Bangladesh is hoping to boost trade with Canada and take the engagement to beyond US $ 3 billion mark in the next three years, riding on the growing demand for readymade garment items.
Commerce Minister Tofail Ahmed expressed the optimism while speaking at the inaugural of ‘Showcase Canada 2018 (trade and education fair)’, organised by the Canadian Chamber of Commerce and Industry (CanCham), Bangladesh, in collaboration with Canadian High Commission in Bangladesh, at International Convention City, Bashundhara, Dhaka on May 6, 2018.
The balance of trade between the two countries is heavily tilted towards Bangladesh as Canada is one of the largest export destinations for the country’s apparel items, he said. In 2017, Bangladesh exported goods worth US $ 1.1 billion to Canada – more than 95 per cent of which was readymade garment item.
The total two-way trade between the two countries was worth US $ 1.87 billion last year.
“Of the total export to Canada from Bangladesh, majority of products are clothing items, as this North American country has been giving duty-free trade benefit for all goods to Bangladesh since 2004,” Tofail said at the gathering, adding, “The Government has taken some special measures to boost export of leather goods and software products, apart from the readymade garment items.”
The Minister also invited the Canadian businessmen to invest in the Government’s 100 special Economic Zones (EZs) which are under construction now.
David Hartman, Director General for South Asia, global affairs of Canada, said, “Canada has been a development partner of Bangladesh for over the last 45 years. Bangladesh is one of the only 25 nations for which the Canadian Trade Facilitation Office has been working to strengthen the export capacity as Canada is one of the major trading partners of Bangladesh.”
Considering the growing bilateral trade and Canadian investment in Bangladesh, the need to form a special body to facilitate the Canadian investments so that it can flow into Bangladesh easily, was also felt at the show.
