FBCCI urges govt to harness trade potential with Indonesia

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged the government to take steps to harness the potential of bilateral trade between Bangladesh and Indonesia. 

In FY21, import-exports between Indonesia and Bangladesh stood at $1.9 billion, which has tremendous potential for further growth, said FBCCI President Md Jashim Uddin when Bangladesh Ambassador to Indonesia Air Vice Marshal Mohammad Mostafizur Rahman paid a courtesy call at his office on Monday.  

Indonesia has a large market for Bangladeshi medicines, agricultural products, poultry, jute and leather goods, and footwear, said the FBCCI in a press release. 

At the meeting, Md Jashim Uddin also called upon the ambassador to take initiatives so that Indonesia invests in an economic zone in Bangladesh.

The ambassador said the Bangladesh government is keen to be a sectoral dialogue partner of Indonesia. As the tariff and tax structure in the country is relatively simple, it will be easier for Bangladeshi exporters to capture the market. 

Indonesian entrepreneurs are interested in investing in Bangladesh through joint ventures in the pharmaceutical and small and medium enterprise (SME) sectors. 

A delegation led by the Indonesian industries minister or the commerce minister will visit Bangladesh this year to explore bilateral trade and investment prospects, said the press release. 

Ambassador Mohammad Mostafizur Rahman said negotiations are also underway for a preferential trade agreement with Indonesia.

FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md Amin Helaly, Director MGR Nasir Majumder, and Secretary General Mohammad Mahfuzul Hoque, were also present at the meeting.