Wed, 01 Dec 2021

Bangladesh and Turkey to increase trade to $2 billion

Khalid Umar Malik
26 Oct 2021, 08:58 GMT+10

DHAKA, Bangladesh - In an interview with Dhaka Tribune on Sunday, Turkish Ambassador to Bangladesh Mustafa Osman Turan disclosed that his government has decided to double the trade volume from $1 billion to $2 billion in the next five years. He said that trade volume between the two countries did not decrease during the pandemic.

Turkey sells cotton to Bangladesh and, in exchange, buys jute of almost $300 million worth every year.

Turan said Bangladesh had become an attractive country for investments because of its growing economy, political stability, and skilled and young labor force.

AYGAZ, a Turkish LPG firm, has opted to invest in the Bangladeshi cities of Chittagong, Mongla, and Dhaka. Chittagong will be home to the central facility. They will transport LPG in large tankers and fill little cylinders to distribute throughout Bangladesh and other countries in the region.

"We are also planning to build a special economic zone for Turkish companies in Bangladesh," he added.

It is to be noted that defense purchases are not included in the current figures. Bangladesh and Turkey have good military cooperation. They have military people on both sides and sign the agreements for training, participating in exercises, and mutual visits.

The ambassador said that Turkey is a good source of defense products, and its defense industry made enormous progress in the last 15 years.

"We are producing 75% of our needs and exporting a lot. We produce at NATO standards. And our price is reasonable compared to other countries. We also provide training and maintenance. Our products are tested in the field. Turkish products are very competitive nowadays."

Mustafa Osman further added, "Turkey has developed an indigenous Covid vaccine, Turkovac, and started its Phase 3 human trials in June awaiting emergency-use approval. We will be ready to support Bangladesh in times of need, and we are open to sharing the technology with Bangladesh when the vaccine is approved for emergency use."

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