Australian High Commission and ABCCI joint seminar on strengthening Australia-Bangladesh trade and investment
High Commissioner Justin Lee speaking at the bilateral trade seminar
Encouraged by the recent increase in trade between Bangladesh and Australia, the Australian High Commission and the Australia Bangladesh Chamber of Commerce and Industry (ABCCI) jointly organised a seminar titled “Australia-Bangladesh: Strengthening Two-way Trade” on 31 May in Dhaka. The value of bilateral trade increased to A$495 million in 2008-09 from A$281 million in 2007-08, which included a big jump in the value of Bangladesh exports to Australia to A$119 million from A$43 million – an increase of 174 per cent.
The seminar highlighted business and investment opportunities between Australia and Bangladesh, various impediments and ways to overcome them. The seminar emphasised that increased trade and investment was in both countries interests and should be facilitated. Australia introduced duty-free and quota free access to Bangladesh products in 2003.
Australian High Commissioner Dr Justin Lee noted more could be done to increase the value of bilateral trade and investment, with both countries offering significant potential. Dr Lee encouraged the Bangladesh Government to continue efforts to address the energy and electricity situation, to help sustain Bangladesh’s manufacturing growth. He noted buyers from Australia were increasingly interested in Bangladesh products if supply could be guaranteed.
Dr Lee noted Australian food products such as dairy and fresh fruit could contribute to good health and nutrition in Bangladesh and high tariffs and non-tariff barriers on such items should be reconsidered. On investment, he noted Australian companies were willing to invest in critical gas exploration and extraction, but some price reform was needed to match the risks and cost of such investment.
Senior Trade and Investment Commissioner, Australian Trade Commission-South Asia, Mr Peter Linford, attended the seminar as Special Guest. In his speech, Mr Linford talked about Australia’s expertise on areas such as mining, clean and renewable energy, gas exploration, building and construction and services sector that Bangladesh could utilise.
Dr Mizanur Rahman Shelley, Former Minister and Chairman, CDRB, Mr Md Shahab Ullah, Vice Chairman, Export Promotion Bureau and Mr Annisul Huq, President, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) also spoke on the occasion. Key business people, heads of trade bodies, chambers and government officials attended the event.
Australian High Commission, Dhaka, 31 May 2010
For further information please contact: Senior Research and Communications Officer
Australian High Commission, Dhaka.
Tel: 8813105, E-mail: [email protected]