DCCI for boosting trade ties with D-8 countries

The Dhaka Chamber of Commerce and Industry (DCCI) has stressed on policy reforms, development of communication infrastructure, and resolving

tariff and non-tariff barriers among the Developing-8 (D-8) countries to strengthen trade relations and boost investments.

DCCI Acting President Monowar Hossain came up with the remarks while Pakistani business delegation led by the President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh and Nigerian High Commissioner in Bangladesh Ahmed Sule visited DCCI Gulshan Centre in Dhaka on Monday.

The D-8 member countries are Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Türkiye.

During the meeting with the Pakistan delegation, Monowar said the bilateral trade between Pakistan and Bangladesh was $585.41 million in FY2020-21. “The businessmen of both the countries should look into reducing existing trade imbalance,” he said underscoring the importance of close liaison among the business community, regional trade enhancement and joint research and development.

FPCCI President Irfan Iqbal Sheikh said, “We can improve bilateral trade using regional integration. During the last couple of years, both Bangladesh and Pakistan are becoming regional powers in the ICT industries, especially in software export which is good for both-way trade as well.”

“Bangladesh’s world class medicines, apparel, agro-products, jute and jute goods, halal products and ceramics have good prospects in Pakistan. Bangladesh and Pakistan can profit by growing business relations,” he stated.

Meanwhile, in a separate meeting, Nigerian High Commissioner in Bangladesh Ahmed Sule said that the bilateral trade between the two countries was $79.76 million in FY2020-21, where Bangladesh’s import and export were $71.53 million and $8.23 million respectively. “Nigeria is taking various steps to develop ‘Ease of Doing Business Index’ to attract more FDI,” he added.

He also said Bangladesh showed much progress in capacity building of SMEs and Nigerian entrepreneurs can learn from Bangladesh to develop their SMEs.

He proposed to organize B2B match-making events between the SMEs of Bangladesh and Nigeria. “Bangladeshi RMG and Pharmaceutical sector have huge potential in Nigeria,” he added. DCCI Acting President Monowar Hossain also urged to establish ‘Bangladesh-Nigeria Business Council’ to explore trade and investment opportunities between the two countries.

Members of the board of directors of DCCI were also present during these meetings.