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24 June 2024

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Bangladesh-Turkey can serve as gateway of trade in Europe, South and Southeast Asia: Mahbubul

BI Desk || BusinessInsider

Published: 00:35, 14 May 2024  
Bangladesh-Turkey can serve as gateway of trade in Europe, South and Southeast Asia: Mahbubul

Photo: Collected

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Mahbubul Alam on Monday said both Bangladesh and Turkey could serve as the gateway of trade and business between Europe and South and Southeast Asia.

He said Bangladesh and Turkey offer huge untapped potentials of trade and business. "Turkey has a unique geographic position, lying partly in Asia and partly in Europe, a bridge between the two continents. Likewise, situated at the foothills of Himalayas, Bangladesh is also the gateway of regions like ASEAN and SAARC," he said.

The FBCCI President opined this while addressing a visiting delegation from Foreign Economic Relations Board of Turkey (DEIK) and the Turkey-Bangladesh Business Council today at the FBCCI Icon in the capital, said a press release.

Mahbubul said the relations between Turkey and Bangladesh are based on strong historical and cultural roots. "Today both nations have expanded beyond traditional ties into a prosperous trade and investment partnership," he added, reports BSS.

In the fiscal year 2022-23, Bangladesh's exports to Turkey stood at $ 495.81 million and imports from Turkey stood at $ 380.3 million.

At present, 15-20 large Turkish companies are directly operating in Bangladesh in the areas of garments and textiles, accessories, chemicals, engineering, construction and energy and more than 100 Turkish companies have representatives in Bangladesh.

These companies have been significantly contributing towards creating jobs, bringing in their expertise in manufacturing, construction and engineering and diversifying trade for Bangladesh, Mahbubul added.

The FBCCI President said that the present government of Bangladesh has been working relentlessly in order to bolster the economic growth of the country.

He said the government has taken visible and prudent steps in implementing the SDG goals 2030, the national vision 2041 and a Delta Plan-2100.

"We've a favorable investment policy with tax exemption, Duty Drawbacks, Access to working capital and many more," he added.

The FBCCI President also expressed optimism about future cooperation between the two countries, suggesting areas such as pharmaceuticals, tourism, jute, and technology where Turkish investments could thrive.

He also called for the activation of trade promotional activities and proposed cooperation in developing high-tech products and tourism infrastructure.

The visiting delegation was led by the Chairperson of the Turkey-Bangladesh Business Council Hidayet Onur Ozden.

Ozden said Bangladesh is like a second-home country to him. "We have been operating business in Bangladesh for a long time. There are many opportunities out there to strengthen the bilateral trade between the two countries. The trade and business ties between Bangladesh and Turkey are improving day by day and it is time to bolster the growth of economic prosperity of the two nations," he added.

The Ambassador of Turkey to Bangladesh Ramis Sen appreciated the recent infrastructural development of the country.

He also invited the Bangladesh business leaders to visit Turkey in the upcoming months.

FBCCI Senior Vice-president Md. Amin Helaly said Bangladesh offers huge investment potentials for Turkish investors. "The country will be the ninth largest consumer market in the world by 2030. Turkish businesses can take this opportunity to operate their business in Bangladesh. FBCCI will be more than willing to help where needed," he added.

FBCCI Vice-president Dr. Joshoda Jibon Deb Nath, its Directors, Secretary General Md. Alamgir, Distinguished Members of the delegation from DEIK and Turkey-Bangladesh Business Council and business dignitaries from different sectors of Bangladesh were present, among others, at the meeting.