Home ›› 13 May 2022 ›› News
Citing the Philippines’ incredible success in the health and tourism sectors, Dhaka Chamber of Commerce & Industry (DCCI) President Rizwan Rahman has urged the country’s investors to invest in these sectors in Bangladesh.
Rizwan also opined that signing a free trade agreement (FTA), establishing direct Dhaka-Manila flights, and modernization of customs regulation can play a vital role to boost the trade and investment between the two countries.
He shared the views on Wednesday during a meeting with the ambassador of Philippines in Bangladesh, Alan L Deniega.
The DCCI president further said that various sectors, including IT, ITES and Fintech, agro and food processing, leather and footwear, plastic products, fast-moving consumer goods and retail, and pharmaceuticals, can be very potential for the Filipino entrepreneurs to invest as well.
During the meeting, he mentioned that bilateral trade between the two countries was $124.24 million in FY2020-21, where the import and export of Bangladesh was $49.72 million and $74.52 million, respectively.
Bangladesh’s export has increased by 15 per cent after the Covid-19 situation came under control due to the resilience of the country’s private sector and the government’s prudent macro economy management, he added.
Rizwan also proposed to setup a nursing institute in Bangladesh for training by Filipino medical professionals.
Deniega said that after the LDC graduation, Bangladesh may take initiative to hold discussion to sign an FTA not only with the Philippines but also with the ASEAN countries to expand its export and trade.
He also praised Bangladesh’s tremendous progress in social and economic development in recent times.
Domestic tourism in Bangladesh is quite good and it is growing day by day. But to attract foreign tourists, infrastructure development is crucial,” he added. Deniega also agreed that direct air connectivity between Dhaka and Manila can expand trade and investment opportunities, including tourism, between the two countries.
At the meeting, Akbar Hakim, the president of Bangladesh-Philippines Chamber of Commerce & Industry, said that the Filipino counterparts of Bangladeshi business communities is not very much aware of the potential sectors here.
He called for initiatives to organise reciprocal trade visits by both countries to improve people-to-people connectivity.
DCCI Vice President Monowar Hossain and Third Secretary and Vice Consul of the Philippines Embassy Christian Hope V Reyes were also present during the meeting.
