Bangladesh, Philippines sign deal to expand bilateral trade, investment

Bangladesh and the Philippines have signed a Memorandum of Understanding (MoU) with a view to expanding their bilateral investment and trade and to develop their private sectors.

Mahbubul Alam, the president of the Chittagong Chamber of Commerce and Industry, and Meynardo LB Montealegre, the former in-charge of the Philippines' Asia and Pacific Affairs, signed the MoU on Tuesday at a meeting at the Ministry of Foreign Affairs in Dhaka.

Foreign Secretary Masud Bin Momen, Bangladesh's Ambassador to the Philippines Asad Alam Siam and senior officials of the two foreign ministries and chambers were present during the meeting.

Mahbubul Alam said business and investment between Bangladesh and the Philippines did not increase to the expected extent even though both the countries have a very friendly relation and commercial potentials.

"Business communities and private sectors of the two countries will be able to reap benefits from the MoU," he expressed hope.

Focusing on the government's incentives and polices friendly to doing business in Bangladesh, he called for Philippine investments in Chattogram's Mirsarai Economic Zone, including Special Economic Zones and Hi-Tech Parks, of the country.

Meynardo LB Montealegre, the leader of the Philippine delegation, said Bangladesh is going to be one of the economic superpowers of Asia.

The country's economic success is encouraging Philippine entrepreneurs to invest in Bangladesh, he added.