Russia wants to raise trade with BD to $1b soon :: Financial Express :: Financial Newspaper of Bangladesh
Russia wants to raise trade with BD to $1b soon
Published : Wednesday, 18 September 2013
FE Report
Russian Deputy Minister for Industry and Trade Yuri Slyusar said Tuesday Russia wants to augment bilateral trade with Bangladesh to US$ 1.0 billion within a few years.
"The two countries have historical background of relationship, yet the volume of bilateral trade is much lower. We want to increase the volume up to US$ 1.0 billion within afew years," he said in a meeting with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) leaders.
The FBCCI organised the meeting on the occasion of the visit of a Russian business delegation.
The 22-member Russian team, headed by the deputy minister, comprises of businessmen from agriculture, railway, fertiliser and infrastructure sectors.
FBCCI President Kazi Akram Uddin Ahmad and Vice-President Monwara Hakim Ali, and former Dhaka Chamber of Commerce and Industry (DCCI) President Asif Ibrahim, among others, spoke at the meeting.
The deputy minister said the cooperation between the business communities will have to reach such a state that changes in political leaderships cannot change the bilateral relationship.
He said Bangladesh's request for duty-free access of its goods to the Russian market will be considered positively.
He urged the business leaders to form an investors' forum, comprising of business personalities of the two countries, to march forward the bilateral relationship.
Russian Ambassador in Dhaka Alexander A Nikolaev said there should be two-way investment. He urged Bangladeshi business people to go to Russia and tap the country's business potentials.
The FBCCI president said the present trade volume between Bangladesh and Russia is around US$ 543.59 million, and the balance is tilted in favour of Russia. Bangladesh's import from Russia was US$ 335.30 million in fiscal year 2012-13 against export of US$ 208.29 million.
He requested the minister to include major export items of Bangladesh, such as ready-made garments, leather and leather goods, and ceramics, to the Russian tariff preference list.
"We urge the Russian government to extend duty-free market access for all export products of Bangladesh. This facility will give our businessmen an opportunity to expand bilateral trade."
Russia has provided tariff preference to 48 items, including jute and jute goods, shrimps, tea, silk and rice, etc.
He urged the businesspeople to set up direct banking relationship between the two countries, as absence of the facility has been hampering bilateral trade.
The FBCCI chief said Bangladesh offers most liberal package of investment facilities and incentives. Investment may be made in the country's eight export processing zones (EPZs), where necessary infrastructure facilities are available. Besides, seven special economic zones (SEZs) are being set up here to attract foreign direct investment.
Russian investors may take advantage of these opportunities by setting up industries on joint venture or on cent per cent ownership in various sectors, like - power, mining, agro-processing, leather, electrical and electronics, engineering and pharmaceuticals etc, he added.
Russia wants to raise trade with BD to $1b soon
Published : Wednesday, 18 September 2013
FE Report
Russian Deputy Minister for Industry and Trade Yuri Slyusar said Tuesday Russia wants to augment bilateral trade with Bangladesh to US$ 1.0 billion within a few years.
"The two countries have historical background of relationship, yet the volume of bilateral trade is much lower. We want to increase the volume up to US$ 1.0 billion within afew years," he said in a meeting with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) leaders.
The FBCCI organised the meeting on the occasion of the visit of a Russian business delegation.
The 22-member Russian team, headed by the deputy minister, comprises of businessmen from agriculture, railway, fertiliser and infrastructure sectors.
FBCCI President Kazi Akram Uddin Ahmad and Vice-President Monwara Hakim Ali, and former Dhaka Chamber of Commerce and Industry (DCCI) President Asif Ibrahim, among others, spoke at the meeting.
The deputy minister said the cooperation between the business communities will have to reach such a state that changes in political leaderships cannot change the bilateral relationship.
He said Bangladesh's request for duty-free access of its goods to the Russian market will be considered positively.
He urged the business leaders to form an investors' forum, comprising of business personalities of the two countries, to march forward the bilateral relationship.
Russian Ambassador in Dhaka Alexander A Nikolaev said there should be two-way investment. He urged Bangladeshi business people to go to Russia and tap the country's business potentials.
The FBCCI president said the present trade volume between Bangladesh and Russia is around US$ 543.59 million, and the balance is tilted in favour of Russia. Bangladesh's import from Russia was US$ 335.30 million in fiscal year 2012-13 against export of US$ 208.29 million.
He requested the minister to include major export items of Bangladesh, such as ready-made garments, leather and leather goods, and ceramics, to the Russian tariff preference list.
"We urge the Russian government to extend duty-free market access for all export products of Bangladesh. This facility will give our businessmen an opportunity to expand bilateral trade."
Russia has provided tariff preference to 48 items, including jute and jute goods, shrimps, tea, silk and rice, etc.
He urged the businesspeople to set up direct banking relationship between the two countries, as absence of the facility has been hampering bilateral trade.
The FBCCI chief said Bangladesh offers most liberal package of investment facilities and incentives. Investment may be made in the country's eight export processing zones (EPZs), where necessary infrastructure facilities are available. Besides, seven special economic zones (SEZs) are being set up here to attract foreign direct investment.
Russian investors may take advantage of these opportunities by setting up industries on joint venture or on cent per cent ownership in various sectors, like - power, mining, agro-processing, leather, electrical and electronics, engineering and pharmaceuticals etc, he added.
