In the fiscal year 2020-21, total trade between Indonesia and Bangladesh stood at $1.9 billion.

As Indonesia has a large market for Bangladeshi medicines, agricultural products, poultry, jute and leather goods and footwear, the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md Jashim Uddin Monday called upon the government to take initiative to harness this potential of bilateral trade.

The FBCCI president made the call during a courtesy call paid by Bangladesh Ambassador to Indonesia Air Vice Marshal Mohammad Mostafizur Rahman.

Jashim also called upon the ambassador to take initiatives so that Indonesia also invests in an economic zone of Bangladesh.

During the meeting held in the capital, the ambassador said the Bangladesh government is keen to be a sectoral dialogue partner of Indonesia.

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"As the tariff and tax structure in the country is relatively simple, it will be easier for Bangladeshi exporters to capture the market. Indonesian entrepreneurs are interested in investing in Bangladesh through joint ventures in the pharmaceutical and small and medium-sized enterprise (SME) sector," he added.

A delegation led by Indonesia's industry minister or commerce minister will visit Bangladesh this year to explore bilateral trade and investment prospects.

Ambassador Mohammad Mostafizur Rahman said Bangladesh and Indonesia are also in negotiations to sign a preferential trade agreement (PTA).

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FBCCI Senior Vice-President Mostofa Azad Chowdhury Babu, Vice-President Md Amin Helaly, Director MGR Nasir Majumder and Secretary General Mohammad Mahfuzul Hoque were also present at the meeting.