DCCI invites Argentine joint ventures in BD pharma industry

The bilateral meeting between the President of Dhaka Chamber of Commerce and Industry (DCCI) Ashraf Ahmed and the Ambassador of Argentina in Bangladesh, H.E. Marcelo Carlos Sesa, was held today, November 10, at DCCI.

During the meeting, President of Dhaka Chamber Ashraf Ahmed said that recently, the establishment of the permanent mission of Argentina in Bangladesh has created an opportunity to expand bilateral trade and investment between the two countries. He said the amount of bilateral trade in the FY 2022-23 was USD 678.78 million, while the amount of import and export of Bangladesh was USD 663.34 million and USD 14.55 million, respectively. The DCCI president invited Argentine companies to go to Bangladesh to do joint ventures with Bangladeshi counterparts in the pharmaceutical and active pharmaceutical ingredients (API) industries to enjoy the incentives the Bangladesh government gave in this sector. The DCCI President also requested Argentine importers to import more garment products from Bangladesh along with jute, jute goods, leather and leather products, medicine and plastic products. He also pointed out that the higher tariff while exporting from Bangladesh to Argentina might be reconsidered by the relevant authority at that end to boost exports in the future. Ashraf Ahmed also said Bangladesh is doing very well in the IT industry. Therefore, Argentina can import software and IT professionals from Bangladesh. He later emphasised arranging regular B2B match-making meetings, even on the online platform, among the businessmen of both countries so that they could know each other's market strength and demand. DCCI President later informed the Ambassador that any Argentine company can use DCCI's commercial research on a specific market or product to determine its market potential.

H.E. Marcelo Carlos Sesa, Ambassador of Argentina in Bangladesh, said that despite the great potential of bilateral trade and investment, it has yet to reach the desired level, mainly due to the lack of communication between businessmen of the two countries. He said that Argentina can play an essential role as a 'hub' for Bangladesh's trade and investment in South American region. He mentioned that the 'Marcosar' economic alliance has been formed, comprising 4 South American countries (Argentina, Brazil, Uruguay and Paraguay), who enjoy duty-free import-export benefits, and he encouraged Bangladeshi entrepreneurs to invest in Argentina to get this opportunity. He requested DCCI to send a business delegation to Argentina to explore a new window of opportunity. At the same time, the Ambassador also suggested signing a memorandum of understanding between the Dhaka Chamber and Argentina's leading Chambers and Associations to foster bilateral relations ahead.

DCCI Senior Vice President Malik Talha Ismail Bari, Vice President Md Junaed Ibna Ali and Deputy Head of Mission of Argentina Embassy in Bangladesh Maximiliano ROMANELLO were also present.