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FBCCI eager to boost trade between Bangladesh and Russia

FBCCI eager to boost trade between Bangladesh and Russia

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has expressed its eagerness in enhancing trade and business ties between Bangladesh and Russia. FBCCI President Mahbubul Alam made this call at a discussion meeting with a Russian Delegation at FBCCI office in the capital's Gulshan area on Monday (May 27). The Delegation was led by Trade Commissioner of Russia to India Dr. Alexander Rybas. FBCCI Senior Vice-President Md. Amin Helaly, Vice-President Mohammad Anwar Sadat Sarker, Shomi Kaiser, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Bangladesh Alexander V. Mantytskiy, FBCCI Directors, and other dignitaries were present at the meeting, said a press release.

In his welcome speech, the FBCCI President said Bangladesh and Russia share a long history of friendly relations. "Russia has gradually become a major infrastructure development and trade partner of Bangladesh. One of the milestones of cooperation is the Rooppur Nuclear Power Plant, which is a testament to our growing partnership," he added.

Mahbubul Alam said that alongside RMG, there is immense potential for further growth in the bilateral trade relationship and export diversification through pharmaceuticals, light engineering goods, plastics, processed food and other products. "Bangladesh, with its booming economy and young workforce, offers a dynamic market for Russian goods and services. Russia, with its vast resources and technological advancements, can be a valuable partner in Bangladesh's ongoing development journey. Our Agro and food processing industry are now gearing up for exports, having met the domestic demand."

He also said, "Our RMG sector is the second largest exporter to the globe after China. Among the world's top 10 green RMG factories, the top eight are located in Bangladesh. Renewable energy and environmentally friendly clean technology are increasing in use and popularity. We are the exporter/manufacturer of diversified pharmaceuticals products, leather goods, plastic, frozen seafood, ceramics, jute products, FMCG, and home appliances."

The FBCCI president said Bangladesh has crossed the milestone of $55 billion in exports in FY23. "Following this trend, we are working to develop competitiveness to achieve the trillion-dollar journey of our economy and to earn our target export worth of US$ 300 billion by 2041. To reach this target we need to focus on market and product diversification," he added.

Mahbubul also invited Russian Investors to take advantage of the Bangladeshi market and invest in Bangladesh's Special Economic Zones, particularly in sectors like infrastructure, energy, and manufacturing. Regular trade missions, business delegations, and virtual conferences can foster direct interaction between Bangladeshi and Russian businesses, he added.

Simplifying trade procedures, establishing direct banking channels, and exploring alternative currency arrangements can significantly boost trade flows between Bangladesh and Russia, Mahbubul added.

He said the FBCCI stands ready to play a proactive role in facilitating these initiatives. "We can connect Russian companies with potential local partners, provide information on the Bangladeshi market, and advocate for policies that promote bilateral trade," he added.

The Trade Commissioner of Russia to India Dr. Alexander Rybas in his speech appreciated the development of Bangladesh in recent years. As both countries have mutual interests in trade and business, it is time for both countries to strengthen bilateral trade, he added.

The Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Bangladesh Alexander V. Mantytskiy said that Russia and Bangladesh have enjoyed tremendous friendship for a very long time. "Bangladesh is the second largest trade partner of Russia in the South Asian region. The business relations between the two countries are growing rapidly. Like Bangladesh, Russia is also eager to facilitate B2B meetings between the entrepreneurs of the two nations." added Mantytskiy.

FBCCI Senior Vice-President Md. Amin Helaly reaffirmed FBCCI's commitment to supporting business partnerships between Bangladeshi and Russian enterprises, believing that collaboration can unlock new avenues for trade and investment, fostering mutual economic growth and prosperity.