Bangladesh eyes ASEAN market to boost export

Bangladesh is eyeing the ASEAN market to boost its export in order to reduce its dependence on traditional markets like EU, USA UK and Canada.

The newly-elected President of Bangladesh Philippines Chamber of Commerce and Industry (BPCCI), Humayun Rashid, said this when he called on Ambassador of Philippines to Bangladesh Leo Tito L. Ausan Jr at the latter's office at Baridhara in the city on Monday.

Vice President of Bangladesh Philippines Chamber of Commerce and Industry (BPCCI), Imran Ahmed, was also present on the occasion.

Over 85% of Bangladesh's total exports go to the traditional markets like USA, EU, Canada and UK.  

BPCCI president Humayun Rashid said Bangladesh export to the Philippines is showing an upward trend during this fiscal year

Bangladesh exports to the Philippines stood at 102 million US dollars during the 2022-23 fiscal year. The export earnings during July-April period of the current 2023-24 FY stood at 112 million US dollars. 

Philippines to Bangladesh Leo Tito L. Ausan Jr said that Bangladesh should diversify its export basket to penetrate deeply into the marker of the Philippines.

During the meeting, Humayun Rashid exchanged ideas on effective trade strategies, explored promising business opportunities, and discussed potential challenges that may arise as Bangladesh will come out of least developed country (LDC) status beginning on 2026. 

The BPCCI President and Vice President also presented their organization's goals for the years 2024 and 2025, emphasizing their commitment to fostering stronger economic ties between Bangladesh and the Philippines.

The meeting was a productive exchange, laying the groundwork for future collaborations and partnerships between the two countries. Both parties expressed their enthusiasm for exploring new opportunities and strengthening existing trade relations.

BPCCI is the leading platform to promote trade, commerce, and bilateral exchanges between the two fastest-growing economies of the world – Bangladesh and the Philippines. Established in 2013, BPCCI strives to march towards shared prosperity under a list of objectives to foster economic cooperation and enhance cultural understanding between the two nations.