Philippines would like to export more to Bangladesh, Ambassador of the Philippines in Bangladesh Vicente Vivencio T Bandillo said on Monday.
“Philippines would like to see more Filipino companies taking advantages of the opportunities in Bangladesh for trade and investment,” he said.
Ambassador of the Philippines made these remarks while addressing a seminar on “Promoting Bilateral Trade and Investment between Bangladesh & Philippines” , organized by Dhaka Chamber of Commerce and Industry (DCCI) on Monday at its premises.
He said, they would like to welcome more Bangladeshi exports to Philippines.
He also invited Bangladeshi companies to invest in Philippines to boost bilateral trade volume.
DCCI President Osama Taseer said that, “The bilateral trade till now has been insignificant in terms of both value and share hovering around $65 million during FY2017-18.” Bangladesh can develop its agriculture with the knowledge transfer of Philippines, skills in food production, processing, canning and packaging, IT, Business Process Outsourcing (BOP), electronics, tourism etc, he said.
On the other hand, the Philippines can collaborate with Bangladesh’s RMG, Pharmaceuticals and Ceramics sector, he said.
He underscored the importance of direct flight between Bangladesh and the Philippines for increasing people-to-people contacts.
Moreover, preferential trade agreements leading to bilateral FTA could open up substantial economic gains for both the countries, he informed.
Engr. Akber (AL) Hakim, President of BPCCI and Director of DCCI said, “It’s time for Asia. Asia is going to overtake the rest of the world by 2020 on PPP basis.”
“Contribution of Asia in the world GDP is 42 percent in terms of PPP basis, he said adding that, by the year 2050 the size of economy of Bangladesh and Philippines will reach around $ 3 trillion and $3.3 trillion respectively.
He urged the businessmen of Philippines to import RMG, leather and leather goods, jute and jute goods, vegetables from Bangladesh. He said that Philippines receives $30 billion as remittance through their skilled workforce.
He said Philippines can also help Bangladesh in skill development, training for skill development, IT and IT enabled services, Business process Outsourcing (BPO), hospitality and nursing.
DCCI also hosted a B2B matchmaking between the visiting Philippines trade team and their Bangladeshi counterparts.
Agnes Perpetua R. Legaspi, Assistant Director, Department of Trade and Industry (DTI), Republic of the Philippines led the Philippines delegation.
The seminar was organized by DCCI in collaboration with Bangladesh Philippines Chamber of Commerce & Industry (BPCCI), Leo Marco C. Vidal, Charge D’ Affaires, Embassy of the Philippines in Bangladesh, Jeremiah C Reyes, Philippines Commercial Attache' and President of BPCCI and Director, DCCI Engr.
Leo Marco C. Vidal, Charge D’ Affaires, Embassy of the Philippines in Bangladesh, Jeremiah C Reyes, Philippines Commercial Attache' and President of BPCCI and Director, DCCI Engr. Akber (AL) Hakim were also present during the seminar. DCCI President Osama Taseer Chaired the seminar.
DCCI's former President R M Khan, Directors Alhaj Deen Mohammad, Enamul Haque Patwary, Hossain A Sikder, Engr. Md. Al Amin, Nuher L. Khan, Shams Mahmud, former Director Rizwan Ur Rahman were also present on the occasion.