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Charles Whiteley, the ambassador of the European Union (EU) to Bangladesh, stated that discussions about Bangladesh's GSP plus facility are now taking place within the EU and the European Commission. EU will support Bangladesh in order to give it a competitive edge in bilateral trade. However, revisions to labor laws and protection of workers' rights are required to assure this advantage and to boost direct investment from Europe to Bangladesh.
These remarks were made by Charles Whiteley during a seminar held at a Gulshan hotel by the Dhaka Chamber of Commerce and Industry (DCCE). 'Unlocking Trade and Investment for European Companies in Bangladesh' event featured principal guest Tipu Munshi, the minister of commerce.
Charles Whiteley, a special guest at the meeting, made the following statement: "Labor law change is necessary to sustain GSP benefits past 2026 and boost European direct investment. About $5 billion in direct investments from Europe arrived to Bangladesh over the past eight years. In the future, Europe will collaborate with Bangladesh to boost this investment.
We are carefully watching the ongoing changes to the Bangladesh Labor Act (BLA)," he declared. We anticipate that this law will be changed with input from all three parties and technical support from the ILO.
In regards to the conditions being met, Whiteley stated that "Bangladesh has fulfilled several requirements and the position of Bangladesh in fulfilling the requirements for receiving GSP Plus is satisfactory."
In his remarks as the principal guest, Commerce Minister Tipu Munshi urged businesspeople from European Union nations to invest more money in Bangladesh and warned them not to be duped into doing so. Bangladesh has a variety of issues, but it also has a lot of promise and investment prospects.
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