Pharma export to Asean industry likely to reach $1.2bn in 4 years

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Speakers at a good webinar on Sunday said Bangladesh’s pharmaceutical export quantity to Asean market can are as long as $1.2 billion from today's $60 million within the 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 potential to enter the Asean market. 

To popularize the Bangladeshi prescription drugs in the Asean market segments, single country merchandise fairs ought to be organized usually and Bangladeshi companies need to create branches there.

Chaired by Overseas Secretary Masud Bin Momen, the webinar was attended by simply Bangladesh Ambassadors and Great Commissioners posted south East Asian countries, unique Chambers of Commerce having business interests with the ASEAN countries, representatives from different exporters’ associations and huge officials of the Ministry of Overseas Affairs, Ministry of Commerce and Bangladesh Trade and Tariff Commission. 

Dr. Selim Raihan, Professor, Department of Economics, University of Dhaka shown the keynote paper on “Expanding Bangladesh’s Organization Ties with the ASEAN Countries”. 

The Foreign Secretary said that historically and traditionally, Bangladesh has had extremely close commercial and cultural links south East Asian countries because of her geographic along with strategic complementarities. 

He said that for Bangladesh to achieve the government set goal of $60 billion export figure by the change of the entire year, the effectiveness on the South East Asian entrance has to be much better.

Dr. Selim Raihan remarked that Bangladesh stands to get drastically through integration with the South East Parts of Asia which will allow Bangladesh  to give attention to export oriented making strategy and inspire export diversification.  

Observing that presently Bangladesh’s exports to Asean countries are considerably low, he said, merchandise diversification accompanied by market and want assessments in all those countries will Bangladesh accelerate the required integration process. 

The five challenges he determined 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 spending on health and education resulting in low efficiency and skill development.

BGMEA President Dr. Rubana Huq explained that by 2030 ASEAN as a bloc will be the 4th largest economy in the world and also to enter that industry 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 thought of a pro-energetic trade policy, the woman stressed on the necessity to carry out a fitness on how our competing countries differ from us in conditions of rule producing 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 many vibrant commercial cities.

The meeting chose that from now on regular consultations would happen between your Ministry and the chambers on trade and vestment facilitation issues.
Source: https://www.dhakatribune.com

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