Political environment 'needs to remain stable'
Monday, 14 June 2010
FE Report
Bangladesh's political environment needs to remain stable and all political forces should share common responsibility to achieve the much-desired economic development, a top foreign diplomat said Sunday.
"The country also needs to address challenges that are standing in its way of economic growth," said Rolf Reinhard, Deputy Head of Mission of German embassy in Bangladesh, at a meeting in the capital.
He made the comments while speaking at the business meeting of the Bangladesh-German Chamber of Commerce and Industry (BGCCI) at a city hotel.
Commerce Minister Muhammad Faruk Khan attended the meeting as chief guest, while BGCCI executive director Daniel Seidl was, among others, present.
BGCCI president Md Saiful Islam presided over the meeting.
Germany is the biggest market for Bangladeshi goods in Europe and the second largest export market for Bangladesh worldwide.
The comments from Reinhard came at a time when the bilateral trade volume between Bangladesh and Germany surpassed US$3.2 billion last year.
Reinhard said: German chambers and associations have greater interests about Bangladesh and its potential to grow further and Bangladesh is being rediscovered in Germany.
"At the same time, we also can see some constraints and impediments like rickety physical infrastructure the country is facing."
"The mega city (Dhaka) also faces mega challenges," said the deputy head of mission without elaborating.
Reinhard said non-physical challenges also exist in Bangladesh, which are standing in the way of Bangladesh's economic growth.
The issue of environmental challenges also warrants attention, the German diplomat said.
He said bilateral trade between Bangladesh and Germany - one of the strongest economies severely affected by the global economic crisis - continued to grow despite worldwide turmoil and has remained lively and dynamic.
The commerce minister in his speech said apart from RMG, Bangladesh's pharmaceuticals, ceramics and ships could contribute to enhancing the country's exports to Germany.
Mr Khan said there is huge scope for German companies to invest in Bangladesh as the government provides a number of facilities, which can lift the EU country's investment in the South Asian country.
Saiful Islam, chief of BGCCI said Bangladesh's exports to Germany are featured by concentration, of particular product having 80 per cent of the shipments constituting readymade garments.
"To overcome this vulnerability we must look for product diversification. Fortunately, we have been able to add some new items to our export basket to Germany," he said.
He said: "Shipbuilding is a mentionable item. Other non-traditional items include bone and frozen crocodiles."
Islam said they have now reached in a zone of favourable trade wind and should do their best to expand and diversify the country's exports to attract investment from Germany.
He said German investment in Korea, China, Hong Kong and Singapore has already become costly and Bangladesh is slowly coming to limelight by overcoming the image problem and improving economic indicators.
"The government should provide all facilities for creating a favourable business environment in the country," he added.
Bangladesh's political environment needs to remain stable and all political forces should share common responsibility to achieve the much-desired economic development, a top foreign diplomat said Sunday.
"The country also needs to address challenges that are standing in its way of economic growth," said Rolf Reinhard, Deputy Head of Mission of German embassy in Bangladesh, at a meeting in the capital.
He made the comments while speaking at the business meeting of the Bangladesh-German Chamber of Commerce and Industry (BGCCI) at a city hotel.
Commerce Minister Muhammad Faruk Khan attended the meeting as chief guest, while BGCCI executive director Daniel Seidl was, among others, present.
BGCCI president Md Saiful Islam presided over the meeting.
Germany is the biggest market for Bangladeshi goods in Europe and the second largest export market for Bangladesh worldwide.
The comments from Reinhard came at a time when the bilateral trade volume between Bangladesh and Germany surpassed US$3.2 billion last year.
Reinhard said: German chambers and associations have greater interests about Bangladesh and its potential to grow further and Bangladesh is being rediscovered in Germany.
"At the same time, we also can see some constraints and impediments like rickety physical infrastructure the country is facing."
"The mega city (Dhaka) also faces mega challenges," said the deputy head of mission without elaborating.
Reinhard said non-physical challenges also exist in Bangladesh, which are standing in the way of Bangladesh's economic growth.
The issue of environmental challenges also warrants attention, the German diplomat said.
He said bilateral trade between Bangladesh and Germany - one of the strongest economies severely affected by the global economic crisis - continued to grow despite worldwide turmoil and has remained lively and dynamic.
The commerce minister in his speech said apart from RMG, Bangladesh's pharmaceuticals, ceramics and ships could contribute to enhancing the country's exports to Germany.
Mr Khan said there is huge scope for German companies to invest in Bangladesh as the government provides a number of facilities, which can lift the EU country's investment in the South Asian country.
Saiful Islam, chief of BGCCI said Bangladesh's exports to Germany are featured by concentration, of particular product having 80 per cent of the shipments constituting readymade garments.
"To overcome this vulnerability we must look for product diversification. Fortunately, we have been able to add some new items to our export basket to Germany," he said.
He said: "Shipbuilding is a mentionable item. Other non-traditional items include bone and frozen crocodiles."
Islam said they have now reached in a zone of favourable trade wind and should do their best to expand and diversify the country's exports to attract investment from Germany.
He said German investment in Korea, China, Hong Kong and Singapore has already become costly and Bangladesh is slowly coming to limelight by overcoming the image problem and improving economic indicators.
"The government should provide all facilities for creating a favourable business environment in the country," he added.