Investment News

Turkey-Bangladesh business ties to reach new heights

Sep 29, 2020

Turkey is exploring opportunities to further increase trade and investments in Bangladesh.

H.E. Ambassador Mustafa O. Turan, Ankara’s envoy to Dhaka, conveyed the message during a meeting with BIDA Executive Chairman Md. Sirazul Islam on Sept 29. 

“Bangladesh and Turkey both have thriving economies. We look forward to working with you as a team to support our national growth through promotion and facilitation of investments,” said the BIDA chief.

“It was my pleasure to have a very productive first meeting with the BIDA Chairman and his team. We are looking forward collaborating closely,” said H.E. Ambassador Turan. He was accompanied by Turkish Commercial Counsellor Mr. Kenan Kalayci. 

During the meeting, the Ambassador expressed Turkey’s interest in developing an exclusive economic and a modern hospital near Dhaka.

High-value apparel, leather and non-leather footwear, jute, IT, light engineering, tourism and medical equipment were among the potential sectors mentioned by BIDA. The BIDA chief also sought cooperation in organising a webinar with Turkish investors.

Besides the BIDA chief, the Turkish Ambassador has also met Minister of Agriculture Abdur Razzak MP to discuss cooperation in Agriculture. He also met Dr. Ahmad Kaikaus, Principal Secretary to HPM.

He has also met Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) President Sheikh Fazle Fahim. The welding of official ties between FBCCI and Foreign Economic Relations Board of Turkey (DEIK), the agency responsible for leading foreign economic relations of the Turkish private sector, was discussed. The Turkish embassy has also organised a webinar titled ‘Connecting Turkish & Bangladeshi Startup Ecosystems’.

The current trade volume between Bangladesh and Turkey is around $1 billion. H.E. Turkish President Recep Tayyip Erdoğan wants to boost to the figure to $3 billion.

The Turkish president, who is poised to attend the D-8 summit in Dhaka next year, has stressed investments in new sectors, including textiles, pharmaceuticals, according to a statement by Bangladesh’s Ministry of Foreign Affairs. 

The remarks followed meeting between President Erdogan and Bangladesh Foreign Minister Dr. AK Abdul Momen MP at the Presidential Complex in Ankara on Sept 17.

Bangladesh has approached Turkey for a proficient trade agreement (PTA), the Foreign Minister later told Turkey’s Anadolu news agency. Bangladesh will be working to diversify exports to Turkey, which is currently comprised mostly of readymade garments, he said. H.E. Erdoğan, who was then prime minister, visited Bangladesh in November, 2010. Hon. Prime Minister Hasina also paid an official visit to Turkey on in April 2012.