Bangladesh must continue to focus on building and strengthening ties with other nations
It was encouraging to hear Turkish Ambassador to Bangladesh Mustafa Osman Turan speak about improving the bilateral relationship with Bangladesh over the next few years. Speaking with Dhaka Tribune recently, Ambassador Turan rightfully identified the potential for both countries to do more, predominantly with respect to increasing the trade volume and for Turkey to increase investment into Bangladesh.
Currently, the trade volume stands at $1 billion, and the fact that a target to double this amount has been proposed is good to see. To see Turkey put such an emphasis on Bangladesh’s jute industry -- one-third of the trade volume is jute imports -- is particularly noteworthy, and we hope that the authorities concerned realize that there is indeed global demand for Bangladesh’s jute, and therefore, taking the necessary steps for bettering the health of this industry is of paramount importance.
Similarly, Turkey is no different to many other nations in wanting to invest in Bangladesh, and Bangladesh must emphasize on creating a favourable business climate so as to attract foreign investors and offer them the right incentives to sustain their investments. We have continued to hear from potential investors on the many hurdles that persist in Bangladesh which discourage good business practices, and these hurdles, which are almost always bureaucratic red tape and malpractices that can be eliminated, are hurting our overall business climate.
Bangladesh must continue to focus on building and strengthening ties with other nations for its short-term and long-term economic goals rely on them. To that end, this improved relationship with Turkey will surely bring us closer to reaching those goals.