DCCI to send team to Myanmar to boost ties
FE Report | Monday, 28 February 2011
FE Report
Dhaka Chamber of Commerce and Industry will send a delegation to Myanmar this year to explore untapped trade and business opportunities and cement ties between the two neighbours, DCCI chief said Sunday. "Myanmar is opening up and can be a big market for the Bangladeshi exporters. We have planned to send a big business delegation there to grab business opportunities," Dhaka chamber president Asif Ibrahim said. "We want to deepen trade and business ties with Myanmar. The two nations have a long history of bilateral trade. Once upon a time many people from Bangladesh would go to Myanmar just to do trade and business," he said. Asif said the decision to send business team follows a successful visit by a Myanmar trade delegation last week. The team, the first from Myanmar in years, met Bangladeshi chamber leaders and entrepreneurs. "We have a fruitful discussion on how to boost trade and investment between the two countries", he said, adding the Dhaka and Naypyidaw can easily double their two-way trade to billions of dollars within years. Bangladesh-Myanmar trade stood at US$344 million in the 2009-10 financial year with Dhaka importing goods worth $333.85 million and exporting $10.03 million. Bangladesh exports medicine, leather, woven garments, toiletries, construction materials and jewelry to Myanmar while imports wood, fish, shrimp fries and raw materials. "They (Myanmar business delegation) have expressed interests in expanding businesses with us (Bangladesh) in a number of sectors," he said, naming garment and textile as a priority area of cooperation. He said Myanmar business team signed a draft memorandum of understanding (MoU) with Dhaka Chamber when the two sides met in the capital on February 24. "If the MoU is finalised and okayed, it will promote our businesses with Myanmar," said the DCCI President. "During the talks, we proposed that they tie up with Bangladeshi entrepreneurs so as to invest in garment sector. Myanmar is setting up Special Economic Zones and they want us to invest there," he said. Mr. Asif said restoration of direct transport links between the two neighbours through road, sea and air has become essential in order to facilitate trade and tourism. He said the two nations have in the recent years signed MoUs to boost trade, banking, maritime coastal shipping and road transport ties and established joint taskforces on road link and financial cooperation. "Our bilateral trade could be enhanced if these MoUs are fully implemented," he said, noting Bangladesh still faces significant stumbling blocks to spur trade and business with Myanmar.
Dhaka Chamber of Commerce and Industry will send a delegation to Myanmar this year to explore untapped trade and business opportunities and cement ties between the two neighbours, DCCI chief said Sunday. "Myanmar is opening up and can be a big market for the Bangladeshi exporters. We have planned to send a big business delegation there to grab business opportunities," Dhaka chamber president Asif Ibrahim said. "We want to deepen trade and business ties with Myanmar. The two nations have a long history of bilateral trade. Once upon a time many people from Bangladesh would go to Myanmar just to do trade and business," he said. Asif said the decision to send business team follows a successful visit by a Myanmar trade delegation last week. The team, the first from Myanmar in years, met Bangladeshi chamber leaders and entrepreneurs. "We have a fruitful discussion on how to boost trade and investment between the two countries", he said, adding the Dhaka and Naypyidaw can easily double their two-way trade to billions of dollars within years. Bangladesh-Myanmar trade stood at US$344 million in the 2009-10 financial year with Dhaka importing goods worth $333.85 million and exporting $10.03 million. Bangladesh exports medicine, leather, woven garments, toiletries, construction materials and jewelry to Myanmar while imports wood, fish, shrimp fries and raw materials. "They (Myanmar business delegation) have expressed interests in expanding businesses with us (Bangladesh) in a number of sectors," he said, naming garment and textile as a priority area of cooperation. He said Myanmar business team signed a draft memorandum of understanding (MoU) with Dhaka Chamber when the two sides met in the capital on February 24. "If the MoU is finalised and okayed, it will promote our businesses with Myanmar," said the DCCI President. "During the talks, we proposed that they tie up with Bangladeshi entrepreneurs so as to invest in garment sector. Myanmar is setting up Special Economic Zones and they want us to invest there," he said. Mr. Asif said restoration of direct transport links between the two neighbours through road, sea and air has become essential in order to facilitate trade and tourism. He said the two nations have in the recent years signed MoUs to boost trade, banking, maritime coastal shipping and road transport ties and established joint taskforces on road link and financial cooperation. "Our bilateral trade could be enhanced if these MoUs are fully implemented," he said, noting Bangladesh still faces significant stumbling blocks to spur trade and business with Myanmar.