Switzerland celebrates national day

Switzerland is celebrating its National Day today, marking the founding of the Swiss Confederation.

This day holds significance not only for Swiss citizens but also for Bangladesh, highlighting the deep-rooted and multifaceted bilateral relationship between the two countries.

Since establishing diplomatic ties in 1972, the relationship has continually strengthened, fostering cooperation across various domains. Initially focused on humanitarian aid, the partnership has expanded to include a broad spectrum of development cooperation activities.

A key aspect of Swiss-Bangladesh relations is economic cooperation. Since 2010, bilateral trade volume has more than tripled, surpassing 1 billion Swiss francs in 2021.

Swiss exports to Bangladesh, primarily machinery for the textile sector, pharmaceuticals, and chemical products, amounted to 126 million Swiss francs.

Meanwhile, textiles and ready-made garments represented over 90% of Switzerland's imports from Bangladesh, totalling 924 million Swiss francs.

Swiss investments in Bangladesh are concentrated in sectors like chemicals, pharmaceuticals, construction, technical services, and fast-moving consumer goods.

The Switzerland-Bangladesh Chamber of Commerce and Industry (SBCCI), formed in August 2009, promotes trade and investment between the two countries.

As of 2022, Swiss foreign direct investment in Bangladesh stood at $77.28 million, up from $37.80 million in 2021.

Bangladesh's exports to Switzerland reached $99.28 million during the fiscal year 2022-23, while imports from Switzerland were $247.461 million in FY2021-22.

Beyond economic ties, Switzerland is a committed development partner for Bangladesh.

The Swiss Agency for Development and Cooperation (SDC) has been active in Bangladesh since 1976, contributing to poverty alleviation and sustainable development efforts.

Their cooperation aligns with the UN Sustainable Development Goals and Bangladesh's national development priorities.