Bangladesh could reap economic benefits in the long run of the very recent a military coup in Myanmar.
Because of the junta government, the United States and the European Union are likely to impose restrictions on Myanmar. Besides, global entrepreneurs may look for alternative destinations for investment and import of goods.
According to analysts, Bangladesh must try to seize this opportunity.
Economist Ahsan H. Mansour said that as Myanmar’s democratic process took a turn for the worse, it would have an impact on the country’s trade if the military junta government did not come to an end. As a result, almost all countries except China will withdraw trade agreements with Myanmar. If Bangladesh takes this opportunity and can offer those countries a suitable plan, they may be interested in investing here.
According to global information, Myanmar mainly exports cheap clothes to the world market. The country has been getting duty- free market facility or GSP in the European Union since 2013. For this purpose, Naypyitaw wanted to take garment exports to USD 1 trillion by 2023.
World-entrepreneurs were also showing interest in Myanmar. Last year too, Myanmar received four times more foreign investment than that in Bangladesh. The pace of exports was also upward. While the GSP revision is being discussed because of Rakhine genocide and the recent military coup, fear of cancellation of export orders is mounting. Bangladesh-Myanmar Chamber of Commerce and Industries president Nurul Haque, told media, “We have already started contacting buyers. Myanmar exports a large quantity of fish all over the world. If our government gives policy support, we can do business by exporting there and adding 30 percent value”.
Bangladesh Garments Manufacturer and Exporter Association (BGMEA) director Anjan Shekhar Das while talking to Bangladesh Post said, “As the United States and the European Union are likely to put an embargo on Myanmar, certainly we can have a portion of that opportunity. But for any opportunities, we must have strong infrastructural facilities as well as government support”.
It is to be mentioned here, a state of emergency has now been imposed for up to one year in Myanmar, state counselor and president detained while communications have broadly been cut off.
The European Union is the biggest customer, taking 54 percent of all apparel export, according to SMART Myanmar, next come Japan and the United States that import 18 percent and 9 percent respectively of garments from Myanmar.
