BD wants Swedish investment, trade facility for 5yrs after LDC graduation

Commerce Minister Tipu Munshi on Thursday said Bangladesh wants trade facility and investment from Sweden for five years after graduating from a least developed country (LDC) to a developing one.

He made the remarks while exchanging views with Swedish Ambassador to Dhaka Alexandra Berg von Linde at his office in the Secretariat, reads a press release.

Discussions can take place between the governments of the two countries to resolve any trade issues, the commerce minister said, adding Bangladesh will become a developing country by 2024.

Bangladesh is getting special discounts and duty-free trade facility from Sweden due to the rules of origin. Bangladesh is expecting this trade facility from Sweden for another five years after graduation.

Sweden is an important business partner of Bangladesh and there is ample opportunity to increase trade between the two countries, Tipu Munshi further said.

“There is an opportunity to take advantage of this opportunity through B2B exchanges and negotiations between business people of both countries,” he added.

The minister went on to say that Bangladesh is now producing world class products; Sweden can import Bangladeshi-made garments as well as medicine, jute and jute products, shrimp and frozen fish, ceramic products, ICT products, leather goods, handicraft products and plastic products.

He said that on the initiative of Prime Minister Sheikh Hasina, the work of setting up 100 special economic zones in various important places of the country is progressing fast.

Various countries including China, Korea, Japan and India have come forward for investment.

“This region is a big market for products and Swedish investors will benefit from investing in the economic zone in the areas of readymade garments, textiles, agro processing, leather goods, pharmaceuticals, ceramics, energy and infrastructural development,” the minister recommended.

Ambassador Berg von Linde said that Sweden attaches great importance to Bangladesh in the field of trade.

Sweden is interested in increasing trade and investment with Bangladesh; there are a lot of opportunity to increase trade between the two countries, but that needs to be discussed.

Sweden's National Board of Trade is ready for such talks, the ambassador informed.

In the last 2018-19 fiscal year, Bangladesh exported goods worth $696.04 million to Sweden, while at the same time it imported goods worth $72.7 million US dollars.

The trade volume between the two countries was $768.82 million. Due to Covid-19, the volume of trade was less in the last fiscal year.

Among others, Additional Secretary of Commerce Sharifa Khan, Additional Commerce Secretary (Exports) Obaidul Azam, Vice Chairman of the Export Promotion Bureau AHM Ahsan and the Joint Secretary of the Ministry of Commerce Abdur Rahim, was also present at the meeting.