Economic Reporter :
Bangladesh needs to strengthen the institutional capacity for effective negotiation with prospective partner countries like Hungry to explore the opportunities of cooperation in the fields of trade and economy and other priority areas.
Hungary imports from Bangladesh were amounting $14.21 Million in the last fiscal year, according to the United Nations COMTRADE database on international trade.
The imported items mostly apparel related like articles of apparel, knit or crocheted $5.79M, optical, photo, technical, medical apparatus $2.58M, other made textile articles, sets, worn clothing $2.55M, articles of apparel, not knit or crocheted $1.35M in 2019.
Experts said the government should put emphasis on strengthening its institutional capacity for effective negotiation with prospective partner countries.
There are scopes for undertaking initiatives for reducing tariffs in the country’s market and such initiative has to be prioritised taking into account the relative importance of the market in terms of Bangladesh’s export interest, said Dr Khondaker Golam Moazzem, Research Director of CPD.
Apart from building the institutional capacity, the Dhaka and Budapest has initiated to constitute a Joint Trade Commission (JTC) to explore the opportunities of cooperation in the fields of trade and economy.
The information was revealed on Thursday in the bilateral meeting between Commerce Minister Tipu Munshi and Foreign and Commerce Minister of Hungary Peter Szijjarto at the Commerce Ministry in the city.
During the meeting, they discussed various bilateral issues, including trade and commerce of the two countries.
Tipu said the formation of a joint trade commission between the two countries will make it easier to identify trade and investment opportunities.
“Bangladesh would welcome Hungarian investment in agro-food processing, pure water management and pharmaceutical sectors. Besides, there are a lot of opportunities to invest in ICT and service sectors,” he added.
He said Bangladesh has long trade relations with Hungary and there are a lot of opportunities to increase trade and investment between the two countries.
Peter Szijjarto said Hungarian businessmen and investors are keen to increase trade in Bangladesh. “A Joint Trade Commission (JTC) can be formed for this purpose. Hungary is interested in investing in Bangladesh’s pure water management and pharmaceutical sectors,” he added.
He said Bangladesh’s agro-based industry has the opportunity to provide modern technology and machinery. The opportunities for investment in Bangladesh are attractive, Hungary wants to take advantage of all these opportunities, he added.
Bangladesh needs to strengthen the institutional capacity for effective negotiation with prospective partner countries like Hungry to explore the opportunities of cooperation in the fields of trade and economy and other priority areas.
Hungary imports from Bangladesh were amounting $14.21 Million in the last fiscal year, according to the United Nations COMTRADE database on international trade.
The imported items mostly apparel related like articles of apparel, knit or crocheted $5.79M, optical, photo, technical, medical apparatus $2.58M, other made textile articles, sets, worn clothing $2.55M, articles of apparel, not knit or crocheted $1.35M in 2019.
Experts said the government should put emphasis on strengthening its institutional capacity for effective negotiation with prospective partner countries.
There are scopes for undertaking initiatives for reducing tariffs in the country’s market and such initiative has to be prioritised taking into account the relative importance of the market in terms of Bangladesh’s export interest, said Dr Khondaker Golam Moazzem, Research Director of CPD.
Apart from building the institutional capacity, the Dhaka and Budapest has initiated to constitute a Joint Trade Commission (JTC) to explore the opportunities of cooperation in the fields of trade and economy.
The information was revealed on Thursday in the bilateral meeting between Commerce Minister Tipu Munshi and Foreign and Commerce Minister of Hungary Peter Szijjarto at the Commerce Ministry in the city.
During the meeting, they discussed various bilateral issues, including trade and commerce of the two countries.
Tipu said the formation of a joint trade commission between the two countries will make it easier to identify trade and investment opportunities.
“Bangladesh would welcome Hungarian investment in agro-food processing, pure water management and pharmaceutical sectors. Besides, there are a lot of opportunities to invest in ICT and service sectors,” he added.
He said Bangladesh has long trade relations with Hungary and there are a lot of opportunities to increase trade and investment between the two countries.
Peter Szijjarto said Hungarian businessmen and investors are keen to increase trade in Bangladesh. “A Joint Trade Commission (JTC) can be formed for this purpose. Hungary is interested in investing in Bangladesh’s pure water management and pharmaceutical sectors,” he added.
He said Bangladesh’s agro-based industry has the opportunity to provide modern technology and machinery. The opportunities for investment in Bangladesh are attractive, Hungary wants to take advantage of all these opportunities, he added.
