The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the top trade organization of the country, sees great potential in expanding trade with African countries. There are many opportunities for Bangladeshi traders to benefit from market creation through diversification of export products in this huge market of Africa.
FBCCI President Mahbubul Alam said these things while participating in the first meeting of FBCCI Standing Committee on Trade and Investment in African Countries on Thursday (February 15).
Mahbubul Alam mentioned that if we can capture the African market, it will play a very positive role for the economy of Bangladesh. Apart from the conventional export products, many of our products have the opportunity to be exported to Africa. This opportunity should be used.
Pointing out that African countries have a lot of land suitable for farming, he added that the price of land there is very low. Bangladeshi investors can benefit by making large investments there, starting from farming. Besides, Mahbubul Alam urged the Bangladeshi businessmen to investigate the condition of ‘ease of doing business’ there. The FBCCI President said that the Ministry of Foreign Affairs of Bangladesh will provide sincere and all-out cooperation in this regard.
FBCCI senior vice president participated in the meeting. Amin Helali said that products can be produced in Africa and sent to European countries. Again, the appendix can be brought to the country. Both sides will benefit economically if trade increases and new markets are found in Africa. With the help of the government, security can also be ensured.
Chairman of the Standing Committee and Honorary Consul of Uganda Abul Hossain presided over this meeting. He said, African countries will open the doors of great possibilities for Bangladesh. There are ten to fifteen countries in Africa which have immense potential for Bangladesh. Now is the time to look for markets in Africa instead of depending on the European and American markets; Where plastics, pharmaceuticals, agriculture and agricultural products etc. can be huge potential areas. Besides, if business can be started in Africa, there will also be an opportunity to export manpower there.
In the meeting, Chairman of City Bank and Partex Group, Aziz Al Qaiser said, “We are doing business only in Europe and America.” There are some challenges of doing business in Africa that if overcome, Africa will be a huge market for Bangladesh.
Foreign Ministry DG (Africa) A.F.M. Zahid ul Islam suggested to identify Bangladesh’s potential export and import products before starting business in Africa. He also said that the Ministry of Foreign Affairs has been doing a lot of work in expanding trade with Africa for the past two-three years and that all kinds of assistance will be provided from the Ministry in the future.
Abdul Matlub Ahmad, former president of FBCCI and chairman of Nitl-Niloy Group, participated virtually in the meeting. He suggested business and investment in Africa by highlighting his business experience.
Committee members want to increase trade and investment in Africa with business security and government policy support in Africa.
In the meeting, the former ambassador of Bangladesh in Kenya, M. Wahidur Rahman, officer of the special branch of police Jasmine Keka, director of FBCCI Abu Motaleb, Hafez Haji Harun or Rashid, Kawsar Ahmed, secretary general. Alamgir, Ambassador Masood Mannan, Advisor to the International Department, Co-Chairmen of the Committee and other business leaders were present.
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