Bangladesh and South Africa has trade expansion potentials: Trade leaders

Bangladesh and South African entrepreneurs have scopes for trade expansion and investment in agricultural production and food processing, Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) leaders said.

"Initiatives should be taken to diversify markets by reducing single market dependence" FBCCI President Jasihm Uddin said as a delegation led by South African Deputy Foreign Minister Ms Candith Mashego-Dlamini called on him on Tuesday at the FBCCI office in the capital.

The FBCCI president also highlighted the opportunities for expanding the trade between the two countries in the textiles industry as well.

"Bangladeshi-made clothes will not get the existing market privileges after LDC graduation. To get GSP plus benefits, the value addition of the products produced in the country has to be increased in the post-graduation era," said Jashim Uddin, adding that the country needs to raise the production of raw materials for the textiles industries.

He also talked about other potential sectors including pharmaceuticals, leather, jute, and ICT.

Apart from this, Jashim Uddin invited the South African investors to Bangladesh while informing them about the capability and interest of the Bangladeshi entrepreneurs to invest abroad.

Ms Candith expressed interest in developing bilateral trade relations between Bangladesh and South Africa.

"South Africa has vast agricultural lands. Vegetables and maize produced there are exported to different countries. There is scope for processing and marketing of these products in both countries," she said.

Besides, the South African deputy minister assured sharing experience and further cooperation with Bangladesh in fisheries, blue economy and energy sectors.

FBCCI president proposed the visiting delegates to sign a memorandum of understanding between entrepreneurs and trade organisations of both countries to advance the process of developing trade relations.