Bangladesh and Brazil see immense trade potential in pharmaceutical industry, healthcare, jute and jute products, ready-made garments, food and agricultural products. Both countries can benefit from exploiting this potential. In this case, the signing of special trade agreements like FTA, PTA will further accelerate this process.
These things came up at the seminar and BTUB match making event organized by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Brazil Bangladesh Chamber of Commerce and Industry (BBCCI) at Hotel Intercontinental in the capital on Monday afternoon.
These seminars and B2B meetings are organized to increase bilateral trade between Bangladesh and Brazil, identify potential sectors, remove trade barriers, explore easier ways for smooth trade transactions, increase mutual cooperation.
State Minister for Commerce Ahsanul Islam Titu was present as a special guest in the event.
He said, our relationship with Brazil has been since independence. Our main export product from the country is cotton, the raw material for making garments. Besides, there is trade of many products including sugar between the two countries. I think there is a huge opportunity for Brazilian businessmen to invest in Bangladesh in the future. By exploiting the potential of this country, if the businessmen of the country invest here, they will be able to capture the market of the Southeast Asian region. Therefore, I make a generous call to Brazilian businessmen to invest in Bangladesh.
In the speech of the honored guest at the event, Brazilian Foreign Minister Mauro Vieira said that in the past decade, there has been great development in the logistics, transport and communication and infrastructure sectors in Bangladesh. Which opened up opportunities for expansion of trade, commerce and industry. Brazil and Bangladesh have immense potential to expand trade between each other. We want to strengthen trade relations with Bangladesh. He expressed his interest in exporting agricultural products including meat and wheat to Bangladesh.
Mauro Vieira said, Brazil exports cotton to Bangladesh. Which has been instrumental in creating a positive trade relationship for both Bangladesh and Brazil.
Highlighting the trade potential between Bangladesh and Brazil, FBCCI President Mahbubul Alam said that an important sector for the economy of Bangladesh is ready-made garments. The world's top brands source garments made from Bangladesh. On the other hand, Brazil is world renowned for its quality cotton production. So the trade potential of both countries is huge in textile sector. Similarly, the combination of Brazil's large healthcare infrastructure and Bangladesh's strong pharmaceutical industry can provide the two countries with affordable and quality healthcare and medicine. Besides, he said that Brazil's expertise and experience in agriculture will play an important role in increasing the agricultural production of Bangladesh.
Janan Mahbubul Alam said there is an opportunity to import daily products including animal meat, ethanol, unrefined sugar, beef, cotton, vegetable oil from Brazil. For this reason, he said that there is an opportunity to reduce the cost and time of bilateral trade by simplifying the customs process, increasing the logistics capacity, and opening a direct sea route between the two countries.
FBCCI president said that Bangladesh imported goods and services worth about 2.59 billion US dollars from Brazil in the fiscal year 2022-2023. In perspective, exports to the country are only $0.17 billion. In such a situation, he drew the attention of the policy makers of the two countries to reduce the trade deficit between the two countries.
At the same time, Mahbubul Alam expressed optimism about getting Brazil's support and cooperation in obtaining the membership of BRICS, the world's developing economies.
BBCCI President Shahriar Ahmed delivered the closing speech on the occasion. Senior Vice President of FBCCI was present among others. Amin Helali, Vice President Khairul Huda Chapal, Shami Kaiser, Rashedul Hossain Chowdhury Roni, BBCCI Vice President Md. Saiful Alam, Ambassador of Bangladesh to Brazil Sadia Faizunnessa, Ambassador of Brazil to Bangladesh Paulo Fernando Dias Ferres, Director of FBCCI, Director of BBCCI, business leaders, government officials.
Bangladesh /MP