New chamber in the offing to expand trade ties with Hong Kong

Trade and investments between Bangladesh and Hong Kong (HK) will increase as the businessmen of the two countries are set to launch a joint trade chamber next month, commerce ministry officials said.
The businessmen of Bangladesh and Hong Kong are going to launch Bangladesh Chamber of Commerce and Industry, Hong Kong (BCCI, HK) in Hong Kong on March 1.
Bangladesh commerce minister Tofail Ahmed will be present as the chief guest at the inauguration of the new chamber, the commerce ministry officials said.
During his visit, the commerce minister will hold meetings with the businessmen and secretary for commerce and economic development of HK Gregory So Kam-leung.
There are many internationally-acclaimed business establishments or businessmen in HK.
Bangladeshi businessmen in Hong Kong will be able to persuade their Chinese counterparts based in the Chinese territory for further investment in Bangladesh once the joint chamber comes into operation, said businessmen.  
"Once the chamber is formed then it will open up a new opportunity for Bangladeshi businessmen there to persuade Chinese entrepreneurs to invest in Bangladesh in a bigger way," president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Abdul Matlub Ahmad told the FE.
He said that Bangladeshi businessmen had been getting interests to expand businesses ties with HK considering the existing business-friendly environment and liberal tax regime there.
Besides, the members of new chamber will help create opportunities, provide information and boost match-making among the business partners of Bangladesh and the administrative region.
Bangladesh and HK have been maintaining bilateral trade for a long.
Bangladesh exports leather, woven garments, knitwear, frozen fish, dry fish, processed foods, jute yarn and twine, tents, towel etc.
The country imports vegetables products, animal products, prepared food stuffs, mineral products, chemical products, plastics articles, base metals and electrical machinery etc.
"The country could expand its foreign trade through Hong Kong. Besides, it will also help bring more foreign direct investments from China and other countries into Bangladesh," Mr Ahmad said.   
He said that there are enormous opportunities for expanding Bangladesh's trade, with Hong Kong acting as a bridge.
Bangladeshi businessmen in Hong Kong will try to convince their Chinese entrepreneurs to relocate its sunset industries to Bangladesh considering the investment-friendly environment in the country, a businessmen based in Hong Kong told the FE.  
He said Hong Kong was a major sourcing and distribution hub in Asia and a gateway to world trade.
China and Hong Kong rank as the first and 12th largest importing partners of Bangladesh and jointly account over US$9 billion of the total import volume of the country.
The bilateral trade shows an increasing trend over the years for both exports and imports, but the total volume of trade is small and the balance of trade is in Hong Kong's favour, according to the FBCCI.
    talhabinhabib@yahoo.com