BD seeks to boost trade ties with Australia
DOT Desk: Bangladesh will seek Australian cooperation in exploring natural gas, coal and other sectors during a trade conference in Sydney in April, officials said, reports The Financial Express.
The Bangladesh embassy in Canberra has informed commerce ministry of an ‘Australia-Bangladesh Trade Conference 2019’ from April 16 to 18 in the Australian financial capital of Sydney.
To this end, a letter has been written to the ministry.
The Bangladesh High Commission and the Australia-Bangladesh Business Council will host the forthcoming event.
The trade and investment relations between the two countries are expanding rapidly, according to the country’s business circle.
The two-way trade has increased about six times during the last one decade.
The Federation of Bangladesh Chambers of Commerce and Industry president Md Shafiul Islam (Mohiuddin) elaborated the issue.
“Australia is a first world. We’ve been doing business with the country for years. We’ll seek Australia foreign direct investment and cooperation in other sectors during the conference,” he said. The growth trend of businesses between the two countries is highly impressive and could be expanded further, Mr Mohiuddin told the FE.
“We’ll showcase Bangladesh’s robust economic growth during the event with an aim to enhance further cooperation in multiple sectors,” he mentioned.
Bangladesh increased its export to Australia about five times to $712.92 million in fiscal year (FY) 2017-18 which was only $140.52 million in FY 2009-10.
Opportunities are immense for Bangladesh to increase its exports of ready-made garment, pharmaceuticals, frozen fish, jute products, leather and leather goods and such to Australia.
“Officials of Bangladesh and Australia, business leaders, researchers and policy analysts will focus on further expansion of bilateral trade and cooperation,” said a high official of the ministry.
Mutual trade and cooperation in power and energy, garment, mining, trade facilitation and finance would be sought, he told the FE.
The official hinted that commerce minister Tipu Munshi is expected to attend the conference that will help reinforce bilateral ties between Dhaka and Canberra.