BD seeks Swiss investment in service sector, support for LDC extension

FE REPORT
Commerce Minister Khandaker Abdul Muktadir on Sunday invited Switzerland to invest in Bangladesh's service sector to strengthen relations between the two countries.
He also asked the Swiss government to support Bangladesh's request for a three-year extension in its LDC graduation process.
The issues were discussed at a meeting with Swiss Ambassador to Dhaka, Reto Renggli, held at the Secretariat.
They talked about ways to increase trade, investment, and economic cooperation between Bangladesh and Switzerland.
The two countries have long had friendly relations. Under the GSP facility, Bangladesh enjoys duty-free access to the Swiss market.
The minister said many people in Bangladesh know about the high quality of Swiss products. He added that a large part of the population is middle class, and competitively priced Swiss products could attract more buyers.
He said more investment in service sectors would benefit both countries.
He also said the government has taken several steps to attract foreign investment. More Swiss investment in sectors like pharmaceuticals, leather goods, light engineering, and shipbuilding could further boost trade ties.
He also expressed the hope that better communication between business communities and chambers of commerce in both countries, along with joint initiatives, would help increase trade volume.
Ambassador Reto Renggli said there is a large trade gap between the two countries, and stronger cooperation could help reduce it. He added that Switzerland is interested in expanding trade and investment in Bangladesh.
Acting Commerce Secretary Md Abdur Rahim Khan was also present at the meeting.
Bangladesh exports more than $1.0 billion worth of goods to Switzerland every year, with garments making up about 95 percent.
Bangladesh also imports machinery, electronics, pharmaceuticals, agricultural equipment, newspapers, and other products.
Switzerland has invested over $ 1.3 billion in development assistance in Bangladesh, with significant additional contributions channelled through international financial institutions.
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