Signing of a Preferential Trade Agreement (PTA) between Bangladesh and Nepal is in the final stage, as it is awaiting final nod from the Nepalese side, said Commerce Secretary Tapan Kanti Ghosh on Tuesday.
He urged the Nepali businesses to explore Bangladesh's large consumer base, especially in the fast-moving consumer goods (FMCG) sector, as the country imports a large quantity of essentials, like edible oil, lentil, and sugar etc, from different countries.
He said this while speaking as the chief guest of a business networking meeting between the Dhaka Chamber of Commerce & Industry (DCCI) and the Confederation of Nepalese Industries (CNI) at DCCI office in the city's Motijheel area.
On the occasion, DCCI President Rizwan Rahman and CNI President Vishnu Kumar Agarwal signed a memorandum of cooperation (MoC) between the two organisations.
Chargé d' Affaires of Embassy of Nepal Kumar Rai, CNI Vice President Nirvana Chaudhary, and DCCI Senior Vice President N K A Mobin and Vice President Monowar Hossain, among others, were also present at the event.
Referring to various commonalities between Bangladesh and Nepal, the commerce secretary said both the countries are going to graduate from the least developed countries (LDC) category in 2026.
Hoping for better trade relations between the two countries in the post-LDC era, Mr Ghosh noted that the PTA would be signed shortly after getting final nod from Nepal.
He also termed the MoC, signed between the DCCI and the CNI, a milestone for increasing bilateral trade and investment.
DCCI president Rizwan Rahman, in his opening remarks, said both the nations are working on common interests in various international forums, like - SAARC, BIMSTEC and WTO etc, that has bolstered diplomatic and economic friendship of the two countries.
Referring to the bilateral trade of around US$ 73.47 million in the fiscal year 2020-21 with the trade balance positive for Bangladesh, Mr Rizwan said RMG, pharmaceuticals, agro-food processing, jute goods, ITES, light-engineering, tourism, electronics and financial sectors are great destinations for foreign investment here.
Besides, Nepal can also invest in the special economic zones (SEZs) in Bangladesh, he added.
He also urged Nepal to consider the Bangladesh, Bhutan, India, Nepal (BBIN) connectivity deal to explore regional economic opportunities further.
Mr Kumar Rai said according to the World Bank and the IMF, Bangladesh's economic progress is quite good, while its government also has long-term plans to reap the benefits of Blue Economy and high-tech industries.
Nepal has the highest peak in the world and Bangladesh has the longest sea beach, he noted, adding that tourism can be a promising sector of mutual preference.
CNI president Vishnu Kumar Agarwal opined that agriculture, tourism, energy, education and IT are some of the potential sectors, from where entrepreneurs of both the countries can be benefitted.
Nepal is now giving priority to its transformation from a trading-led economy to a manufacturing-based one, which would create opportunities for huge investments, he added.
The CNI vice president said Nepal has already invested in FMCG industry of Bangladesh, and is now planning to invest in beverage and hospitality sectors in near future.
He also termed Bangladesh a preferable destination for investment, as the country has good policies and offers various incentives.
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