Bangladesh, Switzerland to meet in November to boost trade, investment

Bangladesh and Switzerland are going to hold a bilateral meeting in upcoming November in order to bolster trade and investment.

A lot of opportunities for bilateral trade growth between Bangladesh and Switzerland have been created in pharmaceuticals and light engineering sectors, said Swiss Ambassador to Bangladesh Nathalie Chuard.

"Now, both the countries need to hold a meeting in order to identify more areas of trade and investment," he said.

Chuard made the proposal to Commerce Minister Tipu Munshi at a view-exchange meeting in the latter's office in the Secretariat on Sunday. The minister agreed the former's proposal.

Bangladesh has achieved increased capabilities in foreign trade in these days, Chuard said appreciating the country's continued exports even amid the Covid pandemic.

"Switzerland always prioritises Bangladesh for trade and investment and has been making constant supports in the latter's development march. Both the nations enjoy better trade relations," he remarked.

The commerce minister said Switzerland is an important business partner of Bangladesh and both the countries have improved trade relations. "We will have to tap the trade scopes."

The construction of 100 special economic zones has been completed almost 50%. Japan, India, China, Korea and many other countries have come up with an intent to invest there. Bangladesh has been offering attractive facilities in different sectors, including tax, for foreign investors.

"Therefore, Bangladesh can be a lucrative investment destination for Switzerland. A visit by Swiss businessmen and investors to Bangladesh will bring positive outcomes," said the minister.

Amid the changing global trade and commerce scenario, many countries, including the United States and Japan, have declared business relocation from China. They are considering Bangladesh as a suitable investment destination, Tipu Munshi also said.

Bangladesh has taken steps, including amending the company law, to ease doing business in the country, he said, adding that Japan's Mitsubishi and India's Tata are thinking about setting up car manufacturing factories in Bangladesh.

Besides, Bangladesh has a lot of skilled manpower in the service sector. Switzerland can use it if it wants, the minister said.

In the last fiscal year, Bangladesh exported goods worth around $106.87 million and imported goods worth around $245.19 million during July-March.

In fiscal year 2018-19, Bangladesh exported goods worth around $106.86 million to Switzerland against an import of goods worth over $270 million.