What Salman F. Rahman said about the duty free facility given by China
Salman F Rahman, private investment adviser to the Prime Minister, said that China's use of duty-free facilities would contribute to the export of pharmaceuticals and leather products outside the garment industry. He also assured all possible help to the traders in diversifying their products. However, economists believe that it is not possible to seize the opportunity without developing business and diplomatic relations between the two countries.
China is a huge potential market with a population of 1.4 billion. It is also the largest exporter in the world. Since independence, the trade deficit between Bangladesh and China has been increasing. Bangladesh's trade deficit with China last fiscal year was about 11 billion.
China has recently given 97 percent duty-free access to 5,171 new products. Statistics show that before the duty-free facility, Bangladesh used to export only 96 products. This time, the concerned people expressed the hope that the category of export products will increase by utilizing this facility.
BCCCCI Joint General Secretary Al Mamun Mridha said, "Pharmaceuticals, freshwater and marine fish, jute, raw hides and processed hides will be specially considered here."
Salman F Rahman, Private Investment Adviser to the Prime Minister, assured all possible cooperation to the traders in diversifying their products including medicines, furniture, leather goods and fruits in the Chinese market.
He said, “The government will consider all the issues and give all the opportunities to cooperate to capture the new market. We are exporting by competing in 140 countries. I hope I can export medicine to China too.
Economists are advised to use the opportunity to attract foreign investment to the Chinese market.
CPD Research Fellow Tawfiq Islam Khana said, "If we can establish better communication among the businessmen of the country, it will be easier to take advantage of the opportunity."
With the new facility, Bangladesh will have the opportunity to export 6,256 products to China duty free. Which will be effective from July