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Bangladesh can cash in on global crisis

Says British envoy

Star Business Desk
The current global economic crisis may be a blessing for Bangladesh, said British High Commissioner to Bangladesh Stephen Evans yesterday.
He said the looming global recession had dwindled the real purchasing power of developed country's consumers and consequently they would be forced to go for relatively cheaper goods.
As Bangladesh generally produces low-end goods and even enjoys reputation for quality, consumers of developed countries would likely to go for Bangladeshi items, the envoy added.
Prospects for Bangladeshi garments and other items are therefore very good in the international market, he said, adding that the country now
just requires to capitalise this opportunity with cautiously keeping proper strategy and measures in place.
He was speaking at a courtesy meeting with Chittagong chamber presidium at the chamber president’s office, said a statement.
The high commissioner said the economic turmoil that erupted in USA has a rippling effect and likely to engulf all the economies particularly the developed and emerging ones.
The envoy also emphasised maintaining the efficiency of Chittagong Port attained in the last two years and improving the physical infrastructure in the country to tap the opportunities associated with global economic crisis.
He particularly underscored the need for address-
ing the country's persisting power crisis and nagging gas supply problems. Evans also informed the meeting that EU would show zero tolerance to import frozen fishes and other food items having traces of nitrofuran or any other alien particles from any country including Bangladesh.
President of the Chittagong Chamber of Commerce and Industry Saifuzzaman Chowdhury said bilateral relation between Bangladesh and the UK in all fronts are very strong, and expressed optimism that it would also increase further in days to come for the shared benefits of both the nations.
Chowdhury said although Bangladesh is relatively immune from the current global economic turmoil due
to its less exposure to and integration with global financial market, longer stay of this economic meltdown is likely to adversely affect the economy by squeezing export markets and volume.
He also requested the envoy to arrange financial, expert and technical assistance from his country for Bangladesh's food sector entrepreneurs including frozen foods ones to help them be compliant of EU standards meant for the same to enable them avail of the duty and quota free market access guaranteed by EU for Bangladeshi products.
CCCI Senior Vice President MA Latif, Vice President Mahbub Alam, UK Trade and Investment Director Kevin Ringham were also present at the meeting among others.