Bangladesh, Nigeria want to explore trade and investment potential
Image: Collected
There has been a phenomenal rise in bilateral trade recently from $11.27 million (FY 2018-19) to US$ 144.75 million (FY 2019-20) - over 1200% growth in just a yearbetween both countries
Bangladesh and Nigeria stressed on utilization of huge trade and investment potentials between your two countries for the benefit for both friendly countries, as Commerce Minister Tipu Munshi and Nigerian Minister for Industry, Trade and Investment Otunba Adebayo jointly inaugurated the "Commercial Display Room" at the Bangladesh High Commission in Abuja, Nigeria on Friday.
Munshi joined the function digitally from Bangladesh as the Nigerian Minister was present in person at the High Commission. Md Shameem Ahsan, High Commissioner of Bangladesh to Nigeria, made welcome remarks.
While noting that there has been a phenomenal rise in bilateral trade recently from $11.27 million (FY 2018-19) to US$ 144.75 million (FY 2019-20) - over 1200% growth in simply a year - both Ministers stressed on usage of huge potentials between Bangladesh and Nigeria for the advantage of both.
The Ministers welcomed the initiative of the Mission and felt that it can help the foreigners, exclusively potential Nigerian importers and investors, to get an insight and understanding of export potentials and investment climate of Bangladesh, said the High Commission on Saturday.
Tipu Munshi expressed satisfaction that the opening coincided with the year-long programmes to celebrate 100th birth anniversary of the Father of the country Bangabandhu Sheikh Mujibur Rahman.
While expressing his desire to have more powerful commercial and trade links with Nigeria, he said that Bangladesh attaches great importance to its relations with Nigeria, the largest economy in Africa and 6th most significant producer of oil on the globe.
Tipu Munshi expressed deep satisfaction for the recent bilateral developments including signing of few MoUs, amongst others.
Otunba Adebayo commended the leadership of Prime Minister Sheikh Hasina for the development journey and urged Bangladeshi investors to get joint ventures in Nigeria, including in RMG/textile sector that will allow duty and quota free usage of ACFTA (African Continental Free Trade Area) region-the largest free trade area of the world as well as to USA, since Nigeria is an associate of ACFTA and AGOA (Africa Growth and Opportunity Act).
On the sidelines of the inauguration, both the Ministers launched Nigerian-Bangladeshi Chamber of Commerce (NBCC) and Nigeria-Bangladesh Business and Technology Forum (NBBTF).
Presidents of the bodies also spoke and assured to work for stronger commercial and monetary links between the two countries. Both Ministers invited the other person to visit plus they gladly accepted.
Dr Md Jafar Uddin, Commerce Secretary, Senior officials from the Commerce and Foreign Ministry, Nigerian officials, business and chamber leaders joined, amongst others. The event was accompanied by refreshments.
Commercial Display Room at the High Commission has a variety of exhibits/exportables of Bangladesh which are on display including, amongst others, pharmaceuticals, ceramic products, jute and leather products, ready-made garments & knitwear, handicrafts, tea, electrical and kitchen appliances and agro-products.
Some prominent Bangladeshi companies (Walton Group, Monno Ceramics, ACI Ltd. Mondol Group/Apollo Fashions) also donated their export-quality products to the Display Room furthermore to Mission’s own collections.
One section contains publications/materials/brochures/CDs on trade and investment, tourism potentials in Bangladesh together with the opportunities of higher education for foreign students.
The frontal section of the Display Room contains publications on Father of the country Bangabandhu Sheikh Mujibur Rahman and on history, culture and economy of Bangladesh.
Based on the directive of Prime Minister Sheikh Hasina, persuasion of “economic diplomacy” has been among the priority regions of the High Commission and it received 6 “Best” Awards at various Fairs in Nigeria within the last two years (2019 & 2020).
Source: https://www.dhakatribune.com
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