Bangladesh High Commissioner to Canada Dr. Khalil Rahman said discussions are underway on increasing Canadian investment and trade in Bangladesh, strengthening free trade and foreign investment, and security agreements between the two countries. He made the remarks on Monday night (7 February) at a virtual meeting of the Canada-Bangladesh joint working group on strengthening trade relations.
Citing the complexity of the Canadian visa process as a major obstacle to bilateral trade, the High Commissioner said discussions are also underway to set up a visa office at the Canadian High Commission office in Dhaka. The Business Council of Canada (BCC) is interested in Bangladesh. The organisation has sought sector-based information from the Bangladesh High Commission in Canada.
This was stated in a press release issued by the FBCCI on Tuesday (8 February). He requested that the recommendations and reports of the joint working group be sent to the BCC. The High Commissioner also proposed the signing of a Memorandum of Understanding between the FBCCI and the BCC to strengthen Canada-Bangladesh trade and investment relations. FBCCI President Md. Jashim Uddin co-chaired the meeting.
He said that the plastics industry is one of the major potential sectors for Canadian entrepreneurs to invest in Bangladesh. In addition to its huge demand in the domestic market, there is a lot of potential for export in the world market. In addition, there is a huge demand for plastics in the readymade garments, pharmaceuticals, engineering, and automobile industries.
Earlier, Shamim Ahmed, President of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA), presented a report on the market and investment prospects of the plastics industry. He said that 1.2 million people work in the plastics sector and the export of plastics, directly and indirectly, amounts to USD 1 billion. The average annual growth of this sector is 4%. All of the 29 sub-sectors of plastics have potential. He said that the government has formulated various policy assistance for foreign investors.
Masud Rahman, President of Canada-Bangladesh Chamber of Commerce and Industry-Cancham Bangladesh, presented a report on Canada-Bangladesh investment at the meeting. According to the report, Bangladesh’s infrastructure sector could be the biggest investment opportunity for Canadian entrepreneurs. Canadians can contribute to the development of this sector through public-private partnerships. To this end, Canada’s investment bank Export Development Canada (EDC) can play a role in increasing investment by setting up a ‘Bangladesh Fund’.
He also spoke on Free Trade Agreement, Bilateral Aviation Agreement, Foreign Investment Promotion, and Protection Agreement, establishment of Bangladesh Consulate General’s office in Vancouver and Canadian Honorary Consulate General’s office in Chattogram, issuing on-arrival visas for Canadian citizens in Bangladesh, and expansion of GPT. He also suggested allocating 100 acres of land for the Canadian Industrial Area in the Bangabandhu Industrial Area.