Canada keen to expand trade & investment in Bangladesh
Canadian High Commissioner to Dhaka Benoi Prefontaine (right) meeting Commerce Minister Tipu Munshi on April 15, 2019. Photo: PID
Canada has shown interest to increase trade and investment with Bangladesh.
The interest was conveyed by Canadian High Commissioner to Dhaka Benoi Prefontaine while meeting Commerce Minister Tipu Munshi on April 15, 2019, says a ministry release.
“The businessmen of Canada and Bangladesh now have to come forward and identify trade barriers and problems,” Minister Tipu Munshi briefed reporters afterwards. “They have to make bilateral visits to each other’s countries and come up with recommendations.”
Minister Munshi stressed on forming a forum to facilitate the movement and cooperation between Canada and Bangladesh. “This will create a platform for discussions and give momentum to business. We need this to bolster our business relationship.”
“Now, there is huge potential for investment in Bangladesh. Canadian investors will make big gains from investing here. Bangladesh government is also providing incentives and facilities for foreign investment. There is big demand of Bangladeshi product in Canada.”
Canadian High Commissioner Prefontaine stressed for increasing business in the education sector. “There is big demand of Bangladeshi product in the Canadian market. It is possible to further expand and explore this opportunity.”
The high commissioner also stressed on the need for joint initiatives from Bangladeshi commercial counsilors in Canada and Canadian businesses and investors in this regard.
APPAREL EXPORT STATISTICS
Canada imported US over $1.1 billion worth of products from Bangladesh – occupying 3 per cent of Bangladesh’s export pie during the last fiscal 2017-18.
The main exported item was knitwear products which fetched US $411 million, followed by woven garments at US $552 million, and home textiles at US $81 million.
This is another promising North American export market where industry stakeholders think that apparel business can be further expanded.
For Regular Industry Insights