25/09/2023 (Bangladesh) - During a meeting at the Hotel InterContinental in Dhaka, FBCCI Vice President Dr. Joshoda Jibon Deb Nath highlighted Bangladesh's potential to act as a business bridge between ASEAN, South Asian, and South East Asian countries. The interaction was held with Vuong Dinh Hue, President of the National Assembly of the Socialist Republic of Vietnam.
Dr. Nath expressed that Bangladesh's anticipated graduation from the list of LDC nations by 2026 will pave the way for multiple Free Trade Agreements (FTA) and Preferential Trade Agreements (PTA) with rising South East Asian economies. A bolstered bilateral trade relationship with Vietnam can unlock new market doors for Bangladesh within the ASEAN members.
Jashoda further noted that the ASEAN bloc is continually seeking to expand its economic and trading relations with a diverse range of countries. Considering Bangladesh's economic prowess and strategic location, it can offer ASEAN a vital bridge between South Asia and South East Asia. This opens opportunities for Bangladesh to consider a regional comprehensive economic partnership (RCEP) with ASEAN, ensuring a mutually beneficial trading relationship.
Reflecting on the historical ties, Dr. Nath stated, "Both Vietnam and Bangladesh are not only historically connected by our common struggles for the right to Sovereignty; as nations, we are resilient, perseverant, and dynamic." This year also marks the Golden Jubilee of Diplomatic ties between the two nations.
The President of the National Assembly of Vietnam, Vuong Dinh Hue, emphasized the excellent bilateral friendship between Vietnam and Bangladesh. Recognizing Bangladesh as Vietnam's second-largest trade partner in South Asia, he expressed Vietnam's keenness to enhance bilateral trade. Hue further invited FBCCI's business leaders to visit Vietnam for market exploration.
At a subsequent forum titled 'Forum on Policies and Laws to promote the economic, trade, and investment cooperation between Vietnam and Bangladesh', FBCCI Vice President Shomi Kaiser spotlighted the growth of bilateral trade, which reached US$ 1102.77 million in 2021-22. Despite this growth, there remains untapped potential in bilateral trade. Kaiser stressed the importance of attracting more investments into Bangladesh's special economic zones and high-tech parks.
Although an FTA is currently absent between the two nations, both emphasize fostering ideal trade environments. Kaiser added, "Our Agro and food processing industry are now gearing for exports. Our RMG sector stands second globally after China. With a rising trend in green initiatives, eight of the top ten green RMG factories globally are located in Bangladesh."
The gathering also witnessed the presence of several esteemed guests, including Ambassador of the Socialist Republic of Vietnam Nguyen Manh Cuong, Secretary General of FBCCI Md. Alamgir, Head of the International Wing Ambassador Mosud Mannan, and other significant business figures from both countries.