Bangladesh’s growth necessitates trade diversification: Minister
Published : Friday, 15 November, 2019 at 8:49 PM Count : 246
Commerce Minister Tipu Munshi said Bangladesh’s continued economic growth necessitates diversification of trade, greater investment in infrastructure and energy sectors and upskilling of human resources that offers newer and diverse opportunities for Australia to intensify bilateral trade.
He highlighted the resilience and stability of Bangladesh economy that has been maintaining a robust growth under the stewardship of Prime Minister Sheikh Hasina, UNB reports.
The Commerce Minister was addressing the inaugural session of the first-ever Australia-Bangladesh Trade Conference in Sydney on Thursday.
Bangladesh High Commission in Canberra and Bangladesh Consulate General in Sydney organised the conference jointly with Australia Bangladesh Business Council (ABBC) to discuss the potentials and challenges of greater economic cooperation between Australia and Bangladesh.
Commerce Minister Munshi inaugurated the conference in presence of over 200 participants representing businesses, industry bodies, policy analysts, researchers as well as governments of Bangladesh and Australia, according to Bangladesh High Commission in Canberra.
The inaugural session also had a thematic discussion on ‘Emerging Bangladesh: prospects of a dynamic Australia-Bangladesh relationship’ where Bangladesh High Commissioner Mohammad Sufiur Rahman presented an elaborate road map for bilateral relations to grow.
The first day of the conference comprised three industry and two networking sessions.
The industry session on textiles (garments, knitwear) discussed the challenges Bangladesh faces from competitors operating in the basic apparel products and how the challenges would emerge in post LDC era.
In the networking session on pharmaceuticals, the discussants underlined the procedural challenges of product registration in Australia and focused on investment opportunities in API (Active Pharmaceutical Ingredients) and biotech products in Bangladesh which could be exported to advanced markets including Australia.
They said Bangladesh could forge collaboration for clinical trial/medical diagnostics of new drugs and research where scientist of the two countries can work together.