Canada is eager to extend support to Bangladesh’s economy and boost the country’s foreign direct investment receipts, Heather Cruden, the Canadian high commissioner to Bangladesh, said yesterday.
“Canada joins the world in applauding Bangladesh’s impressive economic growth of 6 percent in the last five years,” said Cruden at the luncheon programme of the Foreign Investors’ Chamber of Commerce and Industry at the capital’s Westin Hotel.
Bangladesh is one of the frontier five countries according to JPMorgan’s projection, and, as per Moody’s, have a stable economic outlook — and Canada would like to help in carrying on the momentum.
“Canada’s investment in Bangladesh is over $350 million and is growing. But we need more trade, more investment and more strategic partners to get businesses moving.”
She said the government of Canada granted quota- and duty-free access to almost all but three Bangladeshi products in January 1, 2003.
“This has led to a significant increase in Bangladesh’s exports to Canada. The bilateral trade between Canada and Bangladesh reached more than $1.6 billion in 2011 and it is still growing.”
In 2011, Canadian exports to Bangladesh were worth $555 million, while Bangladesh’s exports stood at $1.07 billion, she said.
“Our current trade level is quite modest. We are confident that we will be seeing new opportunities across a number of sectors in the future,” said the Canadian envoy.
She, however, emphasized the need for political stability and continuity of democratic process, in attracting new investments.
-With The Daily Star input
