Business leaders urge US to continue GSP for Bangladesh
Local business leaders yesterday urged the US to continue the generalised system of preferences (GSP) for Bangladesh to allow the country to export products to the American market without any duty.
They made the call at a meeting between the visiting delegation of American Chamber of Commerce (AmCham), India and Dhaka Chamber Commerce and Industry (DCCI) at the DCCI auditorium in Dhaka.
"We are concerned about the move to discontinue GSP for Bangladesh, which would have negative impact on Bangladesh export," said DCCI President Sabur Khan.
Under the GSP, 97 percent of Bangladeshi exports get duty-free access to the US. However, it does not offer duty-free access for textiles, which account for up to 80 percent of the country's exports.
The American Federation of Labour and Congress of Industrial Organisations (AFL-CIO) applied for discontinuation of the facility for the country on the ground of deteriorating labour rights environment.
The government requested the US to continue GSP saying the government had already taken some steps to protect labour rights and improve working conditions.
Vishal K Wanchoo, leading the AmCham India delegation, lauded the favourable condition for doing business in Bangladesh.
Bangladesh has huge potential for rapid economic development and maintains a good investment-friendly environment, he said.
Indian businesses are interested in exploring the opportunities in various sectors ranging from infrastructure, telecommunications, healthcare and pharmaceuticals, food and beverages, IT and agriculture, said the Indian business-leader.
AmCham Bangladesh President Aftab ul Islam said the country's private sector is surging ahead, although the government has some limitations.
He invited investors from the USA and India to invest in pharmaceuticals, IT and infrastructure sectors of Bangladesh, DCCI said in a statement.
Islam also said Bangladesh has the potential to become an ideal place for businesses, many of which are relocating their factories form China due to high labour costs in the world's second largest economy.
Comments