Experts urge Bangladesh to tap more potential in Chinese market

DHAKA, Nov. 14 (Xinhua) -- Speakers at a webinar have said Bangladesh should target China to expand its market share for a smooth LDC (least developed country) graduation.

They made this observation at the webinar titled "Prospects of Bangladeshi Products in Chinese Market: How to Realize the Potential of Preferential Treatment" jointly organized by the Bangladesh China Chamber of Commerce and Industry (BCCCI) and the Export Promotion Bureau (EPB) on Saturday in capital Dhaka, national news agency BSS reported.

"If Bangladesh can achieve a 1 percent share of the Chinese market, export earnings from China alone could be in the range of 20 billion (U.S.) dollars-25 billion dollars," said Abu Eusuf, a Dhaka University professor.

Nazneen Ahmed, UNDP Bangladesh economist, said Bangladesh should focus on the Chinese investment and export market equally for a smooth graduation from the LDC.

In his speech, Bangladesh Ambassador to China Mahbub Uz Zaman said Bangladesh should focus on diversifying the export basket to materialize the given duty free access from China.

The government is also working for setting up a permanent exhibition center in Shanghai in eastern China to display Bangladeshi products.

Bangladesh Institute of International and Strategic Studies Director Mahfuz Kabir said China has granted duty-free access of 97 percent Bangladeshi products effective from July 1, 2020, which is expected to bring a new opportunity for Bangladeshi exporters and businesses.