Easier transaction needed to boost trade with Russia: Tipu Munshi

Commerce Minister Tipu Munshi yesterday said trade and commerce between Russia and Bangladesh would increase significantly if double taxation and trade transaction hurdles in banking channels were removed.

"Bangladesh has ample opportunity to expand trade with Russia. With initiative from both countries, it is possible to increase trade and commerce." He was talking to Alexander Vikentyevich Mantytskiy, Russian Ambassador to Dhaka, at the Bangladesh Secretariat here on Monday. 

Tipu Munshi said, "There is a huge demand for Bangladesh-made products in Russian markets. We want to increase export of goods to Russia, a development partner of Bangladesh. Both the countries have long-standing trade and economic relations."  

During the ongoing Covid-19 pandemic situation, Bangladesh exported goods worth $665.31 million to Russian markets and imported goods worth $466 million in the 2020-21 fiscal year. 

The export of Bangladeshi products to Russia will increase a lot if the ongoing complexities in international trade are removed, the minister said.

He said, "On the initiative of Prime Minister Sheikh Hasina, the work of setting up 100 special economic zones at important places of Bangladesh is going on in full swing. The work of many special economic zones is in the final stages."

Bangladesh is now a safe and attractive destination for investment, the minister said, adding, "Russian investors can earn more profits if they invest in Bangladesh."

The government has taken special initiative to facilitate and expedite all investment related work and formalities. It is also providing various facilities to attract local and foreign investment. "Important companies from many countries around the world have invested in Bangladesh and many companies are keen to invest here," Tipu Munshi added.