Ride Bangladesh-Canada trade wave
April 10, 2010
The foreign minister yesterday asked businessmen to fully utilise the potential of the Canadian export market, as bilateral trade between Canada and Bangladesh is growing faster.
“We will strengthen negotiations so that our businessmen can expand business with this North American country,” Dipu Moni said.
The minister was speaking as the chief guest at a ceremony that celebrated an achievement of one billion dollars in annual two-way trade between Canada and Bangladesh in 2009′, at Dhaka Sheraton Hotel.
The minister asked the Canadian government for further mutual cooperation in ICT, telecom and energy sectors.
Canada Bangladesh Chamber of Commerce (CanCham) in Bangladesh organised the function to celebrate bilateral trade that reached C$1.4 billion (C$1=$0.98) in 2009.
In his speech, Canadian High Commissioner in Dhaka Robert McDougall said Bangladesh exported goods to Canada worth C$808 million, demonstrating 26 percent growth from the previous year.
Canada exported goods to Bangladesh worth C$626 million, 118 percent up from the same period of 2008.
Canadian exports to Bangladesh in 2009 featured grains and other foods, telecommunications and energy equipment and services, pulp and metals, while Canadian imports included ready-made garments (RMG), hats, footwear, frozen foods and ceramics.
“The tremendous growth in business between our countries was possible because of the relentless effort of the twinned business communities of the two nations. Congratulations on the fruitful results of your hard labour,” McDougall said.
He said diversification of products and markets is an important element to future export growth. Existing global competitiveness in garments and textiles can be replicated in other areas, like leather and pharmaceuticals.
“Despite widespread poverty, frequent natural calamities and the impacts of the global economic crisis, Bangladesh has developed a much improved reputation for economic management and an emerging middle class,” McDougall added.
CanCham President Masud Rahman said the chamber would shortly organise the ‘Showcase Canada’ programme to further promote and facilitate inter-trade.
He said the mutually beneficial relationship between Canada and Bangladesh has not yet peaked. There is room for growth and it is in the interest of both to make every effort to seize this opportunity, he added.
“The Export Promotion Bureau (EPB) of Bangladesh, in association with the Bangladesh High Commission in Ottawa, Canada, will shortly organise a solo exhibition of Bangladeshi products in Toronto,” Rahman said.
Meanwhile, the top five products exported to Canada in 2009 included woven apparel worth C$367.18 million, knitwear apparels worth C$336.93 million, other textile articles worth C$72.86 million, headgear worth C$8.69 million and fish and seafood worth C$6.90 million.
On the other hand, the top five products exported to Bangladesh in 2009 included, cereals worth C$246.59 million, vegetables (mainly lentils) worth C$242.50 million, other grains and seeds worth C$54.89 million, iron and steel worth C$53.18 million and wood pulp worth C$7.42 million.
In 2008, total export to Canada was worth C$648.82 million against imports worth C$286.99 million; in 2007, export to Canada was worth C$542.45 million against imports worth C$368.89 million; in 2006, export to Canada was worth C$543.32 million against imports worth C$164.73 million, according to Canadian High Commission data.
Source: http://www.thedailystar.net
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