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The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged China to make joint efforts to help narrow Bangladesh’s huge trade deficit with the country.
To this end, the FBCCI called on a Chinese business delegation to strengthen business-to-business engagement and promote joint investment between the two countries.
The call came at a meeting between the FBCCI and a business delegation from the China Council for the Promotion of International Trade (CCPIT) at the FBCCI office in Dhaka on Monday.
FBCCI Administrator Md Fazlul Hoque said bilateral trade between Bangladesh and China is now close to $20 billion, but remains heavily tilted in China’s favour, with Bangladesh’s exports to China amounting to less than $1 billion.
He urged businesses from both countries to explore joint ventures and other opportunities to increase Bangladeshi exports to the Chinese market.
Bangladeshi business leaders invited Chinese entrepreneurs to make joint investments in food processing, medical devices and accessories, pharmaceuticals and active pharmaceutical ingredients (APIs), renewable energy, and jute and jute-based products.
Fazlul assured the delegation that the FBCCI would provide necessary support to Chinese businesses seeking to invest and operate in Bangladesh.
He Tao, director of the Bureau of Commerce of China’s Honghe region, expressed interest in expanding bilateral trade and investment.
“One of our key objectives is to make the import-export process between the two countries easier and unlock new opportunities in trade and business,” he said.
The meeting was attended by former FBCCI directors Abdul Haque, Priti Chakraborty and Obaidur Rahman; FBCCI Secretary General Md Alamgir; FBCCI Safety Council Adviser Brig Gen (retd) Abu Naim Md Shahidullah; members of the FBCCI General Council; leaders of various chambers and associations; and other members of the CCPIT delegation.