Traders eye 5 times more exports to Uzbekistan
If the immense potential of trade between Bangladesh and Uzbekistan can be realised, it is possible to increase exports to that country by five times, said traders.
Uzbekistan can be a good market for various Bangladeshi products and services including medicines, leather products, bicycles, ceramic products, frozen food, furniture, handicrafts, clothes, tourism, IT, agricultural processing, plastics, and human resources, said entrepreneurs at a press conference organised at the Capital Market Journalist Forum's office in Dhaka yesterday.
Speakers at the programme said in addition to being an export destination, Uzbekistan can also be an ideal destination for investment by Bangladeshi companies in various sectors. The country will act as a gateway to Central Asia and Eastern Europe for Bangladeshi businesses.
To this end, "Bangladesh-Uzbekistan Business Summit and B2B" has been jointly organised for the first time by the entrepreneurs of the two countries on 26-27 May in Tashkent, Uzbekistan, where traders will showcase their products and services.
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Seven expatriate Bangladeshi entrepreneurs, currently living in different countries, are organising the summit with the assistance of the Bangladesh Trade Center (BTC). The main purpose of the summit to be held at the Wyndham Hotel in Tashkent is to increase the trade and commerce of Bangladesh with different countries of the world.
The total amount of trade between Bangladesh and Uzbekistan was $45.24 million in FY21, which decreased to $35.13 million in FY22.
Bangladesh exported goods worth $26.33 million to Uzbekistan and imported $8.80 million in FY22. The trade surplus was around $17.63 million in that fiscal year. The trade gap between the two countries in FY16 was $462.37 million.
At present, Bangladesh imports raw materials for the garment sector from Uzbekistan, and Uzbekistan imports textiles and medicines from Bangladesh.
Dr Taher Shah, honorary consul of Uzbekistan in Bangladesh, said, "When the people of Uzbekistan buy clothes from Europe and America, they see that 'Made in Bangladesh' tags are attached to them. So their interest is increasing in Bangladeshi products."
The government of that country is also providing various facilities for foreign investors. Electricity there costs only Tk2 per unit, gas is almost free, and land is easily acquirable. Businessmen-entrepreneurs of various countries including India are taking these benefits.
Bangladeshi entrepreneurs can also take advantage of these facilities. That is why it is important to increase the communication between the two countries and the summit will help to increase trade and commerce, said speakers at the programme.
Bangladesh Trade Center CEO Zainal Abedin said, "Currently there is no direct air connection between Bangladesh and Uzbekistan. Travellers have to go there through another country, which costs more than Tk2 lakh in air fare. Direct air flights are essential to improve our communication with them."
Turkish BD Group CEO Saiful Islam, among others, was present at the press conference.
