Opportunities for Trade and Business Cooperation with Bangladesh Discussed at the Chamber

Current issues on the bilateral agenda in the field of trade, economic and business cooperation between Russia and Bangladesh were discussed on September 6 at a meeting between Director of the Foreign Relations Department of the Chamber of Commerce and Industry of the Russian Federation Alexander Kopkov and Trade Advisor to the Embassy of the People's Republic of Bangladesh in Moscow Molla Saleheen Shiraj.


Welcoming the guest, Alexander Kopkov noted that, despite the decline in bilateral trade, there are ample opportunities for further development of trade and economic ties with Bangladesh. First of all, by intensifying contacts between business circles, especially at the regional level, emphasized the director of the Department of External Relations.


According to Alexander Kopkov, in connection with the decision of certain large Western suppliers to stop working on the Russian markets, favorable conditions are currently being formed that Bangladeshi exporters can use to increase the volume of goods imported into the Russian Federation and expand their range (textile products, footwear, agricultural crops , tea, seafood). At the same time, additional opportunities for expanding cooperation with Russian regions are opening up, he noted. “We are ready to help use the strengths of Bangladesh's business in Russia,” A. Kopkov said.


The Trade Representative of Bangladesh agreed with this assessment by the Director of the Department and announced the intention of a delegation of business circles from this country to visit Russia to explore opportunities in the field of developing cooperation. Such a visit could take place in November and the delegation would include representatives of businesses that work in the textile industry, he informed.


The representative of Bangladesh stressed the high level of intergovernmental cooperation between Russia and this country, an example of which is the launch of a nuclear power plant in Bangladesh, built with the assistance of Russian specialists. He also said that agreements were signed between the regional chambers of commerce and industry of St. Petersburg and Dhaka and Vladivostok and the Bangladeshi port of Chittagong.


Molla Saleheen Shiraj called the production of medicines in Bangladesh, which could be supplied to Russia, an important area of possible cooperation. He also invited the Russian side to take part in the Dhaka International Trade Fair. The representative of Bangladesh described tourism as "the most important potential area of cooperation" and said that there were opportunities in both ways. “Bangladesh could become a new destination for Russian tourists,” he stressed. "In the regions Russian tourists want to visit new palces".


The trade representative called the export of labor from Bangladesh to Russia an important element of cooperation. More than 10 million Bangladeshis work abroad in the construction, shipbuilding and fishing industries, behave law-abidingly and return to their country after earning money, he said.


It is important to continue joint work to expand face-to-face contacts between business circles, including on the sidelines of joint congress and exhibition events (exhibitions, business forums, round tables, seminars, etc.), A. Kopkov noted. The parties also discussed logistics and transport problems in trade between Russia and Bangladesh.


The meeting was attended by Ilya Nesterov, Deputy Director of the Department of External Relations of the Chamber of Commerce and Industry of the Russian Federation.


According to the Russian Federal Customs Service, trade turnover in 2022 decreased by 21.4% compared to 2021 and amounted to USD 2.35 billion under the influence of unfavorable international conditions. The export of Russian goods decreased by 14.8% due to a decrease in the number of supplies of industrial equipment and food and amounted to 1.47 billion US dollars. Imports from Bangladesh, traditionally based on textiles and textile products, decreased by 30.3% and amounted to $0.88 billion.


Press Service of the Chamber