Trade between Bangladesh and Philippines has come down significantly in the last few years due to lack of proper policy and initiative by the both countries.
This was disclosed by Commercial Counselor of the Philippines Embassy in New Delhi John Paul B. Inigo at a city seminar.
In 2010, the trade between the countries was about $86.82 million which declined to at about $20.44 million in 2013.
According to his Presentation, Bangladesh is the 54th trading partner of the Philippines in 2012, 46th export market and 67th import supplier. Philippines export to Bangladesh approximate US$ 28.72 million while import from Bangladesh US$ 8.01 million.
The Embassy of the Philippines in Dhaka and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) jointly organised the seminar on 'Doing Business with the Philippines."
FBCCI had signed a Joint Cooperation Agreement with the Philippines Chamber of Commerce & Industry (PCCI) on December 15, 1989.
FBCCI and PCCI also signed a Memorandum of Understanding (MOU) on October 20-21, 2008 to establish a Bangladesh-Philippine Business Council in Dhaka and a Philippine-Bangladesh Business Council in Manila to boost bilateral trade and investments.
Speakers at the seminar urged the Bangladesh government for taking inclusive measure to boost trade with The Philippines.
"We are missing the vast business potentials with the Philippines due to lack of proper policy and target. It is possible for us to earn about $1.0 billion annually from the bilateral trade with the country," former president of India-Bangladesh Chamber of Commerce and Industry Abdul Matlub Ahmad said at the seminar at a city hotel.
FBCCI president Kazi Akram Uddin Ahmed said Bangladesh has a multidimensional relationship with Philippines in areas of trade and investment, science and technology and culture and youth sector.
"The Philippines figures prominently in our 'look east' policy," he said.
FBCCI President requested the Filipino entrepreneurs to participate in the trade fairs and exhibitions held in Bangladesh.
President of the newly formed Bangladesh Philippines Chamber of Commerce and Industry Engr Rashed Maksud Khan expressed the hope that the size of trade volume between the two countries would be increased soon.
"We have many opportunities to boost up the size trade volume and it will be increased shortly," he said.
Mr Khan urged the government for taking step to introduce direct air flight on Dhaka-Manila route along with other initiatives to develop bilateral trade between the two countries.
Ambassador of Philippines to Bangladesh Vicente Vivencio T Bandillo said both Philippines and Bangladesh have consistent economic growth with various other potentials.
"So, it is easier for us to increase the trade," he said.
Mr Bandillo said Philippines government is keen to strengthen the bilateral relations. He sought cooperation from Bangladesh government and private sector for the common interest.
FBCCI First Vice-President Monowara Hakim Ali said as both the Philippines and Bangladesh have similarities in cultural traditions, food habits and life style, trade between the countries especially in tourism sectors could be very vital.
She requested Philippines to invest in tourism, healthcare, IT, and craftsmanship sectors.
FBCCI president emphasized the need for reactivating the joint cooperation agreement since Bangladesh is eager to increase cooperation in trade and investment with the Philippines.
FBCCI directors Md Rezaul Karim Reznu, Md Jalaluddin Ahmed (Yeamin) and businessmen of different sectors were also present at the seminar, among others.
