Commerce minister invites Bhutan to build an economic zone in Bangladesh

June 23, 2023 2:56 pm

Dhaka: Commerce Minister Tipu Munshi invited Bhutan to build an economic zone in Bangladesh to boost trade relations.

“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,” commerce minister said at the Bhutan Trade and Investment Fair 2023.

The Royal Bhutanese Embassy in Dhaka organised the three-day fair at the Gulshan Shooting Club, starting on Friday.

Commerce Minister Tipu Munshi inaugurated this fair and called for expanding bilateral trade.

It is noteworthy that Bangladesh and Bhutan signed Preferential Trade Agreement (PTA) on 6 December 2020. However, the challenges posed by the pandemic have hindered both the 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 to further facilitate 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.

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.

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.

About 25 Bhutanese companies participated in the fair and showcased premium-quality goods produced and manufactured in Bhutan.