Commerce minister urges Canada to produce canola oil in Bangladesh

Commerce Minister Tipu Munshi has urged Canada to set up canola oil factories in Bangladesh, saying the North American country will benefit from such investment.

He said Canada could then export the product to neighbouring countries after meeting the domestic demand in Bangladesh.

The minister made the call during a meeting with Lilli Nicholls, Canadian high commissioner to Bangladesh, on Tuesday at the Secretariat.

Terming Canada a friend of Bangladesh, Tipu Munshi said Bangladesh wants to take advantage of the huge potential for trade and investment between the two countries. Bangladesh imports a large quantity of edible oil. Canada produces a lot of edible canola oil, which has the potential to be a popular commodity in Bangladesh.

He added that 100 economic zones are being developed across the country, with the construction of some nearing the last stage. The government has announced several facilities for investors in the economic zones. Canada will benefit by investing here.

Responding to the minister's call, Lilly Nicholls said Canada is interested in increasing trade and investment with Bangladesh.

"There is a huge demand for Bangladeshi readymade garments in Canada. There is ample opportunity to export Canadian canola oil to Bangladesh. Both countries can import [the commodity] using government to government system through the Trading Corporation of Bangladesh," she said.

The Canadian envoy added that her country will provide all possible assistance in this regard.

At the meeting, Tipu Munshi also asked for Canada's assistance in research to ensure the proper use of agricultural products.

He said Bangladesh produces a huge amount of potatoes, which have the potential to be exported.

During the July-March period of the current financial year, Bangladesh exported goods worth $1,070.58 million to Canada, while Bangladesh imported goods worth $428.86 million from Canada, according to the minister.