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‘EU’s change in GSP eligibility to benefit Bangladesh’

Published : Thursday, 28 October, 2021 at 12:00 AM  Count : 526
Business Correspondent

Commence Minister Tipu Munshi said Bangladesh is an emerging market having a congenial atmosphere for attracting European investment with good examples of having many multinational success stories here.
He said at a webinar titled "Economic Tie of Bangladesh and Europe: New Regulatory Regime" held on the 2nd day of Bangladesh Trade & Investment Summit 2021 jointly organized by Ministry of Commerce and Dhaka Chamber of Commerce & Industry (DCCI) on Wednesday.
The Commerce Minister said it is true that after we graduate, we will lose 'Duty Free Quota Free' market access. He also said 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.
Bangladesh will directly benefit from this change. But 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.
Dr Rubana Huq, Managing Director, Mohammadi Group and Former President, BGMEA said we have to ensure our better position in a sustainable manner. LDC graduation will open up new opportunities for us.
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.
Zaved Akhtar, CEO and Managing Director, Unilever Bangladesh Ltd. said Bangladesh is an emerging market of huge population. It is 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.
Momin Ud Dowlah, Chairman and Managing Director of the EON Group of Industries 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 world. European investors have good potential here in setting up food processing industry, he told.
DCCI President Rizwan Rahman said Bangladesh is one of the main trading partners of Europe, accounting for around 35 percent of Bangladesh's total trade in 2020.
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.

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