Bangladesh a favourable destination for Turkish investors

Bangladesh has a favourable business environment for Turkish investors thanks to its congenial policy making and regulatory regimes, according to a 14-member delegation of the Turkey-Bangladesh Business Council.

"The construction, renewable energy, automobile, healthcare, shipbuilding, healthcare and home appliance industries are just some of the areas with potential for Turkish investment," said Rizwan Rahman, president of the Dhaka Chamber of Commerce and Industry (DCCI).

Bangladesh's trade with Turkey amounted to about $686.4 million in fiscal 2019-20, when exports made up around $453 million of the total against $233.4 million in imports.

"This reflects a positive trade balance in our favour," he added.

Rahman made these comments during a meeting with the 14-member delegation yesterday, as per a press release circulated by the DCCI.

In FY2020-21, Bangladesh's exports to Turkey stood at $499.79 million.

And although the transcontinental nation sourced just 0.21 per cent of its imports from Bangladesh in the current fiscal year, the country could be a key focus for trade and investment under Turkey's Asia Anew initiative, he said.

However, Hulya Gedik, chairperson of the Turkey-Bangladesh Business Council, said Bangladesh is not a well-known investment destination among Turkish people due to a lack of communication even though the council opened a Bangladesh Business Centre in Turkey to this end.

Mustafa Osman Turan, Turkey's ambassador to Bangladesh, said Bangladesh wants to become a developed nation by 2041 and Turkey aims to be the world's 10th largest economy but without a sustainable partnership, neither goal can be achieved.

Bangladesh's ICT, pharmaceutical and light engineering sectors have good potential to attract foreign direct investment, he added.

The envoy went on to say that Turkish machinery are cheaper but almost same in quality compared to those made in EU and US.

"There are a few big Turkish companies already operating in Bangladesh, which is a sign of the country's competitiveness," Turan said.

Kenan Kalayci, commercial counsellor of the Turkish embassy, said trade between Bangladesh and Turkey increased by about 20 per cent in the last nine months.

Considering the current growth rate, Kalayci expects bilateral trade will soon reach the $2-billion mark.

Gedik also met Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), earlier in the day.

"We are interested to explore trade and investment opportunities in Bangladesh in areas such as cyber-security, jute, fruits and vegetables," Gedik said.

In response, FBCCI's Uddin said there are a lot of business opportunities in Bangladesh.

"As our local market is very big, you can take advantage of this opportunity," he added.

The FBCCI chief went on to say that Bangladesh is on a mission to achieve its sustainable development goals by 2030.