Turkey keen to invest in Bangladesh special economic zones, says envoy

Published 20 Jan,2021 via The Financial Express - Turkish investors are keen to invest in special economic zones in Bangladesh as the country offers attractive incentives for foreign investors, said Turkish Ambassador to Bangladesh Mustafa Osman Turan.

Osman also informed that his country wants to make an increased investment in Bangladesh and raise the bilateral trade volume through product diversification, according to a press release received on Wednesday.

The Turkish envoy was talking about Turkey-Bangladesh bilateral trade and business relations during a meeting with the senior officials of Eastern Bank Ltd (EBL) at the Bank's Head Office in Dhaka on Tuesday.

EBL Managing Director and CEO Ali Reza Iftekhar briefed the ambassador on EBL's banking operation, its role in the overall economic development of the country, Covid-19 response, and role in facilitating foreign trade and investment.

'EBL has established trade business in the area of import and export with Turkey. We have a correspondent banking relationship with Turkish banks… Turkish banks are our partners in guarantee business. We issue local guarantee against counter-guarantee of Turkish Banks' said Iftekhar adding that he is keen to take forward the relations to a new height

Terming Bangladesh a rising star, the Turkish ambassador said, 'Bangladesh is growing fast and the country has a bright future.'

He informed that Turkey is keen to diversify trade relations with Bangladesh and looking for cooperation in the sectors like pharmaceutical industry, growing IT industry, agro-industries, light engineering, service sector, and tourism and health.

Present bilateral trade volume between Turkey and Bangladesh is around US$1.0 billion and Bangladesh's yearly jute export to Turkey worth approximately US$300 million.

'There will soon be an MoU signed between FBCCI and Foreign Economic Relations Board of Turkey (DEIK),' he informed.

Talking about Turkish investment in the near future he said that a leading Turkish company Aygazis is coming up with a big investment for the LPG sector in Chattogram.

The envoy disclosed his plan about initiating a Turkey-Bangladesh Business Platform soon to bring business leaders of both the countries together for better business understanding and cooperation.

The meeting was also attended by EBL DMD Ahmed Shaheen, head of Retail and SME Banking M Khorshed Anowar, head of International Business and Offshore Banking Md Obaidul Islam and head of Communications and External Affairs Ziaul Karim.

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