Bangladesh awaits FDA’s nod for pharma exports to US: FM

May 22, 2015

Bangladesh is now waiting for final approval of US Food and Drug Administration to export pharmaceutical products to their market, foreign minister AH Mahmood Ali said on Thursday. ‘We are waiting for the USFDA’s final concurrence to enter that market with pharmaceuticals goods,’ he said at the monthly luncheon meeting of the American Chamber of Commerce in Bangladesh at Hotel Sonargaon in the capital.
Bangladesh meets 97 per cent of its domestic needs for medicine and exports to more than 90 countries, he said while explaining the potentials of pharmaceutical products export to USA.
He also invited the US investors to invest more in Bangladesh taking the exciting investment opportunities being offered by the Bangladesh government.
‘Bangladesh can be a lucrative destination for US investment due to some factors including its strategic location, endowment of an industrious work-force and professionals, competitive cost of labour, and a booming domestic market,’ he said.
Mahmood said that US companies primarily focused on the energy and power sectors covering around 80 per cent of its investments in Bangladesh.
Though they have presence in the financial sectors such as insurance and banks, there are many other sectors which may work profitable for both the countries, he said.
The government has been working to address some of the key bottlenecks in line with the expectation and needs of US investors, he said.
He also urged the USA and other developed countries to fulfill their commitments made in World Trade Organisation’s DOHA round meeting to provide trade facility to Bangladesh.
The minister also emphasised on fully utilising the strength of more than 5 lakh Bangladeshi-origin US citizens and migrants in promoting trade and investment opportunities between the two countries.
At the meeting, Amcham president Aftab Ul Islam also urged the US investors to make more investments in Bangladesh.
Bangladesh will also have to create enabling environment to cater more investments from the USA.
He stressed on more economic engagement between the two countries which could result in more exports to USA, and more investments and more technology transfer from that country.
He said that bilateral trade between the two countries was now in favour of Bangladesh as out of US$ 6.2 billion trade, Bangladesh exports worth US$ 5.20 billion.
‘But this is not enough. We need to increase more both way trade and investment from the USA,’ he said.
At the question-answer session, the Centre for Policy Dialogue executive director Mustafizur Rahman suggested the government for working to revive the initiative of the US Congress to provide zero tariff facility to Bangladesh along with other least developed Asian countries.
Amcham executive director A Gafur, among others, spoke at the meeting.

-Input from New Age

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