BD can explore Iranian market, energy sources

Lifting of the long-imposed global economic sanction on Iran has created an opportunity for Bangladesh to explore a vibrant market and source crude oil at cheaper prices from the country.
Bangladesh's export to Iran gradually declined during the last five years due to the sanction that became stringer in the period.
Dhaka exported some $97.15 million to Tehran in FY 11, which came down to $49.83 million in FY 15, according to the Export Promotion Bureau (EPB) statistics.
"Iran is a big economy and it is already importing a lot.
So there is an opportunity for Bangladesh to explore the Iranian market," said Professor Mustafizur Rahman, executive director of the Centre for Policy Dialogue (CPD).
Traditionally, Bangladesh used to export jute and jute goods to Iran. "New products, like ready-made garments, can be exported from Bangladesh."
The economist was of the view that Bangladesh should devise a comprehensive strategy soon to tap the trade potential with Iran to be more benefitted.
"As Iranian oil will also come to the global market, it will be another source of fuel for us," he added.
Import from Iran came down to below $1.0 million in FY 15 from $63.18 million in FY 11, according to the central bank statistics.
The country is, however, a member of Asian Clearing Union (ACU), where Bangladesh and eight other South Asian countries make transactions to reduce pressure on foreign exchange.
"Bangladesh needs to explore the new opportunities in Iran," said Manzur Ahmed, trade policy adviser of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
He also opined that Bangladesh should explore Iran's energy resources.
"Bandar Abbas can be a gateway for Bangladesh to establish strong trade link with the Central Asian countries like Uzbekistan and Turkmenistan and CIS countries like Ukrain. Bangladesh may explore this option by negotiating with Iran," he noted.
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