BD exporters eye lucrative market of Russian Federation

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Shah Alam Nur Country's exporters are expecting to capture the lucrative market of Russian Federation thanks to eagerness of many of Russian businessmen to source Bangladeshi products. Recently a Bangladesh commerce ministry delegation and representatives from the textile, garment, pharmaceuticals, leather goods, footwear, furniture, agro processing industries and other sectors led by commerce secretary Mahbub Ahmed visited Russia for negotiation with Russian businessmen and government. The delegation has received good response from Russian government and renowned business conglomerate for importing Bangladeshi goods. "A delegation had visited Russia on October 10-12 as part of the process of the country's export diversification plan," Shubhashish Bose, vice-chairman of Export Promotion Bureau (EPB) told the FE Monday. He said the Russian government and businessmen are very interested to increase trade between the two friendly nations. Bose said during the visit they put forward quality of Bangladeshi goods including readymade garment (RMG), pharmaceuticals, jut goods and chemical adding the Russian businessman don't have clear idea bout Bangladeshi goods. "So the delegation has tried to give a clear message to Russian businessmen and requested them for fresh investment in RMG and other sectors of Bangladesh", he said. The government and businessmen are jointly moving for diversification of export markets of Bangladeshi products and seeking duty free market access to Russia, he stated. The government has taken a move to boost trade with Russia under its market diversification plan to fetch more export earnings from new markets. Several initiatives have been taken up to explore more new markets besides the traditional US and EU ones. "Recently EPB has sent a list of items to the Russian government seeking GSP facility of Bangladeshi products including RMG, pharmaceuticals, rawhide, leather goods, paper and paperboard, home textiles, footwear, steel, electrical and electronic goods, ship, furniture, games and sports items," he added. He further said frozen food, fish, jute and jute goods have GSP facility in the Russian market but main export items including knitwear, woven, textile, leather goods and footwear products are out of the facility. President of Exporters' Association of Bangladesh (EAB) Abdus Salam Murshedy told the FE that Russia may be one of the most important and lucrative export destinations for the Bangladeshi products. He said country's most exportable items depend on EU and US markets but Russian market could reduce the dependence on those countries. Mr Murshedy said, "Recently a Russian business team has visited Bangladesh for boosting business ties with us".He said during their visit in Bangladesh the Russia business delegation wished to boost bilateral trade with Bangladesh to US$ 1.0 billion within a very short time. Mr Murshedy, also Managing Director of Envoy Group, said country's RMG and other exporters are expecting a bright future in Russia market after the visit of Russian business team to Bangladesh. He said now Russia is one of the biggest economies in the world and exploring a new market for Bangladeshi goods. Mr Murshedy hopefully said, "In next few years Russia could be a very important market for Bangladeshi RMG and other goods". He said the total demand for clothes in Russia was estimated at 21.4 billion euros in 2008 while the total demand for clothes has been projected at about 29 billion euros in 2013. According to BGMEA research cell, Russia is the 12th largest apparel importer in the world and Bangladesh, as the second largest garment exporting country, has a bright prospect there. EPB data show Bangladesh exported goods worth $ 208 million in the last financial year (2012-13) to Russia.