Kosovo, Bangladesh companies should explore joint ventures: Envoy
Food, furniture as well as ICT services are among other potential sectors for the trade of goods and services between the two countries
Bangladesh and Kosovan companies can go for joint ventures in ICT, garment, pharmaceutical and food processing sectors, said Güner Ureya, ambassador of the Republic of Kosovo in Dhaka.
"Both countries are very open to investments. If some Kosovan companies come to invest here in Bangladesh, I suggest it seeks joint ventures with Bangladeshi companies," he said during a meeting at The Business Standard office on Thursday.
Similarly, Bangladesh can cooperate in the ICT sector, garment sector, pharmaceutical sector and even food processing in Kosovo, he added.
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After graduating from the LDC status, it will be easy for Bangladesh to access the European market through Kosovo, said Ureya.
Regarding trade facilities offered in Kosovo, he said, "Firstly, Kosovo has the lowest taxes in Europe, which is important for investors. Secondly, we are next door to some very developed markets. Thirdly, we add zero tax on dividends. You can make a profit in Kosovo and take it back to your home without any hassle. It is very liberal for potential investors."
The envoy said the trade volume between Bangladesh and Kosovo was around €15 million in the first nine months of 2022, "which is very promising for both countries".
The ambassador recalled that Bangladesh officially recognised Kosovo in 2017 and diplomatic ties were established in 2018. By August 2019, the Kosovan mission in Bangladesh was opened.
Concerning bilateral ties, Güner Ureya said, "We are negotiating an economic cooperation agreement as well as an agreement for the avoidance of double taxation and prevention of fiscal deviation. We are also planning to initiate another agreement for the promotion of investments to create the main framework for the economic and trade relations between the two countries."
Currently, the main trade item between Bangladesh and Kosovo is RMG. There is also a modest pharmaceutical products trade. Food, furniture as well as ICT services are among other potential sectors for the trade of goods and services between the two countries, Ambassador Ureya added.
Commenting on Bangladesh's development he said, "In the past, western media only broadcasted news about Bangladeshi tragedies but now this perception is changing. Bangladesh is known for its garments. At present, when we talk about Bangladesh, we say that Bangladesh is doing very well in terms of economic growth. You are investing in infrastructure like Padma Bridge.
"We, as a friend of Bangladesh, only want the best for Bangladesh. Immediately after the War of Independence, Bangladeshi peacekeepers served in Kosovo. They helped maintain peace and stability in my country. In the same way, we pay for your peace in the future."
