It also sought a plot of 100 acres of land in Bangabandhu Special Economic Zone (SEZ) for establishing the Canadian Industrial Zone
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November 29, 2022 8:27 PM
The Canada Bangladesh Chamber of Commerce and Industry in Bangladesh (CanCham) urged the government to sign bilateral deals with Canada to facilitate continuation of duty benefits there for Bangladeshi exporters.
It also stressed that the government should sign a free trade agreement with Canada and another separate agreement to protect foreign direct investment here in Bangladesh.
It also sought a plot of 100 acres of land in Bangabandhu Special Economic Zone (SEZ) for establishing the Canadian Industrial Zone.
The trade body’s President Masud Rahman made the demands at a program organized to celebrate 50 years of bilateral relations between Canada and Bangladesh on Sunday.
Foreign Minister AK Abdul Momen attended the event as the chief guest, while Canadian High Commissioner to Bangladesh Lilly Nicholls and FBCCI President Md Jashim Uddin were present as special guests.
Khalilur Rahman, Bangladesh high commissioner to Canada, also spoke virtually.
In his speech, Rahman said that in 2019, foreign direct investment (FDI) to Bangladesh reached $3.61 billion. FDI inflows to Bangladesh rose by 37% year-on-year to $3.43 billion in FY22.
Canada granted duty-free market access to Bangladesh in 2003 and since then the two-way trade has started growing rapidly and tripled from CAD $600 million to $2.40 billion.
Bangladesh exported goods worth CAD $1.7 billion to Canada in 2018, said Rahman.
The CanCham Bangladesh president also recommended prioritizing exports of IT and ITES, footwear and leather products, pharmaceuticals, light engineering goods, sustainable plastic products and jute goods from Bangladesh.
FBCCI president Md Jashim Uddin said there was an immense opportunity for business between the countries in a number of sectors apart from RMG, for instance, leather, agro foods and blue economy.
Lilly Nicholls, high commissioner of Canada in Bangladesh, said this is a very special time for both Canada and Bangladesh.
Bangladesh is a key part of Canada’s Indo Pacific strategy, she added.
Speaking there, Foreign Minister AK Abdul Momen said Bangladesh needed the Canadian general trade preference facility even after the graduation to a developing country from the least developed country (LDC) status in 2026.
- free trade agreement (FTA)
