Political stability, good governance key to Canadian investment in BD: Envoy

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Canadian High Commissioner in Dhaka Heather Cruden seen at the monthly luncheon meeting of the Foreign Investors' Chamber of Commerce and Industry (FICCI) at a city hotel Thursday. FICCI President Syed Ershad Ahmed (second from right), Executive Director

FE Report
Canadian High Commissioner to Dhaka Heather Cruden Thursday said political stability, continuation of the democratic process and good governance are the prerequisites for investment in Bangladesh by Canadian investors.
She was speaking at the Monthly Luncheon Meeting of Foreign Investor's Chamber of Commerce and Industry (FICCI) in a city hotel.
The High Commissioner said Canadian investors are looking for opportunities in pharmaceuticals, energy, food and other potential manufacturing sectors.
Cruden said Bangladesh is one of the countries receiving maximum Canadian development assistance in the last four decades.
"Canada provided development assistance worth 4.3 billion Canadian dollars to Bangladesh from 1972 to 2010", she added.
She said after granting quota- and duty-free access to almost all Bangladeshi products (except three) to the Canadian market in 2003 the trade between the two countries witnessed a significant increase which is heavily tilted to Bangladesh.
"The bilateral trade between Canada and Bangladesh reached more than $1.6 billion in 2011 and is growing."
"In 2011, Canadian exports to Bangladesh were worth $555 million and Bangladesh's exports $1.07 billion. Bangladesh has become the second largest exporter of merchandise to Canada from South Asia," she said.
She said if Bangladesh wants its export growth towards the right direction it must work for the diversification of goods.
"Canada is working to help develop Bangladesh's trade capacity, trade facilitation and diversification area."
She also expressed the hope of transferring appropriate technologies, investment in infrastructures and energy projects with Bangladesh.
Trades between Canada and Bangladesh are primarily focused on readymade garments, agro-processed food items and ICT-based products.
FICCI President Syed Ershad Ahmed, Executive Director M A Matin and FICCI members were present at the meeting.