DCCI urges Russia to invest more in power & energy sector

President of the Dhaka Chamber of Commerce and Industry (DCCI) Ashraf Ahmed on Tuesday invited more Russian investment in the power and energy sectors.

“More Russian investment, especially in the power and energy sectors, could play a pivotal role in steady economic progress and industrialization in Bangladesh,” the DCCI president said during a meeting with the visiting Russian trade mission held at the DCCI Auditorium in the city, according to a press release.

Meanwhile, a 14-member business delegation led by Dr. Alexander Rybas, Trade Commissioner of Russian Federation in India, visited DCCI to explore new win-win business opportunities for the entrepreneurs of the two friendly countries, reports BSS.

Welcoming the delegation, Ashraf Ahmed said that currently, bilateral trade between the two countries recorded $ 965.61 million, while exports and imports in Bangladesh reached $460.39 million and $505.22 million, respectively.

Moreover, the total FDI stock from Russia to Bangladesh stood at $17.26 million, he added.

Ashraf urged the Russian importers to import more products from Bangladesh, including ready-made garments, pharmaceuticals, jute and jute goods, light-engineering, and leather goods.

The DCCI President also said that Russian investors who are already operating their ventures here in Bangladesh have been successful so far.

He also invited Russian investors to invest in the fields of agriculture, science, technology, education, maritime, and the service sector in Bangladesh, as these sectors have great potential for them.

The leader of the delegation, Dr. Alexander Rybas, Trade Commissioner of the Russian Federation in India, said that Russia and Bangladesh have been maintaining a cordial bilateral trade relationship for a long and in 1972, both Bangladesh and Russia signed a joint trade agreement to foster bilateral trade and investment.

Mentioning that Russia has already extended all-out support to the execution of the Rooppur Nuclear Power Plant in Bangladesh, he expressed hope that Moscow will continue its cooperation in Bangladesh's energy security and natural gas exploration in the future.

He said that in 2023, Russia exported about 2.67 million metric tonnes of wheat to Bangladesh. He also opined that there are many opportunities for Russia's investment, either in the form of a single or joint venture, especially in the information technology, banking, chemical, and mechanical engineering sectors of Bangladesh.

Bangladesh's skilled workforce has been engaged in the shipbuilding industry in Russia since 2023, and it is expected that this trend will be expanded further, added Dr. Rybas.

Minister-Counsellor and Deputy Chief of Mission of the Embassy of the Russian Federation in Bangladesh, Ekaterina Semenova, also attended the function and said that Russia has the second-largest commercial relationship with Bangladesh among South Asian countries, and to strengthen these trade ties, she emphasised expanding the relationship between the private sector representatives of the two countries.

After the meeting, the members of the Russian delegation took part in a networking B2B where they expressed their keen interest in doing business in Bangladesh.

They said that Bangladesh is a nice place for investment. Members of the Board of Directors of DCCI were also present during the meeting.