Turkish businesses keen to invest in Bangladesh

Members of the visiting Turkish business delegation have informed the Dhaka Chamber of Commerce and Industry (DCCI) that they are interested to invest in Bangladesh as the country is providing adequate facilities for foreign investors.

They observed that Bangladesh is a favourable destination for Turkish investors because of the business environment, policy and regulatory regime and overall business situation are congenial for investment here, reports BSS.

The 14-member Turkish business delegation from Turkey-Bangladesh Business Council was led by its Chairperson Hulya Gedik met DCCI President Rizwan Rahman and the members of the Board of Directors, said a press release.

Ambassador of Turkey in Dhaka Mustafa Osman Turan has also accompanied the delegation.

During the meeting, DCCI President Rizwan Rahman said that in FY2020-21 Bangladesh’s export to Turkey was $499.79 million. In FY2019-20, total trade with Turkey was $686.41 million out of which Bangladesh’s export was $453 million against the import of $233.41 million reflecting a positive trade balance of $220.06 million in favour of Bangladesh, he added.

He said that infrastructure, construction materials, railway, renewable energy, automobile, healthcare, medical equipment, shipbuilding, agriculture, home appliances etc. are some of the potential areas for Turkish investment.

Turkey sourced only 0.21 per cent of its import from Bangladesh, he informed.

The DCCI president said that under Turkey’s “Asia Anew” initiative, Bangladesh can be a key focus of Turkey for trade and investment. He was also called upon to utilize Turkey-Bangladesh Business Council to facilitate both-way trade and investment.

Hulya Gedik said Bangladesh is not much known to Turkish entrepreneurs due to a lack of communication and contact.

She urged upon the sustainability of trade relations between Bangladesh and Turkey. Moreover, she said that they have opened a ‘Bangladesh Business Centre’ in Turkey to facilitate Turkish entrepreneurs to know more about how to start a business in Bangladesh.

Mustafa Osman Turan said Bangladesh is going to be a developed nation by 2041 and Turkey wants to be the 10th largest economy but without a partnership, these goals will not be achieved.

He also said that Bangladesh’s ICT, pharmaceutical, and light engineering sectors have good potentials to attract FDI. He said Turkish machineries are almost of the same quality as Europe and America at a cheaper rate.

He said there are a few big Turkish companies are already in operation in Bangladesh that is a sign of Bangladesh’s competitiveness.

Commercial Counselor of Turkish embassy Kenan Kalayci said that in the last nine months the bilateral trade volume increased about 20 per cent.

He expected that the total trade between Turkey and Bangladesh would reach the mark of $2 billion soon.

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