Thrust on exploring new export market
Friday, 5 December 2008
FE Report
Commerce Adviser Dr. Hossain Zillur Rahman urged Bangladeshi business community to look beyond the major international markets for boosting country's exports.
He was speaking as chief guest at a seminar titled 'Duty Free Market Access in Korea: Potential for Bangladesh Exports'- at a city hotel Thursday.
The seminar was organised by Bangladesh Foreign Trade Institute (BFTI) in response to the request of the Ministry of Commerce for the purpose of analysing the benefit to be accrued by Bangladesh and also for raising the awareness among Bangladeshi exporters as regards the new market opening in Korea.
The European Union and the United States continue to be the most important destinations for Bangladesh products, accounting for 83 per cent of Bangladesh's global export in 2007 and the commerce adviser said Korea is the future market for Bangladesh and transformation is already happening.
"We cannot just rely on two major markets. We have to explore new export markets like Korea," he added.
He said Bangladeshi exporters must change their mindsets through realistic steps and target the areas to utilise potential.
Zillur informed that country's exports to Korea, the 13th largest economy of the world, have grown recently. 'We have to produce those products which have high demand. We have also to increase productivity'.
Bangladesh's total export to Korea stands at $141 million and under duty-free lines it is $ 6.56 million.
He urged to adopt 'all market matters' policy.
He informed that Korea and other countries like India and Turkey have offered opportunities for the least developed countries, which have to be grabbed.
Dr. Mostafa Abid Khan, fellow of BFTI presented the keynote paper. In his paper, he mentioned that although Korea ranks seventh as an export destination for Bangladesh, its share in Bangladesh's total export has been increasing, which goes to suggest that importance of Korea as a potential export destination for Bangladesh has been increasing.
In this context, duty free initiative by Korea for LDCs carries significant value to the Bangladesh, he added.
Speaking as a special guest, Md. Shahidul Islam, Bangladesh ambassador to South Korea, said Bangladesh is not being able to utilise the opportunities offered by Korea under duty free scheme.
"Our business community is only looking at the US and the EU. They are not exploring new market. They only go to those places where they can immediately be benefited from," he added.
He said a private-government partnership is important here. 'The government has to come forward in this regard in an appropriate manner, but it is the business community who has to take up the new challenges.
Suk Bum Park, ambassador of the Republic of Korea to Bangladesh and one of the special guests at the seminar, said Korea will be the next big market for Bangladesh. Now it is the responsibility of Bangladesh to catch up the opportunity.
"We provide market access to various countries. But they themselves have to properly analyse the market. Otherwise they will not get benefit out of it," he added.
Tariff lines will be given to most of the products mentioned in the list submitted by the commerce ministry of Bangladesh from next year and it will be announced soon, the Korean ambassador said.
The Korean ambassador said there is limited attention from Bangladesh's exporters about potential Korean markets, the third largest in Asia.
Another problem, he said, is Bangladesh businessmen wait for foreign buyers to come here. "They do not visit other countries to search and identify potential markets and persuade the buyers to come here," he added.
He continued: 'On the other hand, Korea thinks Bangladesh is a smaller supplier. So they look up to major suppliers'.
Mutual efforts should be made to wipe out these perceptions and create new opportunities, he concluded.
Terming the duty free initiative undertaken by Korea for LDCs is an appreciable initiative, keynote speaker Mostafa Abid Khan said in terms of current export of LDCs to the third largest economy of Asia is less than 40 per cent, the initiative has opened a door to enter into Korean market with an important demand of US$ 40 Billion.
Commerce Adviser Dr. Hossain Zillur Rahman urged Bangladeshi business community to look beyond the major international markets for boosting country's exports.
He was speaking as chief guest at a seminar titled 'Duty Free Market Access in Korea: Potential for Bangladesh Exports'- at a city hotel Thursday.
The seminar was organised by Bangladesh Foreign Trade Institute (BFTI) in response to the request of the Ministry of Commerce for the purpose of analysing the benefit to be accrued by Bangladesh and also for raising the awareness among Bangladeshi exporters as regards the new market opening in Korea.
The European Union and the United States continue to be the most important destinations for Bangladesh products, accounting for 83 per cent of Bangladesh's global export in 2007 and the commerce adviser said Korea is the future market for Bangladesh and transformation is already happening.
"We cannot just rely on two major markets. We have to explore new export markets like Korea," he added.
He said Bangladeshi exporters must change their mindsets through realistic steps and target the areas to utilise potential.
Zillur informed that country's exports to Korea, the 13th largest economy of the world, have grown recently. 'We have to produce those products which have high demand. We have also to increase productivity'.
Bangladesh's total export to Korea stands at $141 million and under duty-free lines it is $ 6.56 million.
He urged to adopt 'all market matters' policy.
He informed that Korea and other countries like India and Turkey have offered opportunities for the least developed countries, which have to be grabbed.
Dr. Mostafa Abid Khan, fellow of BFTI presented the keynote paper. In his paper, he mentioned that although Korea ranks seventh as an export destination for Bangladesh, its share in Bangladesh's total export has been increasing, which goes to suggest that importance of Korea as a potential export destination for Bangladesh has been increasing.
In this context, duty free initiative by Korea for LDCs carries significant value to the Bangladesh, he added.
Speaking as a special guest, Md. Shahidul Islam, Bangladesh ambassador to South Korea, said Bangladesh is not being able to utilise the opportunities offered by Korea under duty free scheme.
"Our business community is only looking at the US and the EU. They are not exploring new market. They only go to those places where they can immediately be benefited from," he added.
He said a private-government partnership is important here. 'The government has to come forward in this regard in an appropriate manner, but it is the business community who has to take up the new challenges.
Suk Bum Park, ambassador of the Republic of Korea to Bangladesh and one of the special guests at the seminar, said Korea will be the next big market for Bangladesh. Now it is the responsibility of Bangladesh to catch up the opportunity.
"We provide market access to various countries. But they themselves have to properly analyse the market. Otherwise they will not get benefit out of it," he added.
Tariff lines will be given to most of the products mentioned in the list submitted by the commerce ministry of Bangladesh from next year and it will be announced soon, the Korean ambassador said.
The Korean ambassador said there is limited attention from Bangladesh's exporters about potential Korean markets, the third largest in Asia.
Another problem, he said, is Bangladesh businessmen wait for foreign buyers to come here. "They do not visit other countries to search and identify potential markets and persuade the buyers to come here," he added.
He continued: 'On the other hand, Korea thinks Bangladesh is a smaller supplier. So they look up to major suppliers'.
Mutual efforts should be made to wipe out these perceptions and create new opportunities, he concluded.
Terming the duty free initiative undertaken by Korea for LDCs is an appreciable initiative, keynote speaker Mostafa Abid Khan said in terms of current export of LDCs to the third largest economy of Asia is less than 40 per cent, the initiative has opened a door to enter into Korean market with an important demand of US$ 40 Billion.