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Turkish entrepreneurs are keen to invest in Bangladesh

Termed Bangladesh’s policy and regulatory regime congenial for foreign investment.

Bangladesh is a favorable destination for Turkish investors and the business environment, policy & regulatory regime and overall business environment are congenial for investment, said the members of the visiting Turkish delegation to Dhaka Chamber of Commerce & Industry (DCCI) today on 29 November 2021.

Turkish entrepreneurs are keen to invest in Bangladesh
Figure 1: Bangladesh is a favorable destination for Turkish investors and the business environment, policy & regulatory regime and overall business environment are congenial for investment.

The 14-member Turkish business delegation from Turkey-Bangladesh Business Council was led by its Chairperson Ms. Hulya Gedik met DCCI President Rizwan Rahman and the members of the Board of Directors. Ambassador of Turkey in Bangladesh Mustafa Osman TURAN has also accompanied the delegation.

During the meeting, DCCI President Rizwan Rahman said that in FY2020-21 Bangladesh’s export to Turkey was USD 499.79 million. In FY2019-20 total trade with Turkey was USD 686.41 million out of which Bangladesh’s export was USD 453 million against the import of USD 233.41 million reflecting a positive trade balance of USD220.06 million in favour of Bangladesh.

He said that infrastructure, construction materials, railway, renewable energy, automobile, healthcare, medical equipment, shipbuilding, agriculture, home appliance, etc. are some of the potential areas for Turkish investment.

Turkey sourced only 0.21% of its import from Bangladesh, he informed. He also said that under Turkey’s “Asia Anew” initiative, Bangladesh can be a key focus of Turkey for trade and investment. He also called upon to utilize Turkey-Bangladesh Business Council to facilitate both-way trade and investment.

Chairperson of Turkey-Bangladesh Business Council and leader of the business delegation Ms. Hulya Gedik said Bangladesh is not much known to Turkish entrepreneurs due to lack of communication and contact. She also urged upon the sustainability of trade relations between Bangladesh and Turkey.

Turkish entrepreneurs are keen to invest in Bangladesh
Figure 2: Commercial Counsellor of Turkish Embassy Kenan KALAYCI expected that the total trade between Turkey and Bangladesh would reach the mark of USD 2 billion soon.  

Moreover, she said that they have opened a ‘Bangladesh Business Centre’ in Turkey to facilitate Turkish entrepreneurs to know more about how to start a business in Bangladesh.

Ambassador of Turkey in Bangladesh Mustafa Osman TURAN said Bangladesh is going to be a developed nation by 2041 and Turkey wants to be the 10th largest economy but without the partnership, these goals will not be achieved. He also said that Bangladesh’s ICT, pharmaceutical, and light engineering sectors have good potentials to attract FDI.

He said Turkish machineries are almost of the same quality as Europe and America with a cheaper rate. He said there are a few big Turkish companies are already in operation in Bangladesh that is a sign of Bangladesh’s competitiveness.

Commercial Counsellor of Turkish Embassy Kenan KALAYCI said that in the last nine months the bilateral trade volume increased about 20%. He expected that the total trade between Turkey and Bangladesh would reach the mark of USD 2 billion soon.

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