Seek new markets, product diversity, not GSP tariffs: PM

Prime Minister Sheikh Hasina has urged business groups to find new markets and diversify their product base to boost exports, instead of looking for GSP tariff.

During the opening ceremony of the Dhaka International Trade Fair on Sunday, Prime Minister Sheikh Hasina said “I have been to a few countries… and I have seen that they do not provide GSP. Instead of chasing GSP tariffs, you should find new spaces and new markets.”

The prime minister said: “Consider what products we can offer which others can't and the speed with which they can be supplied.  Eventually other companies will be looking to you.”

The GSP provided to Bangladesh by the US market was cancelled by the American Federation of Labour - Congress for Industrial Organization (AFL-CIO) after the 2012 Tazreen Fashions fire and the 2013 Rana Plaza disaster.

Prior to that, Bangladesh could supply the US market with 5000 types of products duty-free under the GSP.

The prime minister stressed the importance of product diversity.

“We are exporting goods to many countries. But, instead of sticking to our conventional exports, we should see what is in demand in the world market and try to diversify our product base accordingly.”

Businesses have to take the initiative to seek out new markets, Hasina said.

“We must ensure that the products we create are up to a standard and that we give special attention to ensure that they are of a quality that can be sold in the market.”

The prime minister also presented awards to the companies with the highest exports -- Gold prizes to 29 of 192 companies in 32 categories, silver was awarded to 22 and 15 got bronze.

A gold trophy for the most export sales was presented to Zaber and Zubair Fabrics Ltd.

The prime minister also visited some of the stalls at the Trade Fair after the opening ceremony.