Bangladesh expects Italy's support on GSP issue after LDC graduation: Tipu Munshi
"There are many opportunities to increase trade and investment between the two countries. This opportunity should be used," Tipu Munshi said during an exchange of views with Italian Ambassador to Bangladesh Enrico Nanziata
Bangladesh expects Italy's support on the Generalised System of Preferences (GSP) issue after the country's graduation from the least developed country (LDC) category, said Commerce Minister Tipu Munshi said today.
"Bangladesh's trade and economic relations with Italy are long-standing. Italy is a big market for Bangladeshi garments. Many Bangladeshis are working with reputation in Italy. Industrial machinery and medical machinery made in Italy are widely used in Bangladesh. There are many opportunities to increase trade and investment between the two countries. This opportunity should be used," Tipu Munshi said during an exchange of views with Italian Ambassador to Bangladesh Enrico Nanziata at the Secretariat on Monday (21 November).
The commerce minister said that 100 Special Economic Zones are being developed in important areas of the country under the direction of Prime Minister Sheikh Hasina, many of which are nearing completion.
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"Many factories have already been inaugurated. Bangladesh government is providing several facilities in the field of Foreign Direct Investment (FDI). There is an opportunity to use skilled manpower at a low cost in Bangladesh. Here it is possible to produce world-class products at low cost," he said.
"Italy will benefit if it invests in Bangladesh. Businessmen of both countries should visit each other's countries to select areas of investment. Bangladesh Government will provide all necessary facilities to increase trade and investment," the minister added.
"Bangladesh has been very successful in the production of ready-made garments. Made in Bangladesh is a good brand in the global market. Bangladeshi clothes are very popular in Italy. Bangladesh imports many Italian products," said Ambassador Enrico Nanziata.
Both countries have opportunities to further increase trade and investment. Businessmen from both countries can play an important role in this regard. The is a prospect for tourism; the Italian government places great importance on tourism," he added.
The ongoing trade between the two countries amounts to $2.26 billion. In the fiscal year 2021-2022, Bangladesh earned $1.708.29 billion by exporting various products to Italy, including ready-made garments, leather and leather products, ceramic products, and light engineering; at the same time, Bangladesh imported products worth $554.70 million from Italy.
