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A country like Bangladesh has no other alternative but to develop its small and medium enterprises (SMEs) to boost economic growth and alleviate poverty, said former President of the Philippines Fidel V Ramos in Dhaka Tuesday.
"Ninety percent of the Philippines' GDP comes from the SME sector. The conditions are more or less same in Bangladesh," Ramos said.
"Bangladesh and the Philippines should promote cooperation in the areas of trade and commerce and other economic activities", said Ramos, who is now on a visit to Bangladesh.
Presided over by the Dhaka Chamber of Commerce and Industry (DCCI) President M. A. Momen the discussion was attended by Ambassador of the Philippines in Dhaka Nobberto R Basilio, President of the International Chamber of Commerce (ICC), Bangladesh Mahbubur Rahman and former commerce secretary Suhel Ahmed Chowdhury.
Momen sought duty-free access for Bangladeshi products to the Philippine's market to reduce the yawning trade gap between the two countries.
Asian countries have immense potentials and especially Bangladesh can become the gateway to South Asia, Ramos said, adding that this will directly and indirectly produce huge economic benefit for Bangladesh.
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