Bangladesh is a favourable destination for Turkish investors and the business environment, policy, regulations and overall business environment are congenial for investment, said members of a visiting Turkish delegation to Dhaka Chamber of Commerce and Industry (DCCI).
The delegation of Turkey-Bangladesh Business Council, led by its chairperson Hulya Gedik, made the remarks while meeting DCCI President Rizwan Rahman and the members of the business body's board of directors on Monday (29 November), said a press release.
Turkish Ambassador to Bangladesh Mustafa Osman Turan accompanied the 14-member business delegation.
During the meeting, DCCI President Rizwan Rahman said that in FY2020-21 Bangladesh's export to Turkey was $499.79 million. In FY2019-20 total trade with Turkey was $686.41 million out of which Bangladesh's export was $453 million against the import of $233.41 million reflecting a positive trade balance of $220.06 million in favour of Bangladesh.
He said that infrastructure, construction materials, railway, renewable energy, automobile, healthcare, medical equipment, shipbuilding, agriculture, home appliance among others are some of the potential areas for Turkish investment, the press release added.
Turkey sourced only 0.21% of its import from Bangladesh, Rizwan Rahman added.
The DCCI president also said that under Turkey's "Asia Anew" initiative, Bangladesh can be a key focus of Turkey for trade and investment, and called upon concerned authorities to utilise Turkey-Bangladesh Business Council to facilitate both-way trade and investment.
Hulya Gedik said Bangladesh is not much known to Turkish entrepreneurs due to a lack of communication and contact. She urged upon the sustainability of trade relations between Bangladesh and Turkey.
She added that the business body has opened a " Bangladesh Business Centre" in Turkey to facilitate Turkish entrepreneurs to know more about how to start a business in Bangladesh.
The Turkish Ambassador to Bangladesh Mustafa Osman Turan said Bangladesh is going to be a developed nation by 2041 and Turkey wants to be the 10th largest economy, but without partnership, these goals will not be achieved, the press release further added.
He also said that Bangladesh's ICT, pharmaceutical and light engineering sectors have good potentials to attract FDI.
Ambassador Mustafa Osman Turan Turkish added that machineries made in Turkey are almost of the same quality as Europe and America but at a cheaper rate. He said there are a few big Turkish companies that are already operating in Bangladesh and that is a sign of Bangladesh's competitiveness.
Commercial Counsellor of Turkish Embassy Kenan Kalayci said that in the last nine months the bilateral trade volume increased about 20%. He expected that the total trade between Turkey and Bangladesh would reach the mark of $2 billion soon.