Leveraging Yunus' global image, exporters eye reclaiming GSP benefits

Business leaders in Bangladesh are eager to restore the Generalized System of Preferences (GSP) for Bangladeshi products in the US market, leveraging the international reputation of interim government Chief Adviser, Professor Dr Muhammad Yunus.

Despite a decade-long ban, Bangladesh has yet to regain GSP benefits. During a meeting with Finance and Commerce Adviser Salehuddin Ahmed at the Economic Relations Division on Tuesday, business leaders expressed their intention to utilise Dr Yunus' global image to achieve this goal.

"We have discussed this with the Chief Adviser," said Mohammad Hatem, President of the Bangladesh Knitwear Manufacturers and Exporters Association. "He is highly regarded worldwide. By capitalising on Dr Yunus' brand image, we hope to regain GSP benefits in the US market."

Hatem also mentioned that they discussed with the Commerce Adviser the margins demanded by six banks for opening Letters of Credit (LCs). "The adviser assured us that he will speak to the central bank governor about this issue. We also addressed factory safety, which is crucial, but it’s being resolved. The lack of confidence among buyers is diminishing. The Chief Adviser will personally speak to the buyers, which is a significant advantage."

Regarding current business challenges, Hatem noted that sudden floods have impacted the country. "We have hundreds of trucks stranded in the Mirsarai area due to security issues and supply chain disruptions. The Dhaka-Chittagong route is facing difficulties because of the floods. Therefore, it is essential to develop or relaunch Pangaon Port in Narayanganj quickly."