Filipino cos urged to import more products from BD

Bangladesh and Philippines have vowed to enhance bilateral trade relations saying it is the natural view of all countries to strengthen the relations on win-win basis.

Dhaka Chamber of Commerce & Industry (DCCI) organized a seminar on "Promoting Bilateral Trade and Investment between Bangladesh & Philippines" on Monday where both the countries put thrust on enriching the mutual export-import businesses.

DCCI also hosted a B2B matchmaking between the visiting Philippines trade team and their Bangladeshi counterparts.

Ms. Agnes Perpetua R. Legaspi, Assistant Director, Department of Trade and Industry (DTI), Republic of the Philippines led the Philippines delegation. The seminar was organized by DCCI in collaboration with Bangladesh Philippines Chamber of Commerce & Industry (BPCCI).

Leo Marco C. Vidal, Charge D' Affaires, Embassy of the Philippines in Bangladesh, Jeremiah C Reyes, Philippines Commercial Attache' and President of BPCCI and Director, DCCI Engr. Akber (AL) Hakim were also present during the seminar. DCCI President Osama Taseer Chaired the seminar.

DCCI President Osama Taseer said that the bilateral trade till now has been insignificant in terms of both value and share hovering around US$65 million during FY2017-18. Bangladesh can develop its agriculture with the knowledge transfer of Philippines, skills in food production, processing, canning and packaging, IT, Business Process Outsourcing (BOP), electronics, tourism etc. On the other hand, the Philippines can collaborate with Bangladesh's RMG, Pharmaceuticals and Ceramics sector, he said. He underscored the importance of direct flight between Bangladesh and the Philippines for increasing people-to-people contacts. Moreover, preferential trade agreements leading to bilateral FTA could open up substantial economic gains for the both countries, he informed.

Ambassador of the Philippines in Bangladesh Vicente Vivencio T. Bandillo could not attend the seminar but sent his written speech through Leo Marco C. Vidal, Charge D' Affaires, Embassy of the Philippines in Bangladesh. The Ambassador said in his written speech that the Philippines would like to export more to Bangladesh. They would like to see more Filipino companies taking advantages of the opportunities in Bangladesh for trade and investment. They would like to welcome more Bangladeshi exports to Philippines. He also invited Bangladeshi companies to invest in Philippines to boost bilateral trade volume.

Engr. Akber (AL) Hakim, President of BPCCI and Director of DCCI said that its time for Asia. Asia is going to overtake the rest of the world by 2020 on PPP basis, he said. Contribution of Asia in the world GDP is 42% in terms of PPP basis. He said, by the year 2050 the size of economy of Bangladesh and Philippines will reach around US$ 3.0 trillion and 3.3 trillion respectively. He urged the businessmen of Philippines to import RMG, leather and leather goods, jute and jute goods, vegetables from Bangladesh. He said that Philippines received $US30 billion as remittance every through their skilled workforce. He said Philippines can also help Bangladesh in skill development, training for skill development, IT and IT-enabled services, Business process Outsourcing (BPO), hospitality and nursing.

Ms. Agnes Perpetua R. Legaspi, Assistant Director, Department of Trade and Industry (DTI), Republic of the Philippines urged to increase the existing bilateral trade. She said Bangladesh can import electronics, home decor furniture, fashion, jewelry, fresh Halal food, organic beauty products from Philippines. She said Philippines has FTA with different ASEAN countries and enjoys GSP facility in EU, USA, Canada, Russia. She urged Bangladeshi entrepreneurs to invest in their country utilizing these facilities.

Jeremiah C Reyes, Philippines Commercial Attache' said that the economic ties between Bangladesh and Philippines should be closer.