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Once Argentinians didn’t know Bangladesh, but now they are introducing and purchasing different types of products made in Bangladesh. We need to gear up promotional campaign both at public and private levels to explore huge market potential in Argentina, said Argentina-Bangladesh Chamber of Commerce and Industry (ABCCI) President Talukder Alim Al Razi in an exclusive interview with The Business Post’s Rafikul Islam
Please, tell us about ABCCI founding history and its achievements in a nutshell.
The process of establishing the chamber started in 2017 thanks to initiative of former Commerce Minister Tofail Ahmed when he visited the 11th WTO Ministerial Conference in Argentina.
A bilateral chamber was formed comprising ten businessmen. Of them, five were from Bangladesh and others from Argentina. The ABCCI is a government-approved organisation.
Now we have a membership of 200. Basically, we are branding Bangladesh in Argentina and its neighbouring countries as we see huge opportunities to boost trade ties here.
There are around 500 Bangladeshi businessmen in Argentina. But we don’t get enough from our authorities concerned.
We signed a memorandum of understanding (MoU) with Argentina municipality to reopen the factories which were closed owing to the economic recession. We can hire 30 per cent employees from Bangladesh out of 6,000 in our garment industry here which is in process. We can import manpower from Bangladesh and also send money there from our profits.
However, we sent a draft MoU officially to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) thanks to one of its vice presidents in 2020 to facilitate and expedite our activities but we have yet to get any feedback.
We could not arrange the business summit in 2020 for not getting proper support from our authority particularly the foreign ministry and FBCCI. I think that we all should work together for Bangladesh’s development.
How you are branding Bangladesh in Latin American countries?
We, the businessmen in Argentina, took part in the 43rd edition of Buenos Aires International Book Fair to brand Bangladesh’s culture. Besides, we hold meetings with different businesses and government high officials as well.
A Parliamentary Friendship Group comprising 20 members of parliament of Argentina was formed in 2018 aimed at bolstering political and trade ties between Bangladesh and Argentina. Since then, Bangladesh’s exports to Argentina are gradually increasing.
Despite huge investment potential in nearly 100 economic zones of Bangladesh, why Argentinian investors don’t come forward to invest here?
Bangladesh does not get foreign direct investment (FDI) amply as the country lags behind in promoting its FDI related facilities. Besides, geographical location, language barrier, and a lack of cooperation from the ministries concerned are also reasons for not getting FDI.
We should arrange more fairs in Latin America particularly in Argentina to promote the products made in Bangladesh. Hence, the cooperation of BEZA, BIDA, commerce and foreign ministries as well as FBCCI is very important.
Earlier, a delegation of the foreign ministry visited Argentina but sadly they invited us. We are working here to brand Bangladesh.
[Bangladesh received $14.11 million FDI between fiscal years 2012-13 and 2021-22 from Uruguay, El Bolivia, Chile, El Salvador, Mexico, Peru, and Panama. Of them, the country received only $12.53 million FDI in FY22 from Panama while $0.47 million from Peru in FY21, and $0.49 million from Mexico in FY20.]
Has any progress made in establishing an embassy of Argentina in Dhaka? If the embassy reopens here, how will businessmen benefit from it?
The foreign minister of the Argentine Republic announced his plan to reopen the embassy in Bangladesh. Qatar World Cup after going viral of the tale of Bangladesh has always had a die-hard Argentina fan-base.
If the embassy is reopened in Dhaka, the potential of the bilateral relationship will be exploited mainly in the commercial aspect. We can communicate directly and do business quickly and easily. Now we have to spend more being its embassy in India.
You know there are a large number of football fans of Argentina in Bangladesh. What do the Argentina people think about Bangladesh?
Once Argentinians didn’t know Bangladesh, but now they are introducing and purchasing Bangladeshi products. During the latest world football cup, many Argentinians paraded with Bangladesh’s flags. Now they also love Bangladesh, though many don’t know Bangladesh yet.
What types of products Bangladesh may export and import to and from Argentina in future?
Bangladesh can export RMG products, foodstuff, medicines, light engineering items, and sports products to Argentina. Besides, Bangladesh can import various chemicals, finished products, soybean, maize, scraps, and leather from that country.
[Bangladesh imported products worth US$791.5 million from Argentina in FY 2021-22. Basically, Bangladesh imported fats, oils, waxes, cereals, and cotton in this fiscal year.]
Bangladesh exported goods worth US$9.5 million to Argentina in the July-June period of FY2021-22. Usually, Bangladesh exported textile fibres, leather items, saddlery and harness; travel goods, handbags, articles of animal gut, coats, ropes, and cables to the country.
As you are doing business in Argentina for nearly one and half decade, what types of challenges do you face there?
Business means a challenge. As foreign investors, we have to face language and cultural barrier. Besides, labour rights issue is very strong in Argentina, so we have to maintain it too.
Why the investors of Latin America and Caribbean countries don’t reinvest in Bangladesh?
Due to several issues such as long distance, L/C opening and transportation problem, buyers don’t get quality products as per their demand, and buyers shift to other country’s markets getting better options.
Do you seek any government support to brand Bangladesh and boost trade ties?
The government should pay attention to Latin American countries for export diversification to achieve the status of developed country by 2041. So, the government should lay emphasis on market research, and technology advancement.
What is your future plan?
China, India, Brazil, and USA are dominating the Argentina market. I want to work for expediting the chamber’s activities and increasing Bangladesh’s participation in Argentina market.
