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Bangladesh private sector seeks enhanced cooperation with Iran

August 19, 2019 00:00:00

Bangladesh's commercial attaché in Iran Mohammad Sabour Hossein has said his country's private sector is seeking to boost cooperation with the Iranian counterpart, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.

He made the remarks in a meeting with ICCIMA Deputy Head Mohammadreza Karbasi in Tehran on Saturday, reports Tehran Times.

In the meeting, the two sides discussed potentials, capacities and mutual areas for development of bilateral trade between the two countries.

Expressing dissatisfaction with the current level of trade between the two countries, Karbasi noted that "unfortunately despite the good political relations and the two sides' private sectors willingness for cooperation the level of trade between Iran and Bangladesh is not at a satisfactory level."

"Reaching a $1 billion trade volume is the least level which should be considered an acceptable trade turnover between the two countries, for which development of business relations between the two countries should be reconsidered," he added.

Karbasi further underlined Iranian private sector's capabilities, saying Iran's private sector is ready to cooperate with Bangladeshi economic operators in all areas, especially in the export of petrochemical products as well as joint ventures.

He mentioned the lack of proper banking relations between the two countries as a major obstacle in the way of trade relations between the two countries, adding that this obstacle can be overcome by creating mechanisms such as barter trading.

"It is also necessary to implement the preferential trade agreement signed by the two countries years ago and to revise it if necessary," he added.

Sabour Hossein for his part stressed the long history of all-out relations between the two nations, saying that the two sides' private sectors could play a significant role in boosting the mutual trade.

"Considering Bangladesh's development plans, the country has a lot of needs in various areas, including petrochemicals, and Iran can also meet its needs through the Bangladesh market," he said.

According to him, joint investments between the two countries should also be seriously considered.

In the end, the two sides emphasised the need to pursue implementing the preferential trade agreement signed between the two countries and to follow up on the establishment of a joint chamber of commerce as well as cooperating in holding an Iran-Bangladesh business and investment opportunities conference in Tehran.

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