in , , ,

Australia-Bangladesh keen to boost trade

Australian and Bangladesh are keen to increase bilateral trade and investment.

Australian High Commissioner to Bangladesh, Julia Niblett and Commerce Minister Tipu Munshi discussed the possible ways to enhance trade between the two countries.

According to Bangladesh Bank (BB) data, bilateral trade between Australia and Bangladesh was $1.40 billion in the last fiscal year. 

Trade between the two countries is in favor of Australia. In the FY19, Bangladesh exported goods worth $596.7 million, while it imported products to the tune of $804.62 million.   

Two leaders at the meeting expressed gratitude to make the Australia-Bangladesh trade conference, held from November 13 to 15, 2019 in Sydney, a success.

The aim of the conference is to bring together businesses, investors and government leaders from Bangladesh and Australia to discuss ways to enhance trade and investment opportunities, says a statement of Australian High Commission in Dhaka.

“I’m pleased that the governments of Australia and Bangladesh are working together to further enhance the trade relationship”, said Niblett.

“Australia’s two way trade with Bangladesh has grown to just over AUD2.44 billion a year,” said Ms Niblett, “And there are substantial opportunities for further growth on both sides.”

Acknowledging the role of women entrepreneurs, Ms Niblett noted that “Women in Bangladesh have the skills, the business acumen and the impressive networking dividends that help business thrive in this country.”

Bangladesh’s exports to Australia comprise ready-made garments, leather goods, footwear, processed food and jute. Australia’s main exports to Bangladesh are cotton, milk and other dairy products, lentils and pulses, education and other services.