Pharma export to Asean market more likely to reach $1.2 by 4 years: Webinar

23 Nov 2020 10:49 AM
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Speakers at a webinar on Sunday said Bangladesh’s pharmaceuticals export quantity to Asean market can reach up to $1.2 billion from today's $60 million next four years if the complex and the non-tariff barriers are addressed.
 
At the webinar organized by the Ministry of Foreign Affairs, they noted that Bangladesh has high probable to get into the Asean market. 
 
To popularize the Bangladeshi drugs in the Asean markets, single country product fairs ought to be organized regularly and Bangladeshi companies have to set up branches there.
 
Chaired by Overseas Secretary Masud Bin Momen, the webinar was attended by simply Bangladesh Ambassadors and Huge Commissioners posted to the South East Asian countries, different Chambers of Commerce having business interests with the Asean countries, representatives from numerous exporters’ associations and large officials of the Ministry of International Affairs, Ministry of Commerce and Bangladesh Trade and Tariff Commission. 
 
Dr. Selim Raihan, Professor, Section of Economics, University of Dhaka provided the keynote paper on “Expanding Bangladesh’s Business Ties with the ASEAN Countries”. 
 
The Foreign Secretary said that historically and traditionally, Bangladesh has already established incredibly close commercial and cultural links south East Asian countries because of her geographic along with strategic complementarities. 
 
He said that so that you can attain the government set target of $60 billion export figure by the switch of the entire year, the effectiveness on the South East Asian entrance must be much better.
 
Dr. Selim Raihan remarked that Bangladesh stands to gain considerably through integration with the South East Parts of asia that may allow Bangladesh  to give attention to export oriented making strategy and encourage export diversification.  
 
Observing that presently Bangladesh’s exports to Asean countries happen to be considerably low, he said, merchandise diversification followed by market and want assessments in all those countries might Bangladesh accelerate the required integration process. 
 
The five challenges he discovered in export diversification are: a) pro-RMG bias in the policies and programmes, b) inadequate policies and strategies hurting non RMG sectors, c)weak collective action on non-RMG sectors, d) a host with a high cost to do business disproportionately affecting the non-RMG sectors; and e) low public shelling out for health and education leading to low productivity and skill development.
 
BGMEA President Dr. Rubana Huq said that by 2030 ASEAN as a bloc will be the 4th largest economy on earth and to enter that market Bangladesh should negotiate signing an FTA with a Guidelines of Origin clause favourable to the Asean.
 
MCCI President Nihad Kabir delivered the closing remarks.
 
Supporting the idea of a pro-dynamic trade policy, the lady stressed on the necessity to carry out a fitness on how the competing countries differ from us in terms of rule making and execution.
 
More Secretary (East) Ministry of Foreign Affairs Ambassador Mashfee Binte Shams suggested that the missions on the South East Parts of asia may forge strategic partnership with prominent trade bodies and chambers on the host country to arrange an individual country/single product fair not merely in the capital city but also in the most vibrant commercial cities.
 
The meeting chose that to any extent further regular consultations would take place between your Ministry and the chambers on trade and vestment facilitation issues.