Canada produces a lot of mustard. On the other hand, Bangladesh imports huge amount of edible oil from the international market every year. In this situation, the Canadian High Commissioner in Dhaka Dr. Lily Nichols has proposed to import edible oil from Canada. She thinks her country’s healthy mustard oil could be popular in Bangladesh. However, besides imports, Minister of Commerce Tipu Munshi has called on the High Commissioner to set up edible oil factories in special economic zones in Bangladesh. He made the call during a meeting with the High Commissioner at the Secretariat on Wednesday (11 May).
During the meeting, the Minister of Commerce said that Canada is a friend of Bangladesh. Bangladesh has a long history of trade and economic relations with Canada. Canada is a major market to Bangladesh for garments exports. Both countries have vast potential for growing trade and investment. Bangladesh wants to take advantage of this opportunity. If Canada sets up an edible oil factory in Bangladesh, it will be able to meet the demand of the country and export to neighbouring countries.
Referring to the investment climate in Bangladesh, the Minister of Commerce said that the work of building 100 special economic zones in important places of the country is progressing fast on the initiative of Prime Minister Sheikh Hasina. The progress of several is in the final stages. The Government of Bangladesh has announced a number of benefits packages in regards to investment. Canada will benefit from investing in Bangladesh.
Bangladesh’s exports to Canada are increasing. From July to March of the current fiscal year, Bangladesh exported goods worth 107 crore dollars to Canada. At the same time, Bangladesh imported goods worth about 43 crore dollars from Canada. The Minister of Commerce expressed the view that it is possible to further increase the bilateral trade. He said that Bangladesh produces a huge amount of potatoes. These have export opportunities. Bangladesh will benefit if Canada assists in research to ensure proper use of such agricultural products.
At the time, the Canadian High Commissioner Dr. Lily Nichols said that Canada is interested in increasing trade and investment with Bangladesh. There is a huge demand for Bangladeshi made garments in Canada. There is opportunity to export ample amount of Canadian mustard oil to Bangladesh. This oil can be imported through Trading Corporation of Bangladesh (TCB) through G2G method. The Government of Canada will provide all possible assistance in this regard. Appreciating the garments made in Bangladesh, the Canadian High Commissioner said that businessmen could increase trade and investment by traveling between the two countries.
Minister of Commerce Tipu Munshi raised the issue of readymade garments sector in Bangladesh. He said that Bangladesh ranks second in the world in the export of readymade garments. Bangladesh is now manufacturing and exporting garments in an advanced and modern way. The US Green Building Council has certified 157 factories around the world as lead green factories. Nine of the top 10 are in Bangladesh. Workers are now working in a safe and work-friendly environment in Bangladesh. The rights of the workers have been ensured by amending the labour laws.
The meeting was attended by Additional Secretary (Exports) of the Ministry of Commerce Nusrat Jabin Banu and senior officials of the High Commission and the Ministry.
