The economic relations between Bangladesh and France were affected in 2020 by the Covid-19 pandemic.

Last year, the bilateral trade between the two countries came down to EUR 2.76 billion, showing a decrease of 15% compared to 2019, said the Embassy of France in Dhaka on Tuesday.

Read: France Issue: FM writes his French counterpart

Fueled mainly by the RMG sector and some leather products, which represent 98 percent of French imports from Bangladesh, the total value of imports decreased by 15 percent in a year to reach EUR 2.52 billion in 2020, it said.

However France remains one of Bangladesh’s largest export markets, and its third customer in the European Union, all products considered.

Read: COVID-19: Bangladesh to receive 150mn euro from France

French exports to Bangladesh decreased by 12% compared to 2019, amounting to EUR 238 million, said the Embassy.

French exports are boosted by electrical machinery and industrial equipment, such as gas turbines & equipment manufactured by GENERAL ELECTRIC in Belfort, France.

Read: Bangladesh seeks French investment in major sectors

The bilateral deficit which registered a threefold increase in the last ten years, came down to EUR 2.23 billion last year.

“To reduce the huge trade deficit we are facing, France is eager to put its world acclaimed know-how and experience at the service of Bangladesh and its people, especially in the sectors where our companies’ excellence is proven worldwide. Hence, we follow with keen interest developments in such sectors as power generation (including renewable energy), rail transportation, water treatment and all environment related issues,: said the Embassy.

Few events have marked Year 2020, due to Covid-19, which forced the cancellation last April of a visit by MEDEF INTERNATIONAL, the French equivalent to FBCCI.

The individual strengths of both France and Bangladesh are to be amply utilized and shared in order to consolidate the mutual economic and social benefits.

France and its companies are committed to developing their action and establishing partnerships which would allow Bangladesh to reach its ambitious economic targets, said the Embassy.

Summit Meghnaghat-II welcomes GE’s first HA gas turbine in Bangladesh

Manufactured in Belfort, France the GE 9HA.01 gas turbine can deliver up to 63.7% record-setting net combined-cycle efficiency in the 50 Hz segment and offers lowest total cost of ownership in the industry.