Bangladesh-Italy trade tops $3b in 2023: Industries minister

The bilateral trade between Bangladesh and Italy exceeded $3 billion last year, said Industries Minister Nurul Majid Mahmud Humayun.

"We believe there is ample scope to expand our bilateral trade further. We also see huge prospects for Italian investment in our textiles, leather and leather products, renewable energy and waste-to-energy, agro-processing, automotive vehicle and engineering, maritime and IT sectors," the minister said at Italy's National Day reception in the capital's Gulshan on Sunday. 

Italian Ambassador to Bangladesh Antonio Alessandro and his wife received the guests at the reception.

Nurul Majid said, "The people of Bangladesh share the feelings and compassion of our Italian friends in celebrating Italy's National Day."

He expressed appreciation for Italy's early recognition of Bangladesh's independence in 1972 and their recent celebration of 50 years of diplomatic relations.

The minister pointed to a significant upgrade in the partnership, mentioning Prime Minister Sheikh Hasina's 2023 visit to Italy and increased collaboration in various sectors.

Nurul Majid also praised Italy for welcoming Bangladeshi expatriates, calling them a "bridge between our two countries."

He further expressed appreciation for their skilled worker recruitment programme, saying, "We thank the Italian government for successfully including Bangladesh in the Flussi Decree for the third year after 2021."

Ambassador Alessandro highlighted the strong ties between Italy and Bangladesh, and said, "Italy is proud to host the largest Bangladeshi community in continental Europe. This community contributes significantly to the well-being of both Italy and Bangladesh."

He acknowledged the impressive social progress Bangladesh has made, noting, "Bangladesh has been a success story of the developing world, and Italy is proud to have contributed to it."

"Italy wishes to continue to be a partner of Bangladesh in its transformation into a smart and modern state," Alessandro said.

He identified climate change, labour standards, and migration as key challenges for Bangladesh.

"Italian companies are interested in Bangladesh and follow developments in all sectors, including energy, space technologies, textiles, and leather," he added.

He encouraged further improvements in the business environment, particularly in areas like taxation and regulations.

"Bangladesh's strength lies in water. Like in Italy, a sustainable and effective maritime system is key to the future. There are many opportunities for cooperation in this area that I would be glad to explore during my term in Dhaka," said the Italian ambassador.

He also acknowledged Italy's commitment to education and said that the government provides some scholarships to Bangladesh every year. He highlighted additional opportunities through universities and regional governments.

Moreover, Italy attracts many Bangladeshi recipients of Erasmus+ scholarships. 

The reception was attended by politicians, leading business leaders, top civil and military bureaucrats, representatives of department partners, members of civil society, and journalists.