Bangladesh, Russia sign pact to boost trade and investment

Trade bodies of Bangladesh and Russia have signed a memorandum of understanding (MoU) to remove barriers and strengthen investment and business cooperation between the two countries, whose bilateral trade is currently estimated at nearly $2 billion.

The MoU was signed on Thursday in Dhaka by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Russia-Bangladesh Business Council on the sidelines of a meeting of the Bangladesh-Russia Intergovernmental Commission.

The commission is a government-to-government platform established by the two countries to facilitate trade and investment.

Russian Ambassador to Bangladesh Aleksandr Khozin said the two countries could unlock significant opportunities by combining their respective strengths, resources and expertise.

He stressed the need to address existing regulatory and logistical barriers to achieve that goal.

Ilya Shestakov, head of Russia's Federal Agency for Fisheries, who led the Russian delegation to Dhaka, also highlighted the need to establish a payment infrastructure to tap the full potential of bilateral trade.

He made the point against the backdrop of Russia's exclusion from the global financial system following Western sanctions.

"We see strong prospects for expanding cooperation in oil and gas supplies. Russia is ready to help meet Bangladesh's growing demand for LNG and to participate in projects for the development of oil and gas fields in the country," he said.

FBCCI Administrator Fazlul Hoque also highlighted significant opportunities to expand trade and investment between the two countries. However, he said existing barriers needed to be identified and addressed jointly.

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Bangladesh exports ready-made garments, jute, leather goods, pharmaceuticals, headgear, furniture and food products to Russia. In return, Russia supplies wheat, fertilisers, agricultural products, industrial equipment and nuclear machinery.

One of the major areas of cooperation between the two countries is the Rooppur Nuclear Power Plant, Bangladesh's first nuclear power facility, built at a cost of $12.65 billion with Russian financial and technical support.

The plant is expected to help meet Bangladesh's growing electricity demand, with its first unit expected to be connected to the national grid later this month.

Source: RT