Dhaka, Bangladesh
Tipu Munshi urges US to reinstate GSP facilities

Tipu Munshi urges US to reinstate GSP facilities

News Report Commerce Minister Tipu Munshi on Thursday urged the United States (US) government to restore the Generalised System of Preferences (GSP) facilities for Bangladesh. “The US should return the GSP facilities to Bangladesh. The suspension of GSP is not a financial loss for Bangladesh. But it is a matter of the country’s image. US should withdraw the decision regarding GSP. The new US ambassador to Bangladesh can take initiatives in this regard,” he said. The minister was speaking as the chief guest at the inauguration session of the three-day US trade show at the Sonargaon Hotel in the city. The American Chamber of Commerce in Bangladesh (AmCham) and the US embassy in Dhaka are jointly hosting the 26th edition of the trade show. US Ambassador Earl R Miller was present at the function as the special guest while AmCham President M Nurul Islam was in the chair. Tipu Munshi urged the entrepreneurs of US to come up with investment in Bangladesh. “Bangladesh is establishing 100 special economic zones across the country. The government is providing special incentives to the investors of the economic zones. US entrepreneurs can take the facilities,” he added. In the show, some 46 exhibitors occupying 74 booths are participating in the 26th US Trade Show to exhibit their products and services. The show opens to visitors from 10:00am to 8:00pm. Entry fee is Taka 30. Earlier on Wednesday, Earl Miller said he wanted to see American CEOs and trade missions visit Bangladesh apart from their traditional destinations Beijing and New Delhi in this region. This is, he said, not just for the 165 million population market, but also for the “entrepreneurial energy” in Bangladesh. He also praised Bangladesh’s economic development and said “economic development has to go hand in hand with democratic development”. “US investors coming to Bangladesh ask me about the overall environment in the country – good governance, democracy, respect to human rights and security situation.” He made the comment at a news briefing on the three-day ‘26th US trade show’ which will begin on Thursday. The American Chamber of Commerce in Bangladesh (AmCham) and the US Embassy in Dhaka co-host this annual event which began in 1992 when the bilateral trade was less than $500 million. The two-way trade is now over $8 billion. AmCham President Md Nurul Islam, Vice President Showkat Ali Sarkar, former AmCham president Aftab ul Islam and Economic Affairs Officer of the US embassy Jim Town were also present. The ambassador said during his three and a half months’ tenure in Bangladesh, he understood that Bangladesh was playing a greater role on the regional and global stage, and there was much more interest on what was happening in Bangladesh and the opportunities that Bangladesh offered. He said the trade show is an opportunity to showcase the “high quality” products and services of the US. It comes at a time when the US exports to Bangladesh rose 43 percent last year from the previous year. “It’s an amazing increase.” “There is still great deal of potentials to sell US goods and services. We are already large suppliers of power turbine, soyabeans and other heavy machinery”. “They are bringing some of the best and the most innovative techniques to Bangladesh,” Miller continued. The US is also promoting Indo-Pacific strategy in which it pushes for private sector investments for infrastructure development. “Bangladesh has much to be proud of when it comes to economic growth and development in the past decade. We all must remember economic growth and including a sound, just and responsible government is the core of the US Indo-Pacific vision,” the American ambassador added.

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