Slovenia: a promising market for Bangladesh

Even a small country could be a very promising market for Bangladesh if it has deep diplomatic relations with that country.

Slovenia, a central European nation, is such a country with a population of about two million and more than $25,000 per capita income.

Bangladesh's trade with Slovenia is growing at a faster rate in recent years due to the higher demand for Bangladeshi garments, footwear and pharmaceuticals.

"We want to increase trade with Bangladesh, as its economy is growing fast," said Jozef Drofenik, who serves as the Slovenian ambassador for India and Bangladesh, in an interview with The Daily Star recently.

He said Bangladesh's exports to Slovenia have been rising as Bangladeshi businesses enjoy duty-free benefit under the EU's 'everything but arms' scheme.

Bangladesh exported goods worth $36.04 million in fiscal 2014-15 to Slovenia compared with $29.05 million in the previous year, according to data from Bangladesh's commerce ministry.

On the other hand, Bangladesh imported goods worth $1.60 million in fiscal 2014-15 from Slovenia, compared to $1 million in the previous year.

However, imports from Slovenia have been showing an upward trend since July last year.

In July-February of the current fiscal year, imports from Slovenia stood at $14.40 million, while exports were worth $28.74 million in July-March.

With the rising volume of bilateral trade, Slovenia on Thursday opened its consulate office in Dhaka to deepen diplomatic and trade relations further between the two countries. Drofenik came to Dhaka from New Delhi to open the consulate office.

Currently, Bangladeshi citizens wishing to travel to Slovenia have to collect visas from the Swedish embassy in Dhaka.

"We need to promote business further between the two countries," he said, stressing the need for more networking among the businesspeople of the two countries.

As part of the efforts, the diplomat said, a team of Bangladeshi businesses will visit Slovenia, preferably in early September, to attend a trade fair. Commerce Minister Tofail Ahmed is likely to lead the business delegation.

The Federation of Bangladesh Chambers of Commerce and Industry will facilitate the visit, Drofenik said, adding that a business delegation from Slovenia will also come to Bangladesh this year.

On the potential areas of trade, the ambassador said Bangladesh has already been a famous name in garment business in Slovenia. Apart from the apparel items, Bangladesh can export pharmaceuticals, footwear, leather goods, jute and jute goods and ceramics.

Bangladesh can import machinery, water treatment and management equipment, solar panels, IT services and software, and equipment for setting up biogas plants.

Drofenik said Slovenia is famous for software for the management of public hospitals. The diplomat also said Slovenian companies supplied such software to public hospitals in London.

On Slovenian investment in Bangladesh, he said foreign direct investment from his country might come in future, but not so soon, as businesses in Slovenia are still recovering from the recent global recession.

Slovenia was one of the countries, which were hit hard by the recession. Businessmen in Slovenia took too much credit from the banking system. However, Slovenian businesses are making some investment in India, the envoy said.

He also said opening a full-fledged embassy of Slovenia in Bangladesh might not be possible now.