Fast-growing Bangladesh attracts Turkish entrepreneurs

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Fast-growing Bangladesh attracts Turkish entrepreneurs

Published : Tuesday, 8 December, 2020 at 6:14 PM, Count : 366

Fast-growing Bangladesh attracts Turkish entrepreneurs

Turkish Ambassador to Bangladesh Mustafa Osman Turan has said his country eyes an increased investment in Bangladesh with a significant jump in bilateral trade volume through product diversification as Bangladesh’s economy is growing fast.

“We see a Bangladesh which has a very bright future. Its economy is growing fast like ours. Turkish investors are keen to invest in Bangladesh as it offers attractive incentives for foreign investors,” he told UNB in an interview at his office.

Ambassador Turan who came to Bangladesh just before the Covid-19 pandemic said a prominent Turkish company will invest US$ 100 million in LPG (Liquefied Petroleum Gas) sector in Chattogram. “That will be an initial investment.”

He said improving trade between the two countries, boosting investment in Bangladesh, enhancing cultural and people-to- people ties are among his priorities during his tenure in Bangladesh.

“As an envoy, there’s always a desire to do something more,” Ambassador Turan said, adding that he is lucky to see the positive atmosphere in place created by his predecessors to take forward the relations to a new height.

The envoy, who also served in Italy, Albania, North Macedonia, Kosovo, Austria, Afghanistan and Belgium, laid emphasis on product diversification to help grow trade between the two countries. “Our economies are growing quite fast. We’re happy that our economic and trade relations are improving. We’re expecting better trade volume between the two countries.”

The Turkish envoy said they buy a lot of jute products from Bangladesh and will explore other areas saying the two countries can always diversify their trade.

“Bangladesh has a very strong pharmaceutical industry, growing IT industry,” he said adding that agro industries, light engineering, service sector, tourism and health sector are some promising areas of cooperation.

The bilateral trade volume between the two countries is now around US$ 1 billion and the Ambassador said there is a scope to increase it further.

Ambassador Turan said: “The trade volume between the two countries in the first 10 months of the current year stood at US$754 million and the figure is the same what we had seen in the first 10 months of 2019.”

“That’s good news indeed! We kept the same level of trade despite the pandemic where other countries are experiencing a significant drop in their trade volumes. This year, the trade balance is in favour of Bangladesh as Bangladesh is selling a lot of jute products to Turkey,” he pointed out.

Main commodities exported to Bangladesh from Turkey are raw materials, agriculture and food products, textile and agriculture machinery and textile chemicals, while Turkey imports jute yarns & twine, jute manufacturers’ knitwear and readymade garments.

Talking about Turkish companies’ presence in Bangladesh, the Ambassador said Turkey's leading home appliance manufacturer Arçelik bought majority shares of Singer Bangladesh and made it quite profitable.

The Turkish company thinks Singer Bangladesh's business will benefit significantly from the sale as Arçelik is a much larger and financially stronger company with a commitment to, and a worldwide reputation in the home appliance sector.

The Ambassador said the Turkish investors are interested to invest in a special economic zone as Bangladesh offers quite attractive incentives for investment.

“We’re going to organise a virtual meeting among businesses of the two countries,” Ambassador Turan said.

Top executives of the Bangladesh Investment Development Authority (BIDA), Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) and Foreign Economic Relations Board (DE?K) of Turkey will take part in the discussion to identify areas of cooperation and explore opportunities jointly. Turkish contracting companies are also interested in mega infrastructure projects in Bangladesh.

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