Franco-Bangladeshi Economic Relationships
Economic relations between Bangladesh and France have shown a strong reprisal in 2021 after a decrease of 15% in value of our bilateral trade in 2020 caused by the pandemia of Covid-19.
Last year, our bilateral trade has reached EUR 3.26 billion, showing an increase of 18% compared to 2020.
Fueled mainly by the RMG sector and some leather products, which represent 98% of French imports from Bangladesh, the total value of imports increased by 21% in a year to reach a record EUR 3.01 billion in 2021. France remains one of Bangladesh's largest export markets, and its third customer in the European Union, all products considered.
Unfortunately, French exports to Bangladesh decreased again, by 20% compared to 2020, amounting to EUR 191 million, back to the level reached in 2017. French exports are boosted by electrical machinery and industrial equipment, such as gas turbines & equipment manufactured by GENERAL ELECTRIC in Belfort, France and Active Pharmaceutical Ingredients for pharma industry from SERVIER.
Consequently, our bilateral deficit which registered a threefold increase in the last ten years, came up to EUR 2.88 billion last year. To reduce the huge trade deficit we are facing, France is eager to put its world acclaimed know-how and experience at the service of Bangladesh and its people, especially in the sectors where our companies' excellence is proven worldwide. Hence, we follow with a keen interest developments in such sectors as power generation (including renewable energy), rail transportation, water treatment and all environment related issues.
Few events have marked Year 2021, due to Covid-19, which forced the unfortunate cancellation in April 2020 of a visit by MEDEF INTERNATIONAL, the French equivalent to FBCCI.
The individual strength of both France and Bangladesh are to be amply utilized and shared in order to consolidate the mutual economic and social benefits. France and its companies are committed to developing their action and establishing partnerships which would allow Bangladesh to reach its ambitious economic targets.