FBCCI for boosting bilateral trade with Indonesia

The Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) has called upon the government to take initiative to harness this potential of bilateral trade with Indonesia.

The FBCCI president made the call in a courtesy call paid by Bangladesh Ambassador to Indonesia Air Vice Marshal Mohammad Mostafizur Rahman on Monday afternoon.

Uddin also called upon the Ambassador to take initiative so that Indonesia would also invest in an economic zone of Bangladesh, said a press release.

During the meeting held at the FBCCI office, the ambassador said the Bangladeshi government is keen to be a sectoral dialogue partner of Indonesia.

As the tariff and tax structure in the country is relatively simple, it will be easier for Bangladeshi exporters to capture the market.

Indonesian entrepreneurs are interested in investing in Bangladesh through joint ventures in the pharmaceutical and SME sectors.

A delegation led by the country’s industry minister or commerce minister will visit Bangladesh this year to explore bilateral trade and investment prospects.

Ambassador Mohammad Mostafizur Rahman said negotiations are also underway on a preferential trade agreement (PTA) with the country.

In FY 2020-21, the import-export between Indonesia and Bangladesh stood at US$ 1.9 billion, which has a huge potential for further growth.

Indonesia has a large market for Bangladeshi medicines, agricultural products, poultry, jute and leather goods and footwear.

Also present at the meeting were FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md Amin Helaly, Director MGR Nasir Majumder and Secretary General Mohammad Mahfuzul Hoque.