Bangladesh and New Zealand are seeking to expand bilateral trade and investment across agri-tech, dairy, green energy, pharmaceuticals, leather, jute, sustainable textiles and IT, with a focus on new B2B partnerships and diversified exports.
Bangladesh intends to grow relations with New Zealand through Agri-Tech, dairy, green energy, pharmaceuticals, leather, jute, sustainable textiles, and IT. This was talked about in the meeting between the Bangladesh Ministry of Commerce and New Zealand Trade and Enterprise (NZTE).
This delegation was led by Bangladesh Commerce Secretary Md Ataur Rahman, and the New Zealand Representative was Ms. Rachel McGuckian, the Southeast and East Asia Market Manager at NZTE. They talked about the potential for cooperative investment, business-to-business (B2B) interactions, and more accessible export initiatives.
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Trade relations have reached a rough estimate of $450 million per year and the major Bangladeshi imports from New Zealand are dairy and metal products. And the major exports from Bangladesh to New Zealand, estimated at approximately $147 million, are ready-made garments.
Bangladesh was asking for help from NZTE to create a market for trade in the areas of pharmaceuticals, jute, leather, sustainable textiles, and IT services. The delegation also showcased the potential in the pharmaceutical sector of Bangladesh given the quality control measures in place and international standards in Bangladesh, which allows the export of generic pharmaceuticals and vaccines to New Zealand.
Bangladesh also showcased its roughly 650,000 strong skilled tech workforce and suggested collaboration between Bangladeshi tech firms and New Zealand companies working in software, fintech and digital services.
Regarding investment, Bangladesh urged New Zealand businesses to consider its special economic zones to invest in dairy, Nutritional products, cold-chain logistics and exports, agri-tech, modern manufacturing, renewable energy and green technologies. Bangladesh also pointed out that foreign investors can establish a business and take advantage of the investment incentives offered by Bangladesh to serve the larger South and Southeast Asian markets.
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To make the conversations and meetings generate results, Bangladesh suggested direct contact of NZTE's regional team with the Bangladesh Investment Development Authority (BIDA), online B2B meetings of New Zealand buyers and Bangladeshi exporters, and better coordination between the New Zealand Ministry of Foreign Affairs and Trade.
Bangladesh and New Zealand side agreed to create a bilateral Business Council and take part in Trade Fairs. The initiatives aim at balancing the economic partnership combining Bangladesh's manufacturing and market capabilities with New Zealand's technological and high valued export competencies.