Simplifying trade procedures, establishing direct banking channels, and exploring alternative currency arrangements can significantly boost trade flows between Bangladesh and Russia, which now stand lower than their huge potential, said Mahbubul Alam, President, of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) on Monday at a discussion meeting with the visiting Russian business delegation.
The event titled "Development of trade and economic cooperation between Bangladesh and Russia" revealed that the exports from Bangladesh to Russia were $0.4 billion in 2022-23, and imports into Bangladesh from Russia stood at $0.5 billion.
In 2012-13, the export from Bangladesh to Russia was $0.2 billion.
"As we can see, the export has just doubled over the span of 10 years, but it is still less than even half a billion," said the FBCCI President.
"Our major export product to Russia is RMG, which is more than 90% of our total export to Russia. So, there is immense potential for further growth in our bilateral trade relationship and export diversification through pharmaceuticals, light engineering goods, plastics, processed food, and other products," he added.
He said we encourage Russian investment in Bangladeshs Special Economic Zones, particularly in sectors like infrastructure, energy, and manufacturing.
Alexander V. Mantytskiy, Ambassador, Russia to Bangladesh; Dr. Alexander Rybas, Trade Commissioner of Russia in India (currently in Bangladesh), Md. Amin Helaly, Senior Vice President, FBCCI also spoke at the event among others.
