Canada-Bangladesh Joint Working Group has decided to brand Bangladesh in Canada to boost bilateral trade and investment with the north American nation.
The nominated members of the committee discussed the issue at a virtual meeting on Tuesday, said a press release.
The initiative will aim to make Canadian investors aware of the new investment opportunities Bangladesh has created for foreign investors.
Bangladesh is now one of major investment destinations in the region due to its infrastructure facilities, huge domestic market and duty-free facilities in the world’s major markets, the meeting observed.
Members of the committee opined that with the development of the economy, new potentials for foreign investment have been created in Bangladesh.
The previous meeting of the Canada-Bangladesh Joint Working Group identified tourism, ICT, agriculture, agri-food, education, pharmaceuticals and renewable energy as potential sectors for collaboration.
FBCCI president Md. Jashim Uddin called for a new inclusion of the blue economy and plastics sector.
"The country has the expertise and knowledge to use its marine resources in a sustainable manner. On the other hand, Bangladesh has a 710 km long coastline with an exclusive economic zone of 200 nautical miles inside the Bay of Bengal. But most of the resources are untapped,” he said.
“With Canadian investment, technical knowledge and assistance, Bangladesh's economy will move forward by utilising its marine resources," hoped Bangladesh top trade body leader.
He said the FBCCI would soon submit a sector-wise report on the blue economy, plastics and tourism to the working committee. FBCCI director Syed Almas Kabir will also submit a report on skills development and information technology at the next meeting.
The two sides agreed to strengthen communication between associations of industry to remove trade barriers and increase bilateral trade.
At the meeting, the entrepreneurs also talked about making Canada's Rules of Origin easier to increase exports of Bangladeshi products, while Canada has demanded on-arrival visa facility in Bangladesh to facilitate trade and investment.
During the meeting, a study report on the prospects of Bangladesh's leather, leather products, and footwear export sector in Canada was presented by director of FBCCI and president of Metropolitan Chamber of Commerce and Industry (MCCI) Md Saiful Islam. President of the Saskatchewan Trade and Export Partnership (STEP) of Canada Chris Dekker presented another report on bilateral trade enhancement.
The next meeting of the committee is scheduled to be held on February 7, 2022.