Dhaka:Business representatives from Bangladesh and Russia have called for the removal of existing trade barriers to enhance investment and strengthen bilateral economic ties. They emphasized the necessity for a simpler payment framework to unlock untapped potential.
According to United News of Bangladesh, this call was made during the "Bangladesh-Russia Business Dialogue" held at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) office in Motijheel. The event was jointly organized by the FBCCI and the Russia-Bangladesh Business Council, and was chaired by FBCCI Administrator Fazlul Hoque.
In his welcome address, Fazlul Hoque highlighted the significant scope for trade expansion between the two countries given the current global context. He noted that while major obstacles to trade and investment are minimal, minor issues need to be addressed collaboratively.
Head of the Russian delegation, Ilya Shestakov, acknowledged Bangladesh as one of Russia's top trading partners in South Asia by trade volume. He expressed Russia's interest in increasing the supply of agricultural products, food, and fertilizer to Bangladesh, and in collaborating on energy, information technology, cyber security, and e-governance. Shestakov emphasized the importance of establishing a sustainable bilateral payment infrastructure to realize trade potential.
Russian Ambassador to Dhaka, Alexander Khozin, underscored the importance of strengthening bilateral relations and economic cooperation. He called for meeting trade and investment demands, simplifying regulatory procedures, and removing logistical and market access hurdles. Khozin also highlighted the potential for cooperation in education and human resource development alongside trade and investment.
A memorandum of understanding (MoU) was signed between the FBCCI and the Russia-Bangladesh Business Council during the event. The MoU aims to create a favorable business environment for enterprises from both countries, facilitate the exchange of up-to-date information, and unlock new trade and investment opportunities. The two sides will also collaborate on joint projects, organize trade fairs, exhibitions, business missions, and investment forums.