Australia-Bangladesh trade volume could be $1b

Print Edition

User Rating: / 0
PoorBest 

Finance

Wednesday, 18 May 2011

Author / Source : STAFF REPORTER

DHAKA, MAY 17: Bangladesh can boost bilateral trade with Australia to US$ 1 billion from US$ 725 million by shortest possible time by improving quality and diversifying the export basket, Australian high commissioner Dr Justin Lee said on Tuesday. The high commissioner said Australia's annual import volume is worth US$ 260 billion and Bangladesh has vast potentials to increase export by seizing few opportunities under duty-free and quota-free provisions as a commonwealth member country.
"On the other hand, Bangladesh has become the second largest cotton importer from Queensland. So, there are scopes to increase bilateral trade," Lee said while addressing a preparatory meeting ahead of the launch of "Commonwealth Business Forum, Perth, October 25-27, 2011" at Bangladesh Enterprise Institute (BEI) in the city's Gulshan area. 
The high commissioner said the commonwealth business forum is certainly a networking opportunity for Bangladesh and other member countries to promote bilateral issues including trade and research.
Speaking as chair, BEI vice president Ambassador Humayun Kabir said the objective of the preparatory meeting is to raise awareness among Bangladeshi stakeholders regarding the looming Commonwealth Heads of Government (CHOGM) meeting in Perth, Australia.
He said the October 25-27 platform is a much important one to portray Bangladesh as an emerging economy that needs foreign direct investment for establishing major infrastructures, and showcasing the country as an attractive destination for tourists.
"What we need is to brand Bangladesh as a much prospective one before rest of the world and connectivity is essential between commonwealth member countries for technology exchange and trade relationship," he said.
He said civil society members and the young generation of Bangladesh could leverage in this regard to grab benefit for the country. Regarding bilateral relationship, Kabir said Australia requires skilled manpower and it has started overseas recruitment.
He said Bangladesh could be a sourcing country for Australia as the country has surplus manpower that needs short training for skill development.
Arif Zaman, Advisor, South Asia and Corporate Governance, Commonwealth Business Council, said Bangladesh needs to set agendas for the CHOGM meeting 2011 and place them at the forum with proper persuasion efficiently.  He said the intra-commonwealth annual trade volume is more than 4 trillion and the member countries could yield benefit of trade by establishing bilateral relationship.