Turkish investment sought in Bangladesh’s jute sector

Staff Correspondent

3 February, 2021 12:00 AM printer

Turkish ambassador to Bangladesh Mustafa Osman Turan said investors from Turkey are keen to invest in jute sector as they mostly imports jute from Bangladesh for their carpet industry.

Half of Turkish total import which is about $300 million constitutes jute from Bangladesh, said the Turkish Ambassador.

Turkish Ambassador made the comments while paying a courtesy visit to DCCI to meet its President Rizwan Rahman at DCCI on Tuesday, said a DCCI press release.

The Turkish Ambassador also marked some of the important potential areas where Turkish companies could invest or collaborate jointly like agro-industry, light engineering, pharmaceuticals, ICT, ship building, energy, household appliances.

“We want to rebrand Turkey in Bangladesh” said the ambassador adding that the bilateral trade between Bangladesh and Turkey did not decline that much despite pandemic.

Bangladesh’s agriculture sector is being modernized and experiencing a digital transformation now. He termed this sector a very potential for joint collaboration, added Mustafa Osman Turan. RizwanRahman, President, DCCI said that Bangladesh has emerged as Turkey’s third largest trade partner in South Asia with a total trade volume of $705 million in 2018-19 fiscal.

He also proposed to hold a bilateral virtual B2B conclave to promote private sector investment.

DCCI president also requested Turkey through the Embassy to withdraw anti-dumping duty on yarn from Bangladesh imposed on October 16, 2018.

“The total trade volume of both the countries in 2019-20 was $686.88 million which does not reflect the actual trade potential of these two friendly countries” said Rizwan.

He reiterated that more interaction and communication among the Turkish business bodies and Bangladeshi business community will enhance bilateral trade volume in future.

DCCI Senior Vice President N K A Mobin, Vice President Monowar Hossain and Commercial Counsellor of Turkish Embassy Kenan Kalayci were also present during the meeting.