Commerce Minister Tipu Munhsi today sought support of Italy to continue the Generalized System of Preferences (GSP) facilities in favour of Bangladesh for six more years beyond the LDC graduation.
The commerce minister sought such support when Italian Ambassador to Bangladesh Enrico NUNZIATA met him at his secretariat office today.
Bangladesh is currently enjoying GSP facilities in its exports to European countries including in Italy. Such facility would continue for three more years after 2026 when the country would be graduated from the LDCs.
But, Bangladesh is negotiating with different countries to continue the GSP facilities for six more years after the LDC graduation.
Urging the Italian investors and businesses to invest in the economic zones in Bangladesh, Tipu said that some 100 special economic zones are being set up across the country under the directives of Prime Minister Sheikh Hasina.
He said the construction work of many of the economic zones is at the final stage while many factories have already started their operation there. “The Italian businesses will be benefitted if they invest here capitalizing on the suitable 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.
On the other hand, Bangladesh imports Italian machineries for using those in the local mills and factories alongside importing medical equipments.
The Italian Ambassador said that Bangladesh has been very much successful in RMG production over the years while Bangladeshi RMG items are also very much popular in Italy.
NUNZIATA also stressed the need for seizing the opportunities for enhancing bilateral trade and commerce.
He also underscored the need for promotion of tourism between the two countries.
According to official data, the bilateral trade volume between Bangladesh and Italy is around $2,262.99 million. In the fiscal year 2021-22, Bangladesh exported goods worth $1,708.29 million to Italy against the imports of $554.70 million.