Saturday, April 27, 2024
Bangladesh’s apparel exports to the United Kingdom will reach $11 billion and non-RMG product exports will hit 1.3 billion by 2030, compared to $4.5 billion and $0.7 billion recorded respectively in FY22, projects the Research and Policy Integration for Development (RAPID).
Making the forecast at a city hotel on Thursday, RAPID Chairman Dr Mohammad Abdur Razzaque added, “The UK is Bangladesh’s third largest export destination.
“We still do not know whether our garment exports will continue to receive duty-free market access in the European Union after Bangladesh’s LDC graduation. But, under the DCTS, the country’s apparel exports will continue to get duty-free access in the UK.”
Dr Razzaque continued, “We have the potential for achieving a higher non-RMG export growth in the UK, particularly, in leather goods and footwear, agro and food processing, light engineering products, and fish and shrimp items.
The economist however pointed out a number of constraints and challenges for exporting to the UK, including lack of knowledge and information about this market, lack of integration with the UK’s supply chain, certification and standard requirements, and image of Bangladesh as a producer of quality products.
“Bangladesh needs to ensure compliance with UK standards and product quality requirements,” he added.
Dr Razzaque recommended removing anti-export bias and rationalisation of tariffs, deepening incentives for the identifying export sectors, tackling infrastructural bottlenecks and improving port efficiency, and ensuring access to low-cost finances for the export sectors.
“Bangladesh needs globally recognised certifications and necessary testing facilities, improved productive capacity for non-RMG sectors, and make use of technical and financial assistance from the UK,” he added.
Senior Commerce Secretary Tapan Kanti Ghosh, Deputy Development Director at UK Foreign, Commonwealth and Development Office Dr Duncan Overfield, Chairman of Bangladesh Trade and Tariff Commission Md Faizul Islam, Vice Chairman of Export Promotion Bureau AHM Ahsan, and RAPID Executive Director Dr M Abu Eusuf attended the event among others.
