Finnish companies keen on trade with Bangladesh

Published : 19 Nov 2020 08:03 PM | Updated : 19 Nov 2020 08:04 PM

Finnish companies are keen on availing bilateral solutions in close partnership with Bangladeshi counterparts, with the Finland Chamber of Commerce (FCC) eagerly waiting to engage with FBCCI (Federation of Bangladesh Chambers of Commerce and Industry) alongside Trade Ministries; in the upcoming ‘Bilateral Business Event’ on 9th December.

Juho Romakkaniemi, the President and CEO of FCC, made the remarks during an FBCCI Cloud Conference on Wednesday titled ‘Bilateral Trade and Investment Opportunities in the Ongoing Global Pandemic and Beyond,’ followed by the FBCCI President Sheikh Fazle Fahim’s welcome speech.

“We have to agree on some principal ideas and agendas together in our coming engagements. The many Finnish companies that are bringing technology to Bangladesh through investments, we are more than happy to present them with opportunities in the field of the circular economy, energy, forest, logistic, and digital services industry; where we have the most opportunities for bilateral trade,” said the FCC President.

In his welcome speech the FBCCI President said, “Although Bangladeshi products enjoy DFQF facility in Finland under the EU GSP (EBA) policy, our bilateral trade with Finland remains far below potential.” The current bilateral trade trend between the two nations shows a significant decline of 47.44% in bilateral trade, from US$244mn in FY18-19 to US$165.61mn in FY2019-20. Meanwhile, imports decreased from US$204mn in FY 18-19 to US$130.9mn in FY19-20. Exports in the same period declined by US$4.79mn.

Highlighting the current standing of bilateral trade and proposing to explore trade recovery and diversification, the FBCCI President underscored prospective products entailing leather and footwear products, specialized textiles, light engineering products, FMCG, agro-processed products, diversified jute products as an alternative to plastics, generic pharmaceuticals, and health-protective equipment. 

Fahim also conveyed identifying bilateral value chain initiatives exploring Finland’s cutting-edge technology support in ICT, startup ecosystem, skills, ADR, applied research, among others.

Mr. Timo Vuori, Senior Executive Vice President, Finland Chamber of Commerce, and Ms. Jenni Isola, Secretary General of Finland-ASEAN Business Association also spoke during the FBCCI Cloud Conference™ conveying their interest in bilateral trade with Bangladesh. 

During the webinar, the FBCCI president praised the attendees on FBCCI Impact 4.0, entailing the FBCCI ADR Centre, Tech Centre, and Skill Lab; the FBCCI Institute; FBCCI University, the Economic Applied Research Centre; which has been launched by the current FBCCI board as the federation's capacity enhancements for attaining roadmap to LDC and SDG 2030.