MoU to boost trade with Argentina

Bangladesh imports two of the most essential commodities soybean oil and sugar from Argentina every year. Commerce Minister Tipu Munsi urges Argentina to set up an edible oil factory in one of the economic zones (EZ) in Bangladesh.

Besides supplying products in local markets, Minister says Argentina can take the advantage to export products in other countries by establishing edible oil factory in Bangladesh.

The minister made the call while signing a MoU with Argentine Foreign Minister (FM) Santiago Andres Cafieroof on Tuesday. 

The agreement, signed at an event held at the Secretariat in Dhaka, aims to increase bilateral trade between the two friendly nations.

Tipu Munshi said, “There are many opportunities available to better trade with Argentina. There is also a scope to increase exports, especially of RMG items.

“We are hopeful that this MoU will help increase bilateral trade to 1.5 billion within the next two years.”

Praising on the medical products of Bangladesh, the Argentine FM said, “Until so far, the two countries shared a sincere relationship only centering football. But now the two countries will have stronger ties in other sectors as well.”

Tipu Munshi also asked the visiting minister for cooperation in purchasing soybean oil directly from Argentina through the Trading Corporation of Bangladesh (TCB), placing emphasis on increasing bilateral trade.

Mentioning that Argentina placed significant importance on trade with Bangladesh, Santiago said, “Bangladesh can import edible sunflower oil aside from soybean oil and wheat from us. Argentina is also interested in investing in export-oriented industries in Bangladesh.”

The MoU signing ceremony was moderated by the commerce ministry’s Senior Secretary Tapan Kanti Ghosh.

Members of the Argentine delegation, TCB Chairman Brig Gen Md Ariful Hassan, the ministry’s Additional Secretary (FTA Wing) Noor Md Mahbubul Haq, Additional Secretary Hafizur Rahman, and senior officials of the ministry were present on the occasion.

Commerce Minister Tipu Munshi also said that only government employees will now have the opportunity to travel to Argentina without a visa.

“In the future, all citizens, travelling to Argentina, will be able to get on-arrival visas,” he added.

On the MoU signing ceremony Argentine FM gifted Tipu Munsi The jersey of their national team, olive oil and pickle and on the other hand Commerce Minister Tipu Munsi gifted the Minister historical photos of old Dhaka, jute and leather products. To develop the relation between two countries Argentina opens embassy in Dhaka on Tuesday.