Huge potential of boosting trade with Spain

Published : 22 Oct 2021 09:50 PM

Although there is a huge potential to increase trade in Bangladesh, only a few Spanish companies are doing business in Bangladesh whereas it is possible to increase the number significantly through developing relations between the businessmen of the two countries.

The observations were made in a view exchange meeting between Spanish Ambassador to Bangladesh, Francisco de Asis Benitez Salas and FBCCI President Md. Jashim Uddin on Thursday as the envoy paid a courtesy call on FBCCI leader.

While addressing, Spanish envoy said Spain opened a commercial wing in 2018 to strengthen trade ties. 

He said a few companies including Inditex and Zara are doing business in Bangladesh. But there are many world-class Spanish companies in a number of sectors, including agriculture and food processing, machine manufacturers. But many of them do not have the right idea about Bangladesh. Therefore, the possibility of trade relations between the two countries is still untapped.

FBCCI President Md. Jashim Uddin said that in order to strengthen trade relations, it is important to exchange of business information between the two countries.

“It will be easier if the FBCCI has an MoU with the Spanish apex trade body. A draft memorandum of understanding would be sent to the Spanish embassy soon. Bangladesh is an attractive destination for foreign investors not only for exports but also for the huge domestic market”, said FBCCI President.

Mentioning about establishment of 100 economic zones across the country, the FBCCI president said, like China, Japan, Korea and India, Spain could take a dedicated economic zone to set up factories.

Mostofa Azad Chowdhury Babu, Senior Vice President, FBCCI, highlighted the possibility of joint ventures between businessmen of the two countries to invest in the ceramic and tiles sector. 

Also present on the occasion were FBCCI Vice-Presidents M A Momen and Md. Habib Ullah Dawn, Director Mohammed Riyad Ali and CEO Mohammad Mahfuzul Hoque.