Business Desk :
Speakers at webinar have said that Bangladesh should target China to expand its market share for a smooth LDC graduation as China is one of the largest importers in the World.
They made this observation while speaking at the webinar on “Prospects of Bangladeshi Products in Chinese Market: How to Realize the Potential of Preferential Treatment” jointly organized by Bangladesh China Chamber of Commerce and Industry (BCCCI) and the Export Promotion Bureau (EPB) on Saturday.
China has maintained its position as the world’s largest manufacturing country and it has about a $40 trillion domestic market, said Dr Abu Eusuf, Chairman RAPID and Professor Department of Development Studies, University of Dhaka.
“If Bangladesh can achieve a one-percent share of the Chinese market, export earnings from China alone could be in the range of $20-25 billion,” he added.
The next five years are very crucial for Bangladesh. That is why the Chinese market should be the target for a smooth graduation of Bangladesh.
UNDP Bangladesh economist Dr Nazneen Ahmed said Bangladesh should focus on the Chinese investment and export market equally for a smooth graduation from LDC.
She also mentioned that one belt and road initiative would be a trump card for business negotiation with Chain.
Mahbub-Uz-Zaman, Bangladesh Ambassador to the People’s Republic of China was Guest of honor while Export Promotion Bureau (EPB) Bangladesh director general Mahbubur Rahman presided over the event.
BIISS research director Dr Mahfuz Kabir presented the key-note paper and Bangladesh Institute of Development Studies (BIDS) Research Associate Siban Shahana was moderator of the webinar.
Kabir said the top five items constituted around 76 per cent of total exported goods to China in 2020-21, off the total export Woven garments 21 per cent Knitwear 19 per cent Raw hides & skins and leather 9 per cent Iron and steel 6 per cent and Other vegetable textile fibers 21 per cent.
“The merchandise exports would be only $1.28 billion in 2025-26 and in an optimistic growth scenario (30% growth), then it would be $2.53 billion by that time,” he added.
Dr Kabir said China has granted duty-free access of 97% (8,256) Bangladeshi products effective from July 1, 2020, which expected to bring new opportunity for Bangladeshi exporters and businesses as almost all items of RMG, jute and jute products, fish, leather and leather products, shoes, home textiles, medicines, perfumes, cosmetics and other toiletries, soaps, plastic and plastic products, rubber and rubber products, stone, cement, etc.
He also mentioned that It was expected that Bangladesh exports to China will register a significant rise with the effectiveness of new duty-free market access but it didn’t happen due to lack of a diversified product basket, Lack of readiness according to the duty-free product list and disruption in the global supply chain because of Covid19 pandemic”.
BCCCI Joint secretary Al MamunMridha said Bangladesh and China traditionally have been enjoying friendly bilateral relations for thousands of years. In recent years, the development of Bangladesh China relations has been promoted onto the fast track.
