Dhaka seeks Rome’s support for continuing GSP

Commerce Minister Tipu Munhsi on 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 on Monday.

Bangladesh is currently enjoying GSP facilities in its exports to European countries including in Italy. Such 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.

He said the construction work of many of the economic zones is at the final stage while many factories have already started their operation. “The Italian businesses will be benefitted if they invest here capitalising on the suitable investment-friendly environment.”