Trade between Bangladesh and Canada will rise by a half in value to $2.5 billion by 2015, helped by rising production costs in China which have seen buyers switch to the south Asian country, a local business leader said.
Businesses in both countries are trying to achieve $2 billion trade this year, Masud Rahman, president of Canada Bangladesh Chamber of Commerce and Industry, said on Sunday.
Canada offere Bangladesh duty-and-quota free access to its market in 2003 when Bangladesh's exports to the north American country totalled $120 million. In 2011, Bangladeshi exports to Canada totalled $1.07 billion and imports stood at $555 million. Bangladesh mainly sells readymade garments to Canada but opportunities are now opening up for pharmaceuticals, software and IT services, footwear, leather and plastic goods and ceramics.
The main Canadian exports to Bangladesh include iron and steel, lentils, cereals, machinery, oil seeds, electrical machinery and pharmaceutical products. Masud said Canadian investment in Bangladesh was also increasing, having reached over $300 million already in sectors like telecom, renewable energy, infrastructures and power.
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