Economic Reporter :
Swedish Ambassador in Dhaka Johan Frisell said Bangladesh should outline an export strategy for middle-income status period to maintain its global competitiveness in apparel sector as duty-free access facility would be taken back after graduation.
Bangladesh currently enjoys duty-free access to markets like the European Union under the Generalized System of Preferences (GSP) for the least developed countries (LDCs). But it will lose the facility after reaching middle-income point.
“Bangladesh has to think about trade regime and the long-term market access to the export destinations in the EU and others as it would not enjoy trade benefits under the GSP facilities after achieving the middle-income country status,” said Johan Frisell at a seminar on Wednesday.
He said Bangladesh would have to pay 12 percent tax after becoming a middle-income economy.
The seminar was held on Bangladesh’s $50 billion export target, organised by the Bangladesh Denim Expo. Mostafiz Uddin, Founder and CEO of Bangladesh Denim Expo inaugurated the two-day expo in Dhaka on Tuesday.
Swedish envoy said buyers wanted to know about market strategy and production sustainability for next five years. “Bangladesh has to work to get the GSP Plus so that buyers can continue to invest in and source from the country.”
“Importance should be given on bilateral trade issues earlier as it takes several years before a consensus over giving trade benefits is reached. The government can ensure zero-custom duty and zero-quota,” he added.
Other panel discussants at the seminar put emphasis on branding, innovation, product diversification, social and environmental compliance and safety issues.
Thomas Prinz, German ambassador to Bangladesh, said: “Branding is extremely important and it’s time to come up with the ‘Made in Bangladesh.’ Bangladesh has to concentrate on environmental and social compliance issues.”
He said lots of progress have been made in safety standards in the RMG sector of the country but maintaining sustainability is necessary for the sector.
German envoy suggested thinking about the safety inspection in factories after the departure of Accord and Alliance at the end of June 2018.
Najeed Sayed, country manger and dress director of PVH Bangladesh, said innovation is the first to promote Bangladesh.
“Bangladesh is the second largest exporter but it will have to think how it could be the second in efficiency and productivity. We cannot talk about efficiency and productivity without innovation.”
Najeeb said development of infrastructure is needed to decentralise industries to different parts of the country.
BGMEA Vice President Mohammed Nasir moderated the panel discussion.
Swedish Ambassador in Dhaka Johan Frisell said Bangladesh should outline an export strategy for middle-income status period to maintain its global competitiveness in apparel sector as duty-free access facility would be taken back after graduation.
Bangladesh currently enjoys duty-free access to markets like the European Union under the Generalized System of Preferences (GSP) for the least developed countries (LDCs). But it will lose the facility after reaching middle-income point.
“Bangladesh has to think about trade regime and the long-term market access to the export destinations in the EU and others as it would not enjoy trade benefits under the GSP facilities after achieving the middle-income country status,” said Johan Frisell at a seminar on Wednesday.
He said Bangladesh would have to pay 12 percent tax after becoming a middle-income economy.
The seminar was held on Bangladesh’s $50 billion export target, organised by the Bangladesh Denim Expo. Mostafiz Uddin, Founder and CEO of Bangladesh Denim Expo inaugurated the two-day expo in Dhaka on Tuesday.
Swedish envoy said buyers wanted to know about market strategy and production sustainability for next five years. “Bangladesh has to work to get the GSP Plus so that buyers can continue to invest in and source from the country.”
“Importance should be given on bilateral trade issues earlier as it takes several years before a consensus over giving trade benefits is reached. The government can ensure zero-custom duty and zero-quota,” he added.
Other panel discussants at the seminar put emphasis on branding, innovation, product diversification, social and environmental compliance and safety issues.
Thomas Prinz, German ambassador to Bangladesh, said: “Branding is extremely important and it’s time to come up with the ‘Made in Bangladesh.’ Bangladesh has to concentrate on environmental and social compliance issues.”
He said lots of progress have been made in safety standards in the RMG sector of the country but maintaining sustainability is necessary for the sector.
German envoy suggested thinking about the safety inspection in factories after the departure of Accord and Alliance at the end of June 2018.
Najeed Sayed, country manger and dress director of PVH Bangladesh, said innovation is the first to promote Bangladesh.
“Bangladesh is the second largest exporter but it will have to think how it could be the second in efficiency and productivity. We cannot talk about efficiency and productivity without innovation.”
Najeeb said development of infrastructure is needed to decentralise industries to different parts of the country.
BGMEA Vice President Mohammed Nasir moderated the panel discussion.
