Bangladesh-France trade to exceed $3b soon: Tofail

‘Work on Bangabandhu satellite to complete by next year’

Commerce Minister Tofail Ahmed yesterday said France has expressed its keenness to boost bilateral trade with Bangladesh, report agencies. 
"In terms of export, France is an important trade partner for Bangladesh and if the present trend continues, bilateral trade volume would soon exceed US$ 3 billion mark," he said after a meeting with French Ambassador to Bangladesh Sophie Aubert at his ministry office.
The commerce minister also said the work on the country’s first-ever satellite project, ‘Bangabandhu-1’, will be completed by 2017.
The Bangladesh Telecommunication and Regulatory Commission (BTRC) signed a Tk 1951.75 crore deal with French company ThalesAlenia Space last year to procure equipment for the satellite project.
Tofail said France will take an initiative to boost its investment in Bangladesh while a number of projects are under implementation with France initiative. As a member of the European Union (EU), France offers duty-, quota-free market access to all Bangladeshi products except arms.
 “In terms of export, France is an important trade partner for Bangladesh and if the present trend continues, bilateral trade volume would soon exceed US$ 3 billion mark,” he said after a meeting with French Ambassador to Bangladesh Sophie Aubert at his ministry office.
Apart from the existing RMG export, Tofail said Bangladesh has taken initiative to export pharmaceuticals, furniture, IT and leather products to France. “Realising the potentiality of those products, government is providing cash incentives for the export,” he added. The commerce minister also said Bangladesh is implementing water treatment plant, oil refinery plant and Bangabandhu satellite projects with the cooperation of Agency for France Development, European Investment Bank and Asian Development Bank.
Expressing satisfaction over the ongoing growth of bilateral trade, the French Ambassador said trade would be boosted if both the countries continue their efforts.
She also said France has a plan to invest more in different sectors of Bangladesh.
Senior commerce secretary Hedayetullah Al Mamoon and additional secretary Zahir Uddin Ahmed were present.
In 2015, trade between France and Bangladesh totalled €2.423 billion, up by over 30 per cent compared to 2014. France imports increased by 25.1 per cent to reach €2.1 billion, while its exports increased by 91 per cent, attaining an all-time high of €289 million. Clothing makes up the bulk of our imports from Bangladesh, benefiting from the EU’s “Everything But Arms” arrangement.
French companies are established in Bangladesh. Sanofi in particular has a long-standing presence as Rhône-Poulenc was already set up in the country before independence. The Sanofi plant currently employs 1,000 people. It is the largest foreign investment in the local pharmaceutical industry. Furthermore, the Lafarge group has had a cement works in Bangladesh since 1975 and Totalgaz is today one of the leading private LPG suppliers in the country.

 

Bangladesh-France trade to exceed $3b soon: Tofail

Work on Bangabandhu satellite to complete by next year

Commerce Minister Tofail Ahmed yesterday said France has expressed its keenness to boost bilateral trade with Bangladesh, report agencies. In terms of export, France is an important trade partner for Bangladesh and if the present trend continues, bilateral trade volume would soon exceed US$ 3 billion mark, he said after a meeting with French Ambassador to Bangladesh Sophie Aubert at his ministry office. The commerce minister also said the work on the countrys first-ever satellite project, Bangabandhu-1, will be completed by 2017. The Bangladesh Telecommunication and Regulatory Commission (BTRC) signed a Tk 1951.75 crore deal with French company ThalesAlenia Space last year to procure equipment for the satellite project. Tofail said France will take an initiative to boost its investment in Bangladesh while a number of projects are under implementation with France initiative. As a member of the European Union (EU), France offers duty-, quota-free market access to all Bangladeshi products except arms. In terms of export, France is an important trade partner for Bangladesh and if the present trend continues, bilateral trade volume would soon exceed US$ 3 billion mark, he said after a meeting with French Ambassador to Bangladesh Sophie Aubert at his ministry office. Apart from the existing RMG export, Tofail said Bangladesh has taken initiative to export pharmaceuticals, furniture, IT and leather products to France. Realising the potentiality of those products, government is providing cash incentives for the export, he added. The commerce minister also said Bangladesh is implementing water treatment plant, oil refinery plant and Bangabandhu satellite projects with the cooperation of Agency for France Development, European Investment Bank and Asian Development Bank. Expressing satisfaction over the ongoing growth of bilateral trade, the French Ambassador said trade would be boosted if both the countries continue their efforts. She also said France has a plan to invest more in different sectors of Bangladesh. Senior commerce secretary Hedayetullah Al Mamoon and additional secretary Zahir Uddin Ahmed were present. In 2015, trade between France and Bangladesh totalled 2.423 billion, up by over 30 per cent compared to 2014. France imports increased by 25.1 per cent to reach 2.1 billion, while its exports increased by 91 per cent, attaining an all-time high of 289 million. Clothing makes up the bulk of our imports from Bangladesh, benefiting from the EUs Everything But Arms arrangement. French companies are established in Bangladesh. Sanofi in particular has a long-standing presence as Rhne-Poulenc was already set up in the country before independence. The Sanofi plant currently employs 1,000 people. It is the largest foreign investment in the local pharmaceutical industry. Furthermore, the Lafarge group has had a cement works in Bangladesh since 1975 and Totalgaz is today one of the leading private LPG suppliers in the country.