Bangladesh seeks GSP support from Italy to face post-LDC challenges

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Bangladesh seeks GSP support from Italy to face post-LDC challenges​

FE ONLINE REPORT | Published: November 21, 2022 17:21:01

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Commerce Minister Tipu Munshi has sought GSP support from Italy for Bangladesh to face the post-LDC challenges after its final graduation as a developing nation.

The minister also called upon the European country to increase mutual understanding between the two nations on trade and investment.

“Italy will benefit if it invests in Bangladesh. Businessmen of both countries can visit each other's countries to select areas of investment. Bangladesh will provide all necessary facilities to increase trade and investment”, he said while at a views exchange meeting with Italian Ambassador to Bangladesh, Enrico Nunziata, at the Bangladesh Secretariat in the capital on Monday.

Terming that Bangladesh's trade and economic relations with Italy are long-standing, the minister said Italy is a big market for Bangladeshi garments and many Bangladeshis are working with reputation in the country.

Industrial machinery and medical machinery made in Italy are widely used in Bangladesh. There are huge opportunities to increase trade and investment between the two countries. This opportunity should be explored and exploited, according to him.

The minister said 100 Special Economic Zones are being developed in important areas of the country under the direction of Prime Minister Sheikh Hasina.

Many of them will be completed soon. Many factories have already been inaugurated. Bangladesh is providing several facilities in the field of Foreign Direct Investment (FDI), he pointed out.

There is an opportunity to use skilled manpower at low cost in Bangladesh, the minister said, adding that the world class products can be produced at low cost in the country.

Enrico Nunziata said Bangladesh has been very successful in the production of ready-made garments.

‘Made in Bangladesh’ is a good brand in the global market, he said, adding that Bangladeshi clothes are very popular in Italy.

Bangladesh imports many Italian products. Both countries have opportunities to further increase trade and investment, Enrico noted.

Businessmen of both the countries can play a vital role in this regard, he stressed.

The Italian government attaches great importance to tourism, Nunziata added.

The current trade between the two countries now reaches $ 2.263 billion.

In the last fiscal year 2021-2022, Bangladesh was able to earn $ 1.708 billion by exporting various products to Italy, including ready-made garments, leather and leather products, ceramic products, light engineering, while at the same time, it imported different products worth $ 554.70 million.

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Bangladesh seeks GSP support from Italy to face post-LDC challenges

Commerce Minister Tipu Munshi has sought GSP support from Italy for Bangladesh to face the post-LDC challenges after its final graduation as a developing nation. The minister also called upon the European country to increase mutual understanding between the two nations on trade and investment...

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