The Bangladesh-Turkey Business Relationship Could Reach $2 Billion

The Bangladesh-Turkey Business Relationship Could Reach $2 Billion

At an event named “Meed the Ambassador” organized by the Centre for Governance Studies, Turkish ambassador, Mustafa Osman Turan, emphasized the need to diversify the economic environment in Bangladesh by stating that the bilateral trade volume might reach $2 billion per year if business hurdles were removed. From January to September, bilateral trade between Bangladesh and Turkey reached $950 million, and it’s expected to reach $1.4 billion by the end of 2022. 

According to the ambassador, Bangladesh’s economy highly depends on RMG. However, this makes the country’s economy vulnerable because if buyers stop ordering, Bangladesh’s economy might face a massive crisis. For example, During the pandemic, the demand for RMG fell sharply, which caused economic turndown. So, the overcome this situation, there is no other way to diversify the trade. 

He also shed light on a few areas where Bangladesh might develop its commerce through investment and planning, such as ICT, light engineering, automobiles, leather, medicines, and shipbuilding, because these are very potential industries that have the ability to diversify the economy. He referred to diversity as the “key tool” to recruiting businesses and claimed that if it was implemented, companies would be interested in making investments in Bangladesh.

Currently, Turkey sells equipment, chemicals, cotton, and light technical products while purchasing jute and a few pieces of clothing, he said.

Turan anticipated that a joint economic commission would continue to study measures to eliminate hurdles encountered by enterprises. “Our companies view Bangladesh as a reliable manufacturing hub. Bangladesh is getting one of our biggest business groups. They chose to come here after conducting extensive research on the Bangladesh market, “explained Turan.

Bangladesh investment development authority (BIDA) is very helpful, and they solve any issue that arises. Turan hopes that in the coming years, more Turkish business companies will set foot in Bangladesh.