Commerce Minister Tipu Munhsi Monday 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, reports BSS.
Bangladesh is currently enjoying GSP facilities in its exports to European countries including in Italy. Such a 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.
The commerce minister said that the foreign investors would be benefited 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.
