FBCCI for creating direct shipping route with Sydney

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has stressed the importance of creating a direct shipping route between Chittagong and Sydney to reduce logistical costs and enhance competitiveness.

The apex trade organisation of the country has also sought investment from Australian entrepreneurs and enterprises, proposing to establish a Comprehensive Economic Partnership Agreement (CEPA) or a Regional Trade Agreement (RTA) between Bangladesh and Australia to bolster market access and stimulate investment between the two countries.

FBCCI Vice President Dr Joshoda Jibon Deb Nath made the calls during a seminar titled ‘Strengthening Bilateral Trade and Investment between Bangladesh and Australia,’ held on Wednesday at the Four Seasons Hotel in Sydney, Australia, according to a media release.

The FBCCI, in the seminar, also reaffirmed its commitment to providing all kinds of support to Australian investors to set up their businesses in Bangladesh.

The seminar was hosted by FBCCI, in association with the High Commission of Bangladesh in Canberra, Australia, and supported by the Consulate General of Bangladesh in Sydney, Australia.

While addressing the programme, FBCCI Vice President Dr Joshoda Jibon Deb Nath emphasised the potential for enhanced Bangladesh-Australia cooperation across key sectors, including pharmaceuticals, IT services, agricultural technology, renewable energy, and education.

Highlighting the wealth of opportunities for Australian investors in Bangladesh, the Vice President of FBCCI warmly invited the Australian counterparts to enhance trade and investment between both countries, including skill, technology, and knowledge sharing.

Dr Joshoda Jibon Deb Nath proposed a joint research and development fund for biotechnology, ICT, and renewable energy, as well as vocational training programmes and education to drive innovation and economic growth.

Collaboration in mining technology will enable Bangladesh to utilise its untapped mineral resources more efficiently and safely with Australian expertise.

Enhanced higher education partnerships, including scholarships, joint degrees, and vocational training centres, will elevate skills in mining, IT, and agriculture, he added.

While giving the keynote presentation, FBCCI Secretary General Mr Md Alamgir highlighted the business environment in Bangladesh and the opportunities and incentives provided by the government for foreign investors.

In his speech, the Minister for Small Business, Land, and Property of New South Wales (Australia), Stephen Kamper, stressed the advantages of doing business in Australia. He highlighted the opportunities and potential for setting up businesses in NSW and encouraged Bangladeshi investors to invest in Australia.

The speakers highlighted several potential sectors in Bangladesh which hold significant potential for Australian enterprises.

Presentations on sectors such as Garments & Textile, Plastic, Leather and Leather Goods, Jute and Jute Goods, and Pharmaceuticals were presented by Bangladeshi business leaders.

Among others, Ms Sophie Cotsis, MP, Minister for Industrial Relations of New South Wales (TBC), Mr M Allama Siddiki, High Commissioner of Bangladesh to Australia, New Zealand, and Fiji, Ms Sarah Storey, First Assistant Secretary of South and Central Asia Division, Department of Foreign Affairs and Trade (TBC), FBCCI Director Mr Md Rakibul Alam (Dipu), Mir Nizam Uddin Ahamed, Ms Priti Chakraborty, Hafez Hazi Harun Or Rashid, Mr Kausar Ahmed, Syed Md Bakhtiar, Mr Mohammad Aftab Jabed, and other business dignitaries of Bangladesh and Australia attended the seminar.