Shama seeks increased Canadian investment in Bangladesh

State Minister for Foreign Affairs Shama Obaed Islam today (14 September) called for increased Foreign Direct Investment (FDI) from Canada, highlighting opportunities to deepen economic and business ties between the two countries.

She made the call when a five-member delegation of the Bangladesh Business Chamber of Canada (BBCC), led by its Vice President Ferdous Ahmed, paid a courtesy call on her at the foreign ministry.

During the meeting, the BBCC delegation stressed the need for an appropriate legal framework to protect Canadian investment in Bangladesh, according to a foreign ministry press release.

The delegation also highlighted opportunities to increase Bangladesh's exports to the Canadian market, particularly in ready-made garments, jute products, leather goods and information technology services.

Noting that Canada imports a significant volume of garments from China and Vietnam, the BBCC representatives said there is considerable scope for Bangladesh to increase its share of the Canadian apparel market.

They also pointed to Canada's large IT outsourcing market, saying Bangladesh currently holds only a small share despite having skilled manpower capable of tapping the opportunity.

The delegation raised difficulties in exporting Bangladeshi shrimp to Canada due to the absence of necessary laboratory facilities in Bangladesh.

During the discussion, Shama emphasised the need to attract more Canadian FDI to Bangladesh and assured the delegation of the foreign ministry's cooperation in initiatives aimed at expanding bilateral trade and investment.

The BBCC representatives informed the state minister that the chamber plans to organise a roadshow in Canada next year to promote Bangladeshi products, seeking support from the Bangladesh government.

Welcoming the initiative, Shama assured the delegation of necessary cooperation from the foreign ministry and requested the BBCC to submit concrete proposals in this regard.