Bangladesh has gained potential in the field of foreign trade | BanglaTimes

Bangladesh has gained potential in the field of foreign trade

Switzerland is an important business partner in Bangladesh. The two countries have ample opportunities to increase trade and investment, Commerce Minister Tipu Munshi said.

He made the remarks during an exchange of views with the Swiss Ambassador to Bangladesh Nathalie Chuard on Sunday (September 8th). Tipu Munshi said Bangladesh is providing attractive opportunities for investors in various fields including tax. Bangladesh can be a lucrative investment destination for Switzerland. A visit to Bangladesh by a group of Swiss businessmen and investors will yield positive results.

The Commerce Minister said that in the changing world-trade situation, many countries, from China to the United States and Japan, have announced their decision to relocate their factories. Countries now consider Bangladesh a suitable place to invest. Bangladesh has taken steps to make investment formalities easier and faster. Has created an environment to trade very easily. Bangladesh is now a suitable place for investment. Meanwhile, Swiss Ambassador Nathali Chuard said that Switzerland gives priority to Bangladesh in trade and investment. Switzerland has continued its efforts to contribute to the development of Bangladesh. Both countries have opportunities to increase trade and trade relations have improved. The pharmaceutical and light engineering sectors have created a lot of opportunities for trade growth.

Proposing a meeting between the two countries at the time, he said it would make it easier to identify areas for trade and investment. Praising the corona deal and the continuation of export trade during the Corona period, he said Bangladesh has gained a lot of potential in the field of foreign trade.

Commerce Minister Tipu Munshi said about 83 per cent of Bangladesh’s export earnings come from the readymade garments sector. To increase the number of products in the export sector, the government has given special importance to the agricultural products, pharmaceutical, leather products, ICT, jute products sector. Bangladesh has a lot of skilled manpower. Besides, Bangladesh also has a lot of skilled manpower in the service sector. Switzerland can use it if it wants. Japan’s famous Mitsubishi and India’s Tata are considering setting up a car factory in Bangladesh. In order to attract foreign direct investment (FDI), the Bangladesh Company has made necessary reforms in other indicators of business facilitation, including timely legislation.

It may be mentioned that Bangladesh exported goods worth ৬ 106.7 million to Switzerland in the 2018-19 financial year, while it imported goods worth ৭ 260.60 million at the same time. In the fiscal year 2019-20, Bangladesh exported goods worth US ৬ 106.7 million and imported goods worth US ২৪ 245.19 million during July-March. It was agreed at a meeting with Switzerland to increase trade and investment with Bangladesh next November.

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