Tipu seeks more Turkish investment

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DHAKA, Nov 16, 2020 (BSS) – Commerce Minister Tipu Munshi today urged the Turkish businesses to come up with more investment in the country’s ICT, RMG and the pharmaceuticals sectors availing the investment-friendly environment in Bangladesh.

Tipu made the call when Turkish Ambassador to Dhaka Mustafa Osman Turan met the minister at his secretariat office.

Mentioning that Bangladesh is now a lucrative place for making investment, the Commerce Minister said that some 100 special economic zones are being set up across the country having huge investment potentials where the Turkish businesses could come up with investment in the ICT, RMG and pharmaceuticals sectors.

He said Bangladesh and Turkey had a good relationship for long while the bilateral relationship between the two countries is increasing day by day.

Tipu mentioned that Turkey is a big destination for Bangladeshi jute products as the country imported jute goods worth $200 million from Bangladesh last year.

Citing some of the barriers towards expansion of bilateral trade like high duty on RMG export, he suggested that both the countries should come forward towards identifying the existing problems in bilateral trade and thus addressing those.

Since Bangladesh is going to become a developing country after coming out of the LDC status, the Commerce Minister said Bangladesh would sign Free Trade Agreement (FTA) and Preferential Trade Agreement (PTA) with some countries to further expand bilateral trade.

The Joint Economic Commission (JEC) is already in place between the two countries and it could further utilize the potentials, opined the minister.

According to official data, Bangladesh’s exports to Turkey in recent times totaled $453.46 million against the imports of $233.50 million.

Turkish ambassador Turan said that his country is interested to expand trade and investment with Bangladesh.

He said Turkey is a big buyer of Bangladeshi jute products while it also imports Bangladeshi RMG items adding that it can also work on the design of the RMG items.

The Turkish ambassador said there is also a big opportunity for Turkey to import Bangladeshi pharmaceutical products side by side supplying its machineries to Bangladesh.

Commerce Ministry Additional Secretary (FTA) Md Shahidul Islam was present, among others, on the occasion.