Bangladesh to increase their two way trade with Canada to $5 billion by 2020

Bangladesh has been enjoying duty-free market access to Canada since 2003 are now focusing to explore potential trading opportunities include expanding Canadian imports of readymade garment, jute, ceramic tableware and kitchenware.

Bangladesh aims to boost its present trade level of $2.0billion with Canada to $5.0 billion by 2020, a business leader said on Saturday.

Masud Rahman, president of Canada Bangladesh Chamber of Commerce and Industry (CanCham) said that they plan to increase their two-way trade to $5.0 billion at the end of 2020.

CanCham to boost up the contact between people to people of both the countries and thus increase bilateral trade and investment has organized a two-day trade fair on Saturday.

They also want to increase export diversification and also want to involve Bangladeshi diasporas in Canada for investment in Bangladesh.

Masud said that in view of the robust growth of the Bangladesh economy, Canadian investment would be encouraged from the current investment of more than $300 million.

Although Bangladesh’s overall exports to Canada have grown they are not diversified, but concentrated on a limited number of products.

Clothing accounted for 70 percent of Bangladesh’s total exports to Canada.

The enormous export potential in the Canadian market for Bangladesh is largely unexplored. Many apparel products have potential in the Canadian market, followed by other fabric items, frozen shrimps and crabs, leather and footwear and ceramic ware.

Bangladesh was the third largest pulse export market for Canada in 2013 and a major market for wheat. Agri-food was the leading export sector from Canada to South Asia in 2013, making Bangladesh the second largest Canadian agri-food buyer in South Asia.