market access for export to the European market.
He invited European investors to invest in pharmaceuticals and API sector as well as in the high-tech parks and SEZs.
`Scope of European technology transfer will usher our farming compliance and export-oriented agro-processed food industries', he added.
Managing Director of Mohammadi Group and Former President of BGMEA Dr Rubana Huq said `we have to ensure our better position in a sustainable manner. LDC graduation will open up new opportunities for us.'
She also said, In terms of compliant factories Bangladesh's position is commendable.
`The buyers should also look into a sustainable pricing system. But for that we have to go for diversification and value added products ', she added.
CEO and Managing Director of Unilever Bangladesh Ltd Zaved Akhtar said Bangladesh is an emerging market of huge population.
It is been a phenomenal journey for Unilever here in Bangladesh. Per capita FMCG consumption in Bangladesh is still only $23 dollar whereas it is $44 dollar in India, $100 dollar in Philippines.
He also said that the demographic dividend is high in this country.
Chairman and Managing Director of EON Group of Industries Momin Ud Dowlah said Bangladesh's soil is very fertile.
He said Bangladesh is the 3rd largest vegetable producer, 3rd largest rice producer and 3rd largest Telapia fish producer in the country.
European investors have good potential here in food processing industry, he added.
He further said, despite we have an agro-friendly policy however we still need a few policy reforms. But to be competitive, Bangladesh needs agro mechanization and automation and investment in research and development.
CEO of Grameenphone Ltd Yasir Azman said that in 25 years they have been able to become a success story in this market. There is a win-win situation in this market.
The youth of Bangladesh and technology and digitalization will lead Bangladesh to become the developed nation in, he said.
CEO of Standard Chartered Bangladesh Naser Ejaj Bijoy said Bangladesh is a congenial market in terms of financial sector.
There are challenges in this sector but if all these challenges can be overcome, this market is a profitable one, he added.