DHAKA: Bangladeshi businessmen will pursue their Hungarian counterparts to invest in special economic zones (SEZs) and raise imports from the country during their ensuing visit to the European country, according to business circles. A high-powered Bangladesh business delegation will be accompanying Prime Minister (PM) Sheikh Hasina as members of her entourage to Budapest, the capital of Hungary.
The PM will leave for Hungary on Sunday (November 27, 2016) for attending the Water Summit- 2016 in Budapest at the invitation of Hungarian President Dr Janos Ader. President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Abdul Matlub Ahmad will lead the business delegation.
Presidents of Metropolitan Chamber of Commerce and Industry, Dhaka, Dhaka Chamber of Commerce and Industry (DCCI), Bangladesh Garment Manufacturers and Exporters Association (BGMEA), and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) will also be members of her entourage.
During their visit, the Bangladeshi businessmen will sit with their Hungarian counterparts on November 29, 2016 for exploring business potential between the two countries. The Prime Minister will participate in a high-powered panel on water with the Hungarian president. She, along with her Hungarian counterpart, will also inaugurate Bangladesh-Hungary Business and Economic Forum. She will visit ‘sustainable water solution’ expo there.
The FBCCI will give a presentation on investment potential in the country’s pharmaceuticals, readymade garment (RMG), information and communication technology (ICT), leather and leather goods, jute and jute goods etc. “We will draw Hungarian businessmen’s attention on investment in pharmaceuticals, RMG, leather and leather goods, jute and jute goods and other prospective sectors in Bangladesh, ” first vice-president of FBCCI Md Shafiul Islam Mohiuddin told the FE. “The export volume of RMG and other items from Bangladesh to Hungary is very insignificant now despite huge potential. We will try to convince Hungarian businessmen to import more from Bangladesh,” he said. Hungary, a member of European Union (EU), has the prospect to import goods from Bangladesh.
The EU is the main export destination of the country’s RMG, leather and leather goods, jute and jute goods and other products. The upcoming visit of the PM to Hungary will help strengthen bilateral relations further and open up a new horizon for expanding cooperation in the field of trade and economy, technology and culture, according industry insiders.
Bangladesh maintains friendly relations with Hungary since independence. Hungary supported the cause of Bangladesh during the war of liberation and was one of the first countries to accord recognition. The diplomatic relations were established as early as January 29, 1972. A number of agreements between Bangladesh and Hungary are expected to be signed during the PM’s visit.
Bangladesh exports to Hungary RMG, agricultural products, jute goods and finished/crust leather while it imports railway spares and medical/ hospital equipment. The current bilateral trade between the two countries is worth US $16 million approximately.
