Trade with Turkey to hit $2b if barriers go

Underscoring the need to diversify the business landscape here, Turkish Ambassador to Bangladesh Mustafa Osman Turan yesterday said the bilateral trade volume could reach $2 billion a year if the obstacles faced by businesses were removed.

The bilateral trade amounted to $950 million in the first nine months of this year and is expected to reach $1.4 billion by December's end, he said.

"The key of our trade is diversification. It is also key for Bangladesh. As the economy of Bangladesh can't depend solely on RMG," said the ambassador.

"Then your economy will become vulnerable through the demand of the market where garment is sold. We have seen this during the pandemic when demand fell sharply," he said.

"It happened during the economic hardship. The container, transportation costs are at an all-time high. Economy is in trouble. Despite this difficult time our trade is increasing. That is a good indicator for the future," he added.

Turan was addressing an event titled "Meet the Ambassador" organised by the Centre for Governance Studies at a hotel in the capital.

He also shed light on a few avenues where Bangladesh could expand its trade through investment and planning, including ICT, light engineering, automobile, leather, pharmaceuticals and shipbuilding.

All of these sectors have the potential to diversify the economy, the ambassador added.

Terming diversification the key tool to attracting businesses, he said once this happens, businesses will be interested in making investments giving priority to Bangladesh.

ICT has emerged as an area where Bangladesh has potential. New investors are exploring potential areas for investment. Because, Bangladesh is the second largest online labour provider in the global IT market, said Turan.

Turkey currently sells machinery, chemicals, cotton and light engineering products and buys jute and some garments, he continued.

Turan hoped for ongoing discussions of a joint economic commission to find ways to remove obstacles faced by businesses.

On the formation of Bangladesh-Türkiye Business Forum a couple of months ago, he said it was not a chamber yet.

It is a small group of dedicated, powerful businesses including Mohammadi Group, United Group, Kazi Farms Group, AK Khan and Company, Bangladesh Steel Re-Rolling Mills (BSRM), Ispahani Group, Square Group and Bengal Foundation, he said.

It also includes six Turkish companies operational in Bangladesh, he said, adding that the forum would hold meetings to explore avenues of trade partnerships.

"Our businesses see Bangladesh as a trustworthy manufacturing hub. One of our largest business groups is coming to Bangladesh. They decided to come here after a thorough research on Bangladesh market," said Turan.

"BIDA (Bangladesh Investment Development Authority) is very helpful. They are solving whatever issues that emerge. I believe that the years to come will show a much more active presence of Turkish businesses in Bangladesh," he added.