Dhaka seeks Romes support for continuing GSP, Today, Bangladesh’s Commerce Minister Tipu Munhsi asked Italy for help in extending Bangladesh’s Generalized System of Preferences (GSP) benefits for another six years after Bangladesh graduates from the LDC category. When Enrico NUNZIATA, the Italian ambassador to Bangladesh, met with the commerce minister today at his secretariat office, he asked for such assistance.
Dhaka seeks Romes support for continuing GSP
Currently, Bangladesh exports to European nations, including Italy, with GSP benefits. After 2026, when the nation would be expelled from the LDCs, such a facility would remain in operation for three more years. However, Bangladesh is negotiating with various nations to extend the GSP facilities for an additional six years after the LDCs graduate.
Tipu urged Italian investors and companies to invest in Bangladesh’s economic zones, noting that the country’s prime minister, Sheikh Hasina, has ordered the establishment of about 100 special economic zones nationwide. He claimed that many of the economic zones’ construction projects are nearly complete and that many factories there have already begun to operate. If Italian companies make investments here, they will profit from the favorable investment-friendly environment.
The Commerce Minister said that the foreign investors would be benefitted if they make investment in Bangladesh since the country has less labour cost and production cost. Noting that there is a huge scope for boosting trade and investment relations between Bangladesh and Italy, he said that Italy is one of the major destinations of Bangladesh’s RMG items while many Bangladeshi expatriates are also working in Italy with reputation.
However, in addition to importing medical equipment, Bangladesh also imports Italian machinery for use in domestic industries and mills. According to the Italian ambassador, Bangladesh has had great success producing RMG throughout the years, and Bangladeshi RMG products are also very well-liked in Italy.
The importance of maximizing chances to expand bilateral trade and commerce was again emphasized by NUNZIATA. He also emphasized the importance of promoting travel between the two nations. The bilateral trade volume between Bangladesh and Italy is approximately $2,262.99 million, according to official figures. In the 2021–22 fiscal year, Bangladesh exported items to Italy for $1,708,29 million while importing $554,70 million.