Bangladesh and Iran to strengthen ties by addressing banking issues

In a bid to enhance trade relations, Hossein Selahvarzi, the newly elected head of the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), held a meeting with the Ambassador of Bangladesh in Tehran Manjurul Karim Khan Chowdhury. The discussions revolved around the imperative need to resolve banking and transportation issues as a prerequisite for expanding economic ties between the two nations, as reported by the ICCIMA portal.

Acknowledging the deep-rooted religious, cultural, and historical connections between Bangladesh and Iran, Selahvarzi expressed regret that both countries had not yet fully utilised each other's economic potential, despite Bangladesh's substantial market and Iran's strategic positioning.

Selahvarzi emphasised several potential areas of collaboration, including construction materials, minerals, agricultural products, industrial items, and petrochemical products, which could significantly boost trade relations between Bangladesh and Iran.

To facilitate increased trade exchanges, Selahvarzi underscored the necessity of establishing a joint committee comprising businessmen from both countries. He further stated that within the next two months, a Bangladesh-Iran Joint Economic Committee would be formed in Iran, with hopes of a corresponding institution being established in Bangladesh as well.

Highlighting their shared membership in various multilateral economic organisations, including the D8, Selahvarzi stressed the importance of utilizing this capacity. The Iran Chamber of Commerce expressed its commitment to coordinating with the Bangladesh Chamber of Commerce to facilitate the exchange of business delegations between the two nations.

Congratulating Selahvarzi on his election, Ambassador Chowdhury emphasised the historical and cultural closeness between Bangladesh and Iran. He lamented the disparity between the level of political relations and the current state of trade between the two countries. Both governments expressed a desire to strengthen trade ties, prompting the need to facilitate direct transportation and reduce reliance on third countries for trade transactions.

Efforts to resolve banking and transportation issues represent a crucial step forward in fostering mutually beneficial economic cooperation between Bangladesh and Iran. As the joint committee takes shape and initiatives to bolster trade relations gain momentum, both countries anticipate a significant expansion in their economic ties.