Visiting Turkish entrepreneurs on Monday said they want to invest in Bangladesh as the country is a favorable destination for them.
A 14-member Turkish business delegation showed this interest at a meeting with Dhaka Chamber of Commerce & Industry (DCCI).
The visiting delegation, led by Chairperson of Turkey-Bangladesh Business Council Hulya Gedik, met DCCI President Rizwan Rahman and other members of its Board of Directors. Turkish Ambassador to Bangladesh Mustafa Osman Turan was also present.
The Turkish entrepreneurs said the business environment, policy and regulatory regime of Bangladesh are congenial for them to make investment here.
Hulya Gedik said Bangladesh is not much known to Turkish entrepreneurs due to lack of communication. So, they opened ‘Bangladesh Business Centre’ in Turkey to facilitate their entrepreneurs to know more how to start business in Bangladesh, she said.
The head of Turkish delegation also stressed the need for ensuring the sustainability in the bilateral trade between Turkey and Bangladesh.
The Turkish Ambassador said Bangladesh wants to be a developed nation by 2041 and Turkey wants to be the 10th largest economy. So, it is important to strengthen partnership between the two countries to accomplish the respective goals of both countries, he said.
He said ICT, pharmaceutical and light engineering sectors of Bangladesh have huge potentials to attract FDI.
Though the quality of Turkish machineries is almost like that of European and American ones, the rates of Turkish machineries are cheaper, he said.
Mustafa Osman Turan a few large Turkish companies are already in operation in Bangladesh.
DCCI President Rizwan Rahman said infrastructure, construction materials, railway, renewable energy, automobile, healthcare, medical equipment, shipbuilding, agriculture and home appliance sectors of Bangladesh are among the potential areas for Turkish investment.
In the FY2020-21, Bangladesh’s export to Turkey was US$ 499.79 million, he said.
In FY2019-20, the total bilateral trade between the two countries was US$ 686.41 million. Bangladesh’s export was US$ 453 million against its import of $233.41 million from Turkey, which reflects a positive trade balance of US $220.06 million in favour of Bangladesh, he said.
Turkey sourced only 0.21 percent of its import from Bangladesh, said Rizwan, adding that Bangladesh can be a key focus of Turkey for trade and investment under its “Asia Anew” initiative.
The DCCI president put emphasis on utilizing Turkey-Bangladesh Business Council to facilitate both-way trade and investment.
Commercial Counsellor of Turkish Embassy Kenan Kalayci said the bilateral trade volume increased some 20 percent in the last nine months.
He expects that the total trade between the two countries will reach the mark of US$ 2 billion soon.
The Turkish business delegation is in Dhaka to participate in ‘International investment Summit 2021, organised by Bangladesh Investment Development Authority (BIDA).