Attract Canadian investment as trade grows, says envoy

Canadian High Commissioner in Dhaka Benoît Pierre Laramée Sunday called for a stable political environment in Bangladesh to attract foreign direct investments (FDI) from Canada.
Mr Laramée's call came at a press conference after the two-day "Showcase Canada 2015," concluded Sunday at a city hotel.
The press conference was attended, among others, by Masud Rahman, president of Canada Bangladesh Chamber of Commerce and Industry (CanCham), Mortoza Tarafder, senior trade commissioner of Canadian High Commission in Dhaka, and Md Kamal Uddin, trade commissioner of the high commission.
Mr Laramée said that ICT and readymade garment are major sectors for the Canadian investment.
Citing the growing bilateral trade between the two countries, the high commissioner said "As we move forward, I believe that the next step is to increase Canadian foreign direct investment in Bangladesh."
The fair is also "a marker of the growing importance of the trade relationship between the two countries, and of the ongoing transformation in Canada-Bangladesh relations," he said in his written speech.
"Canada is working in partnership with the people and government of Bangladesh to secure prosperity for both our nations, as Bangladesh moves towards middle-income status. With duty free access being offered to Bangladeshi exporters, there are tremendous opportunities to increase bilateral trade between our countries," he said.
The trade relationship between Canada and Bangladesh is growing rapidly; the value of two-way merchandise trade has more than tripled since 2004, from Can $605 million in 2004 to Can $1.9 billion in 2014.
The trade balance remains in favour of Bangladesh, with Bangladesh exporting over Can $1.2 billion to Canada in 2014, he said, adding that this is supported by the fact that Canada offers duty free access to almost all products from Bangladesh.
During this period, Bangladesh has become the second largest source of Canadian merchandise imports from South Asia, after India.
Responding to a question, Mr Laramée said "I am distressed when I see sufferings of the victims… it is truly unacceptable. There must be an end of it…."
Mr Mortoza called upon Bangladeshi businesses to harness their export opportunities in Canada by their quality products as Canada offered duty free access to almost all products from Bangladesh.
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