Call for strengthening Bangladesh’s trade and investment with the D-8 countries

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Pakistani business delegation and Nigerian High Commissioner met Dhaka Chamber

Visiting Pakistani business delegation led by the President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Nigerian High Commissioner in Bangladesh Ahmed Sule visited Dhaka Chamber of Commerce & Industry for a bilateral meeting with the Board of Directors of Dhaka Chamber. Both Pakistan and Nigeria are the members of D-8 block. Acting President of Dhaka Chamber Monowar Hossain chaired both the meetings held at DCCI Gulshan Centre on July 25, 2022. 

During the meeting with the Pakistan delegation, the Acting President of Dhaka Chamber Monowar Hossain said that the bilateral trade between Pakistan and Bangladesh in FY2020-21 was USD585.41 million. He said that the businessmen of both countries should look into reducing the existing trade imbalance. He also underscored the importance of having a close liaison among the business community, regional trade enhancement and joint research and development. He also stressed on policy reforms, the development of communication infrastructure, and resolving tariff and non-tariff barriers among the D-8 countries.

FPCCI President Irfan Iqbal Sheikh said that by using regional integration we can improve bilateral trade. During the last couple of years, both Bangladesh and Pakistan are becoming regional powers in the ICT industries specially in software export which is good for both-way trade as well. Bangladesh’s world-class medicines, apparel, agro-products, jute and jute goods, halal products and ceramics have good prospects in Pakistan, he added. Bangladesh and Pakistan can profit by growing business relations, he mentioned.

Meanwhile, in a separate meeting, Nigerian High Commissioner in Bangladesh Ahmed Sule said that in FY2020-21 bilateral trade between the two countries was USD 79.76 million, whereas Bangladesh’s import and export was 71.53 and 8.23 million respectively. Nigeria is taking various steps to develop the “Ease of Doing Index” to attract more FDI, he added. He also said that Bangladesh showed much progress in the capacity building of SMEs and Nigerian entrepreneurs can learn from Bangladesh to develop their SMEs. He also proposed to organize B2B match-making between the SMEs of Bangladesh and Nigeria. He also informed that Bangladeshi RMG and the Pharmaceutical sector have huge potential in Nigeria.

DCCI’s Acting President Monowar Hossain also urged to establish “Bangladesh-Nigeria Business Council” to explore trade and investment opportunities between the two countries. 

Members of the Board of Directors of the Dhaka Chamber were present during these meetings.