Diplomatic Desk:
Initiatives have been taken to expand cooperation in various potential sectors including agri-technology, dairy industry, green energy, pharmaceuticals, leather, jute, sustainable textiles and information technology to further strengthen bilateral trade and investment relations between Bangladesh and New Zealand.
In a meeting held with New Zealand Trade and Enterprise (NZTE), Bangladesh highlighted various opportunities for joint investment, business linkages and export expansion in these sectors. These issues were discussed with NZTE’s Market Manager (South-East and East Asia) Rachel McGuckian at the meeting. The Bangladesh delegation was led by Secretary of the Ministry of Commerce Md. Ataur Rahman. The other members of the delegation are Joint Secretary (FTA) Md. Firoz Uddin Ahmed and Deputy Secretary (FTA) Farhana Islam.
The meeting said that currently the bilateral trade volume between Bangladesh and New Zealand is about 450 million US dollars per year. Of this, dairy products and metal products play a significant role in Bangladesh’s imports from New Zealand. On the other hand, Bangladesh’s exports to New Zealand amount to about 147 million US dollars, a large part of which is ready-made garments.
NZTE’s cooperation was sought in expanding Bangladesh’s non-garment export sector in order to make trade relations more balanced and diversified. Emphasis was placed on creating new opportunities in the New Zealand market, especially in Bangladesh’s pharmaceuticals, environmentally friendly jute products, leather products, sustainable textiles and information technology sectors.
Highlighting the capabilities of Bangladesh’s pharmaceutical industry, the meeting informed that the country’s pharmaceutical manufacturing companies are operating under various international standard certificates and production systems. As a result, there is an opportunity to supply quality generic medicines and vaccines at affordable prices to the New Zealand health sector.
In addition, highlighting the skilled manpower of more than 650,000 technology professionals in Bangladesh, it was proposed to establish business partnerships with New Zealand technology companies in the software, fintech and digital services sectors.
In terms of investment, New Zealand companies were invited to invest in Bangladesh’s special economic zones. The potential for New Zealand’s investment in the dairy processing, specialized nutritional products, cold-chain logistics, agri-technology, advanced manufacturing, renewable energy and environmentally friendly technology sectors was highlighted.
Bangladesh informed that there are various investment facilities for foreign investors in the special economic zones. By utilizing these opportunities, New Zealand companies can invest in Bangladesh as well as expand their business in the larger markets of South and Southeast Asia.
Three immediate steps were proposed to make bilateral cooperation a reality. These include establishing direct contact between Bangladesh Investment Development Authority (BIDA) and NZTE’s Southeast and East Asia team, organizing virtual B2B meetings between New Zealand business buyers and Bangladeshi pharmaceutical, IT and leather exporters, and coordinating with New Zealand’s Ministry of Foreign Affairs and Trade (MFAT) to further enhance bilateral trade and investment cooperation. In addition, it was agreed to establish a bilateral Business Council between the two countries and organize and participate in trade fairs.
The meeting emphasized the importance of building a balanced and mutually beneficial economic partnership by utilizing the capabilities of both countries. It is expected that the combination of Bangladesh’s large market and production capacity with New Zealand’s technological expertise and high-value export capabilities can take the trade and investment relations of the two countries to new heights.
