DHAKA, Feb 8, 2022 (BSS) - In order to increase Canadian investment and 
trade in Bangladesh, free trade and foreign investment promotion and 
protection agreement between the two countries are on the table, said 
Bangladesh High Commissioner to Canada Dr Khalil Rahman.

  He informed this at a virtual meeting of the Canada-Bangladesh Joint 
Working Group on Strengthening Commercial Relations on Monday night. Citing 
the complexity of Canada's visa processing as a major obstacle to bilateral 
trade, the High Commissioner said discussions are also underway to set up a 
visa office at the Canadian High Commission in Dhaka.

  Mentioning that Business Council of Canada (BCC) is interested in 
Bangladesh, the High commissioner informed that the organization sought 
sector-based information from the Bangladesh High Commission in Canada, said 
an FBCCI press release today.

  He requested to send the recommendations and reports made by the joint 
working group to the BCC. The High Commissioner also proposed the signing of 
a Memorandum of Understanding between the FBCCI and the BCC to strengthen 
Canada-Bangladesh trade and investment relations. 

   FBCCI President Md. Jashim Uddin co-chaired the meeting for Bangladesh. He 
said the plastic industry is one of the most promising sectors for Canadian 
entrepreneurs to invest in. 

   In addition to the huge domestic market, the world market also has strong 
export potential. Moreover, there is a huge demand for plastic products as a 
backward linkage industry in the readymade garments, pharmaceuticals, 
engineering and automobile industries.

   Earlier, Shamim Ahmed, President of Bangladesh Plastic Goods Manufacturers 
and Exporters Association (BPGMEA), presented a report on the market and 
investment prospects of the plastics industry. 

   He said 1.2 million people are working in the plastic sector and direct 
and indirect exports are worth $1 billion. The sector is growing at an 
average rate of 4 percent per year. All the 29 sub-sectors of plastics have 
export potential. He also mentioned the various policy assistance provided by 
the government for foreign investors. 

   President of Canada-Bangladesh Chamber of Commerce and Industry-Cancham 
Bangladesh Masud Rahman presented a report on Canada-Bangladesh investment 
prospects at the meeting. 

   According to the report, Bangladesh's infrastructure sector could be one 
of the biggest investment opportunities for Canadian entrepreneurs. Canadians 
can contribute to the development of this sector through public-private 
partnerships. 

   Therefore, the country's investment bank Export Development Canada (EDC) 
can play a role in increasing investment in the country through the formation 
of "Bangladesh Fund". Canadian Pension Fund may also appear to be a good 
source for financing investment in Bangladesh, he added. 

   Masud suggested signing of Free Trade Agreement, Bilateral Air Transport 
Agreement, Foreign Investment Promotion and Protection Agreement, 
Establishment of Bangladesh Consulate General Office in Vancouver and 
Honorary Consulate General of Canada in Chattogram, Issuance of On-Arrival 
Visa to Canadian Citizens in Bangladesh, Extension of GPT and earmarking 100 
acres of land in Bangabandhu Industrial Area as Canadian Industrial Zone will 
strengthen trade and investment between the two countries. 

   In another report presented at the meeting, Abu Sufian, editor of Travel 
Magazine "Vromon" and adjunct faculty of Daffodil Int'l University, discussed 
the potentials of tourism in Bangladesh.

   Md. Saiful Islam, a member of the working group and director of the FBCCI, 
emphasized the need to work out a specific course of action to increase 
bilateral trade to $2 billion. He called on the Canadian entrepreneurs to 
invest and transfer technology in the agricultural sector.

  During the meeting, Syed Almas Kabir, another member of the working group 
and director of FBCCI, emphasized on focusing on the 4 to 5 sectors and 
working accordingly to bring investment and enhance trade. 

  Nuzhat Tam-Zaman, co-chair from the Canadian side, said the joint working 
group should work on education. She said more Bangladeshi students need to be 
brought to Canadian universities. Then the number of Bangladeshis in Canada's 
skilled human resource immigration will also increase. 

  President of the Saskatchewan Trade and Export Partnership Chris Decker, 
leader of Energy Sector Group Gowling WLG Tom Timmins, and Secretary General 
of the FBCCI Mohammad Mahfuzul Hoque were present, among others. 

  The meeting was moderated by Angela Dark, Senior Trade Commissioner, 
Canadian High Commission.