Dhaka, Bangladesh (CU) _According to Obaidur Rahman, president of the Australia-Bangladesh Chamber of Commerce and Industry, with Bangladesh’s economy rising gradually over the previous 10-15 years, Australia has established itself as a significant trading partner. He anticipates further commerce between the two countries. He also stated that Australia’s two-way trade in products and services with Bangladesh increased to almost $2.6 billion in the financial year 2020.
The bilateral trade in products alone is about $2 billion. Australia’s primary exports to Bangladesh include agricultural goods and cotton, while primary imports are clothes and textiles. Bangladeshi goods enter Australia duty- and quota-free as a Least Developed Country (LDC). Rahman expressed optimism over the country’s economy. He said, “Bangladesh’s economy will cross the $500 billion mark in FY23 as the country continues on the path to becoming a happy and prosperous nation by 2041”. He added, “We are very optimistic that Australia will come forward to build up more bilateral economic ties.”
Additionally, Rahman stated that the Bangladesh Investment Development Authority (BIDA) is highly focused on attracting foreign investment by hosting trade and investment seminars both in Bangladesh and abroad. The chamber president spoke about the government’s attempts and initiatives to support trade and investment. He said, “In many ways, the government is trying to create an enabling environment for trade and investment. In this regard, a Trade and Investment Framework Arrangement (TIFA) has already been signed between Australia and Bangladesh, under which a joint working group is expected to work to dig out a mechanism to find out the potentials relating to trade and investment between our two countries”.
Currently, both the countries have identified the following sectors as major areas of cooperation. They are: textiles, apparel, leather and leather goods, jute and jute goods, plastic products, synthetic fiber, pharmaceuticals, infrastructure development, agribusiness, fisheries and allied industries, food and beverages, skill development, education, power, energy and minerals, light engineering, information and communication technology services, and tourism.
Rahman expressed confidence over the growing economy. He said, “As we have enough opportunities in the field of blue economy, Australia could also be our partners as the country has adequate experience”. Responding to a question about the Omicron variant’s impact on bilateral trade in the near future, he said, “Omicron is already spreading all over the world. Australia is also suffering from this virus. But in Australia, the vaccination rate is very significant with developed systems and services”. He added, “We also expect that more initiatives will be carried out to protect our people by our government; we hope our economy will not be affected much if the government takes appropriate health measures”.
According to Rahman, in the financial year 2019, the Australian government gave Bangladesh around $60 million in total official development assistance (ODA). The Department of Foreign Affairs and Trade (DFAT) manages an estimated $42 million in bilateral financing. This year, Bangladesh and Australia will commemorate 50 years of diplomatic relations.
