Dhaka Chamber of Commerce and Industries (DCCI) on Sunday urged African country Rwanda to enhance import of Bangladeshi products. Arman Haque, Senior Vice President of DCCI, requested Rwanda’s importers to import steel, cement, eco-friendly brick, PVC pipe, electrical cable and skilled construction workers from Bangladesh.  He made the request in a meeting of DCCI with High Commissioner of the Republic of Rwanda based in New Delhi Mukangira Jacqueline at DCCI Gulshan Center on Sunday. Read: Uzbekistan keen to invest in Bangladesh’s oil, gas exploration sector Bangladeshi investors have a good prospect in the growing infrastructure sector of Africa’s one of the promising countries, Rwanda, Arman said. Arman assured the High Commissioner that the Dhaka Chamber will extend its fullest cooperation in facilitating any business delegation from Rwanda. In response, High Commissioner of Rwanda Mukangira Jacqueline said that the existing trade relations with Bangladesh is very good and it will continue in future as well. Read DCCI urges Philippines to invest in Bangladesh’s healthcare, tourism sectors She also said that Rwanda is the second fastest growing economy in Africa and fifth in east African region in terms of creating network readiness. She mentioned that in Rwanda an entrepreneur can avail company registration in less than 6 hours. She invited Bangladeshi investors to invest in Rwanda with a view to capture large African market. Mukangira stressed stronger collaboration between the businessmen of both the countries. Read: Hong Kong based company Campvalley to invest $ 54 million in BEPZA Economic Zone She urged Dhaka Chamber to sign a MoU with the Chamber in Rwanda in order to facilitate frequent exchange of business delegation. DCCI Vice President Monowar Hossain and Second Counsellor of the High Commission of Rwanda Irakoze Prosper were also present during the meeting.    

To enhance the export of Bangladeshi products and services, the country will have to explore untapped markets in the Commonwealth of Independent States (ex-Soviet republics), Latin America and Africa instead of depending on the European Union and the US. Bangladesh has the least market share in Africa, but many opportunities await there. There are 16 countries in the Southern African Development Community. The bloc is a common customs union that could be a gateway to a market of almost 300 million people. If a product enters one member country, it can easily travel to other countries without facing customs problems. So efforts are necessary to conclude a preferential trading agreement or free trade agreements with these African countries. Experts and stakeholders made the comments Saturday at the webinar "Diversification of Bangladesh's Export Basket: Opportunities and Challenges" organised by the Institute of Chartered Accountants of Bangladesh (ICAB). Commerce Minister Tipu Munshi said at the event: "Export earnings have big effects on our investment, GDP growth, real exchange rate, unemployment, government revenue and expenditure. So, export diversification is the highest priority area of our government." Although the geographic location of Bangladesh is ideal for global trade, the country is facing a trade deficit of $15 billion, ICAB CEO Shubhashish Bose said. In fact, the country’s trade deficit widened to $17.86 billion in 2020 from $15.8 billion ion 2019. "The country's six major export items – woven garments, knit garments, leather and leather products, jute and jute goods, agricultural products, frozen foods – constituted 92% of its export during the fiscal year 2019-20," he added. "However, the IT sector, pharmaceutical products, oceangoing shipbuilding industry, light engineering sector ceramic and porcelain wares are thrust sectors and deserve more attention for earning more foreign currency."

China has granted zero tariff treatment for 5,161 more Bangladeshi products in the Chinese market effective from July 1.

Prime Minister Sheikh Hasina on Wednesday announced 'Light Engineering' as the product of the year to give special attention to this sector for earning more foreign currencies by exporting various products.