DCCI seeks Russian investment boost for power, energy sectors

More Russian investment, especially in the power and energy sector, could play a pivotal role in steady economic progress and industrialisation in Bangladesh, said Ashraf Ahmed, president of Dhaka Chamber of Commerce and Industry (DCCI) on Tuesday (28 May).

He said this during a meeting with the visiting 14-member business delegation led by Dr Alexander Rybas, trade commissioner of the Russian Federation in India.

The delegation visited DCCI today to explore new business opportunities for the entrepreneurs of both countries, according to a press release.

Welcoming the delegation, Ashraf Ahmed said currently, bilateral trade between these two countries recorded $965.61 million where the export and import of Bangladesh reached $460.39 million and $505.22 million respectively.

Moreover, the total FDI stock from Russia to Bangladesh stood at $17.26 million. Ashraf urged the Russian importers to import more products from Bangladesh, especially ready-made garments, pharmaceuticals, jute and jute goods, light-engineering, leather goods, plastics, footwear, shipbuilding, ceramics, IT and ITES products.

The DCCI president also said Russian investors who are already operating their ventures in Bangladesh are successful so far. He later invited Russian investors to invest in the fields of agriculture, science, technology, education, maritime and service sectors in Bangladesh since these sectors have good potential.

Alexander Rybas said Russia and Bangladesh have been maintaining a cordial bilateral trade relationship and in 1972, both Bangladesh and Russia signed a joint trade agreement to foster bilateral trade and investment.

He said Russia has already extended all-out support to the execution of Rooppur Nuclear Power Plant in Bangladesh and will continue its cooperation in Bangladesh's energy security and natural gas exploration in the future.

Rybas also said in 2023, Russia exported about 2.67 million tonnes of wheat to Bangladesh. He also opined that there are many opportunities for Russia's investment either in the form of single or joint ventures, especially in the information technology, banking, chemical and mechanical engineering sectors of Bangladesh.

Bangladesh's skilled workforce has been engaged in the shipbuilding industry in Russia since 2023 and it is expected that this trend will be expanded further in the future, Rybas added.

Minister-Counsellor of the Embassy of the Russian Federation in Dhaka, Ekaterina Semenova, said Russia has the second largest commercial relationship with Bangladesh among South Asian countries and to strengthen this trade ties, she underscored expanding the relationship between the private sector representatives of the two countries. 

After the meeting, the members of the Russian delegation took part in a networking B2B where they expressed their keen interest in doing business in Bangladesh. They said that Bangladesh is a nice place for investment. Members of the Board of Directors of DCCI were also present during the meeting.