Bangladesh and Russia have taken a fresh initiative to expand bilateral trade, investment and economic cooperation, with business leaders and representatives of financial institutions from both countries discussing ways to overcome existing barriers and explore new business opportunities.
The initiative was discussed at a Bangladesh-Russia Business Dialogue held at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) office in Motijheel, Dhaka, on Thursday.
Speaking at the meeting, FBCCI Administrator Fazlul Hoque said the discussion aimed to strengthen economic relations between the two countries and identify ways to expand trade and investment beyond their existing levels.
He described the meeting as a sideline discussion involving a Russian delegation, government officials and representatives of Bangladesh’s private sector. Representatives of banks, the central bank and the country’s two stock exchanges also attended.
“Trade and business between Bangladesh and Russia have not progressed to the expected level for various reasons,” he said, adding that identifying ways to overcome or work around the existing obstacles was an initial step towards expanding bilateral economic engagement.
Hoque said the meeting was held in an open environment and was neither confidential nor a special closed-door session.
The Russian delegation was led by Ilya Ostakov, while Russian Ambassador to Bangladesh Alexander Grigoryevich Khozin was also in Dhaka, according to the report.
Sattar Mia, a Bangladeshi-origin Russian businessman operating in Russia, also attended in his capacity as chairman of the Russia-Bangladesh Business Council.
Hoque clarified that the council was an independent organisation representing Bangladeshi and Russian businesspeople operating in Russia, rather than an affiliate of any Russian chamber of commerce or government institution.
Explaining the relatively small size of the Bangladeshi delegation, he said many local businesspeople were facing uncertainty and security concerns, while being occupied with various business-related challenges.
He said the sizeable Russian delegation demonstrated the importance both countries attached to expanding bilateral trade, investment and commercial cooperation.
Among the Bangladeshi business leaders attending were Abdul Hai Sarker, president of the Bangladesh Association of Banks; Shamim Ahmed, president of the Bangladesh Plastic Manufacturers and Exporters Association; Abdul Haque, president of the Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA); Kamran T Rahman, president of the Metropolitan Chamber of Commerce and Industry (MCCI); and Saiful Islam, president of the Bangladesh Association of Pharmaceutical Industries (BAPI).
Representatives of Bangladesh Bank, the Dhaka Stock Exchange (DSE), the Chittagong Stock Exchange (CSE) and various business organisations also participated in the discussion.
The dialogue comes as both countries seek to explore greater commercial engagement, although practical progress will depend on addressing trade barriers and improving the mechanisms for bilateral business and investment.