Russia keen to boost bilateral trade, investment with Bangladesh

Russia is keen to reflect the strong state relations with Bangladesh in bilateral trade and investment.

Alexander Vikentyevich Mantitsky, Ambassador of the Russian Federation to Bangladesh, said this during a courtesy call on FBCCI President Md Jashim Uddin in the city on Wednesday morning.

Vikentyevich Mantitsky said Russia and Bangladesh have historically good relations. His country is proud to be a partner in the development journey of Bangladesh through its active participation in various development projects including the Rooppur Nuclear Power Plant. “However, the full potential of trade between the two countries has not yet been explored. Moscow wants to improve this relationship,” he said.

The FBCCI president said that besides readymade garments, Bangladesh may export a good number of products including light engineering products, plastics, medicines, and frozen food products to Russia. Due to the lack of direct banking relationship and LC opening facility, bilateral trade potentials are not blooming to its fullest, he said.

The FBCCI signed a cooperation agreement with the then Soviet Union in December 1987. Later, in 2006, the FBCCI signed a cooperation agreement with The Chamber of Commerce and Industry of Russian Federation and in 2019, with the Union of Moscow Chambers of Commerce and Industry.

The FBCCI president and the Russian ambassador agreed to re-visit the agreements reached a long time ago. The FBCCI will soon send information and drafts to the country’s embassy.

A Russian trade representative is scheduled to visit Bangladesh next November. At the time, Russian Ambassador Alexander Mantitsky promised to hold a trade meeting with the FBCCI.

During the meeting, Md Habib Ullah Dawn, Vice President of FBCCI, spoke about sending a trade delegation from Bangladesh to the St Petersburg International Economic Forum, the annual economic event of Russia.

Senior Vice President of FBCCI Mostofa Azad Chowdhury Babu; Vice President Md Amin Helaly and CEO Mohammad Mahfuzul Hoque were also present at the meeting.