Bhutan urged to build economic zone in Bangladesh

Commerce Minister Tipu Munshi has invited Bhutan to build an economic zone in Bangladesh to boost the trade relationship between the two countries.

"India, Japan, and South Korea have already shown interest in investing in our economic zones. We extend an invitation to Bhutan to establish an economic zone in Bangladesh and explore investment opportunities in our country," said the commerce minister while inaugurating the Bhutan Trade and Investment Fair-2023 on Friday.

The Royal Bhutanese Embassy in Dhaka organised the three-day fair at the Gulshan Shooting Club in the capital.

Bangladesh and Bhutan signed a Preferential Trade Agreement (PTA) on 6 December 2020. However, the challenges posed by the pandemic have hindered both countries from fully capitalising on the agreement to enhance business ties between them. 

The Bhutan Trade and Investment Fair-2023 has been organised with the main goal of further facilitating the implementation of the provisions outlined in that historic agreement. This endeavour aims to promote mutual benefits for the people of both countries, fostering closer economic ties and cooperation, the minister added.

It was informed in the inauguration programme that in the fiscal year 2021-22, the total trade between Bangladesh and Bhutan reached $45.06 million. Bangladesh primarily exported pharmaceuticals, ceramics, garments, and food items, while Bhutan mainly exported calcium carbide, cement, ferrosilicon, and food items.

The commerce minister stated that businessmen can play a pivotal role in the implementation of the PTA and Transit Agreement. "The government has created opportunities, but it is expected that business people will establish strong relationships among themselves to reap the benefits of such cooperation," he added. 

Royal Bhutanese Embassy Trade Counsellor Kencho Thinley said, "This maiden Bhutan trade and investment fair in Bangladesh targets to bridge the gap between the producers and the consumers." 

Bhutanese Ambassador Rinchen Kuentsyl was also present at the event.

About 26 Bhutanese companies participated in the fair and showcased premium-quality goods produced and manufactured in Bhutan.

The stalls showcased a diverse range of products, including handicrafts, various types of teas, perfumes, betel nuts, beverages, spices, and traditional clothing. 

Customers were spotted browsing through the stalls and purchasing items that caught their interest.