Lebanon has expressed its interest to strengthen further the trade relations with Bangladesh through signing the Preferential Trade Agreement (PTA), reports BSS.
"We have received a proposal from Lebanon in this regard. We have sent it to the Tariff Commission for examining," said Sharifa Khan, Additional Secretary of the commerce ministry.
Bangladesh Ambassador to Lebanon Abdul Motaleb Sarker told the news agency that though Lebanon is a small country, the purchasing capacity of the country's people is very high and the Middle Eastern nation has a large affluent society.
Moreover, he said, there is huge demand of various Bangladeshi products in the Lebanese market.
Sarker mentioned that the items Bangladesh exports to Lebanon are mostly readymade garment (RMG), textiles, jute, batteries, agro products and frozen fish. But Bangladesh can expand its market in pharmaceuticals, ceramic, leather and leather products, electric cables, light engineering, paper and paper products and plastic goods, he said.
"Therefore, there is the scope for enhancing trade relations with Lebanon," he further asserted.
As per Lebanese customs administration, the existing yearly export of Bangladesh to Lebanon is around US $46 million.
The ambassador said Dhaka and Beirut have been enjoying very cordial relations for long and Lebanon was one of the first few countries in the Middle East to recognise Bangladesh at the early stage of its independence.
Diplomatic relation between the two countries was established following Lebanon's recognition of Bangladesh on 28 March, 1973, he mentioned. He said many investors of Lebanon have expressed their keenness to invest in Bangladesh and a good number of them have already expanded their investment in the country.
"BB Energy and Razor's Capital have already invested in Bangladesh. BB Energy and Bangladesh's Runners group have also signed an agreement to produce gas cylinder," he further mentioned adding "Bond Capital International of Lebanon has proposed to invest US $1.0 billion here."
The ambassador informed that a three-member delegation of the Bond Capital International visited Bangladesh from April 22 to 25.
The Bangladesh Investment Development Authority (BIDA) and Public Private Partnership (PPP) are considering actively the investment proposal, he further informed.
He also said that, in the last six months, around 10 to 15 business people from Lebanon visited Bangladesh. Some renowned Lebanese investors and businessmen are coming to visit Bangladesh this month.
