BD, Czech Republic agree to set up JTC to boost trade, investment

---

FE Report Bangladesh and the Czech Republic Monday agreed to establish Joint Trade Commission (JTC) next month aiming to boost bilateral trade and investment considering the potential of the two countries. "We have agreed to set up JTC in April, 2013 to facilitate trade and investment. We hope the first meeting of the commission will be held in December, 2013," Commerce Minister Ghulam Muhammed Quader told the media on the day after a meeting with the Czech Republic Minister of Industry and Trade (MIT) Dr Martin Kuba at the conference room of the ministry. He said the two countries have also reached a consensus on exchanging trade officials to help the mutual trade and business to move forward. The Czech Republic has also agreed to appoint an honorary consul general in Bangladesh soon. The apex trade bodies of the two countries have also singed a memorandum of understanding (MoU) during the meeting to push the business efforts being taken by the private sectors forward. The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Czech Chamber of Commerce (CCC) have signed the MoU. FBCCI President Kazi Akram Uddin Ahmed and Petr Talafus signed the MoU on behalf of their respective sides. Mentioning the outcome of bilateral discussions, the commerce minister said both the countries had strongly felt the need to move forward the issues of mutual trade and investment considering the potential of both sides. "We hope today's (Monday) meeting will bring us to the new heights of cooperation in the field of trade and investment. We are very hopeful on their visit that will give a big boost to our bilateral trade," he said. He said the Czech side is interested to cooperate Bangladesh in the fields of energy, power, textile, information technology and railway etc. Dr Martin Kuba said his country is interested to cooperate in mining, power, energy and railway sector etc. He said that Bangladesh is doing well in business and the economy of the country is performing well. He said that his country wants a strong partnership with Bangladesh and is ready to cooperate in fulfilling the country's target to become a middle income one by 2021. He said that Czech Republic - the then Czechoslovakia- is among the European countries that recongnised Bangladesh just after gaining its independence. "We are here today to present economic competence of Czech Republic companies. The government to government (G2G) cooperation and supports to the private sectors of both the countries would help move further the private sectors of the two countries," he said. "We committed ourselves to strengthening relations between Bangladesh and the Czech Republic. I hope the economy of the two countries will perform well for the benefit of their people," he said. The items Bangladesh imports from Czech Republic are milk powder, concentrated milk, spindles, spindle flyers, spinning rings and rag travellers, textile spinning machines, parts of gas turbines, aircraft parts, parts of pumps for liquid, uncoated paper and paperboard etc. One the other hand Bangladesh exports mainly ready made garments (RMG) to the Czech Republic. Other potential exportable items are frozen food and footwear. The trade balance is in favour of Bangladesh. In the last two years Bangladesh's export to Czech Republic has achieved a tremendous growth such as 98.13 per cent during the fiscal year (FY) 2010-11 and 107 per cent in FY 2011-12 that indicates the good export potential to the Czech Republic. Bangladesh exported goods to Czech Republic worth US $ 66.63 million during the FY 2011-12 while imported products worth $ 15.66 million.