Canadian envoy, DCCI chief discuss prospects for boosting bilateral trade, investment

Canadian Senior Assistant Deputy Minister for International Trade and Chief Trade Commissioner Sara Wilshaw paid a courtesy visit to the Dhaka Chamber of Commerce and Industry (DCCI) and held an interactive meeting with its acting president Razeev H Chowdhury yesterday (23 November) at the DCCI Gulshan Centre. 

High Commissioner of Canada to Bangladesh Ajit Singh also attended the meeting, reads a press release.

During the discussion, Razeev H Chowdhury said, "Bilateral trade between Bangladesh and Canada reached $2.22 billion in FY2024, with Bangladesh exporting goods worth $1.32 billion and importing $901.09 million." 

He noted that Canada is the 20th largest source of FDI for Bangladesh, with total investment standing at $132.83 million.

Chowdhury highlighted significant potential for Canadian businesses to invest in Bangladesh, particularly in renewable energy, green technology, waste management, automotive components, education, healthcare, medical equipment, financial services, IT and digital infrastructure, smart logistics, warehousing and cold chain systems. 

He added that Canada can also source leather and leather goods, jute and jute products, handicrafts, bicycles, high-end RMG, ceramics, furniture, pharmaceuticals, processed and frozen food, software and BPO services from Bangladesh.

Sara Wilshaw said, "Most Canadian companies are SMEs, and nearly 75% of Canada's exports and the majority of its outward FDI go to the USA."

She also stressed the importance of diversifying export markets and products to stay competitive globally.

Wilshaw noted strong prospects for cooperation in the education and skills development sectors, as a large number of Bangladeshi students study in Canada. 

She pointed to Canada's strengths in the automotive and food processing industries and said Canada aims to support Bangladesh in enhancing its supply chain ecosystem to improve global competitiveness. With the Canadian automotive sector pursuing market diversification, Bangladesh could be a promising destination, she added.

Canadian High Commissioner Ajit Singh emphasised the importance of strengthening chamber-to-chamber ties to deepen business connections. 

He described Bangladesh's private sector as the engine of the country's growth and reaffirmed Canada's interest in expanding bilateral trade.

"We would like to work in skills training, technical assistance, vocational training, nursing, agro-tech, and improving the ease of doing business in Bangladesh," he said, adding that there are significant opportunities to elevate bilateral trade relations in the coming years.