Friday, 22 October, 2021

Tipu Munshi seeks Russian help for direct exports

  • Staff Correspondent
  • 21 September, 2021 12:00 AM
  • Print news

Commerce Minister Tipu Munshi has sought Russian support for direct export of Bangladeshi products to the important European country to enhance bilateral trade.

Despite having huge potential, trade between Bangladesh and Russia are not reaching the expected level because of complexities in transaction through banking channel and other tax related issues.   

“There is ample opportunity for increasing Bangladesh’s trade with Russia. But tapping that potential is not being possible because of problems linked to transactions through banking channel, and duty related issues,” Tipu Munshi said.     

The commerce minister made the call while newly appointed Russian Ambassador to Dhaka Alexander Vikentyevich Mantytskiy made a courtesy call on him at his Secretariat office on Monday.

He noted that there is a huge demand for Bangladesh products in Russian market, especially the apparel items, but Bangladeshi RMG are being shipped to Russia through different countries.

Tipu Munshi said the problems have already been identified. But for facilitating direct export of Bangladeshi products to Russia requires Russian government’s sincere support, he told Alexander.

“Russia is a close friend of Bangladesh. Bangladesh is grateful to Russia for the important role it played during the Liberation War in favour of Bangladesh,” he remarked.

“Once the problems are resolved, it will be possible to export huge volume of Bangladeshi products to Russia,” he also hoped. The new Russian envoy said Russia attaches special important to Bangladesh and it is keen on enhancing trade and investment Bangladesh.

In the same vein, he also hoped that trade and investment between these two countries will rise if the existing trade barriers are removed.

He assured that the Russian government is sincere about removing the existing problem and Moscow wants to be a partner of Bangladesh’s development. 

Tipu Munshi said Bangladesh is moving fast under the leadership of Prime Minister Sheikh Hasina and it is now implementing large development schemes.

He informed that global demand for Made in Bangladesh products is on the rise as the country is now able to supply quality goods at competitive prices.

He also told Alexander that Bangladesh is keen to increase exports to Eurasian Economic Union, including Russia, and CIS countries.

During 2020-21 fiscal year, Bangladesh export goods worth $665.31 million while imported goods worth $466.70 million.