The Chittagong Chamber urges Indonesia to import at least $1 billion worth of Bangladeshi products, identifying pharmaceuticals, jute and textiles as promising export opportunities.
Indonesia’s Ambassador to Bangladesh Listyowati meets business leaders at a meeting organised by the Chittagong Chamber of Commerce and Industry at the World Trade Centre in Chattogram on 11 November. Photo: Courtesy
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Indonesia’s Ambassador to Bangladesh Listyowati meets business leaders at a meeting organised by the Chittagong Chamber of Commerce and Industry at the World Trade Centre in Chattogram on 11 November. Photo: Courtesy
Indonesia’s ambassador to Bangladesh has called for stronger business-to-business engagement to address the growing trade imbalance between the two countries, highlighting opportunities for cooperation in pharmaceuticals, halal food, energy and industrial raw materials.
Ambassador Listyowati said Bangladesh’s exports to Indonesia had recently increased by nearly 6%, although bilateral trade remained heavily tilted in Indonesia’s favour.
“There are ample opportunities to strengthen existing commercial relations and expand cooperation into new sectors,” she said at a meeting with business leaders organised by the Chittagong Chamber of Commerce and Industry (CCCI) at the World Trade Centre in Chattogram today (11 November).
She identified halal food, energy, pharmaceuticals, chemicals and industrial raw materials as potential areas for joint ventures and investment.
Praising the quality of Bangladeshi pharmaceuticals, the ambassador urged local businesses to establish stronger links with Indonesian counterparts to expand the market for Bangladeshi medicines.
She also highlighted Chattogram’s importance as a major economic and commercial hub, saying its port, industries and business potential could help boost trade between the two countries.
To achieve this, she stressed the need for stronger institutional ties between the Chittagong Chamber and Indonesian business organisations, reciprocal business delegations, improved maritime connectivity and logistics facilities, and direct air connectivity.
The ambassador assured business leaders that the Indonesian embassy would provide necessary support to facilitate visa processing, investment and commercial engagement.
CCCI President Mohammad Amirul Haque said Indonesia was one of Bangladesh’s important trading partners, supplying significant quantities of coal, clinker, palm oil, fuel and industrial raw materials.
He said Indonesian clinker played an important role in Bangladesh’s cement industry, while coal supplied by Indonesia was a major raw material for the country’s coal-fired power plants.
Highlighting Indonesia’s global position in the halal industry, Amirul said Bangladesh could benefit from Indonesian expertise and technology through knowledge-sharing initiatives and investment, both joint and individual.
Cooperation in halal food processing, industrial raw materials and other promising sectors could help raise bilateral trade to $10 billion within the next five years, he said.
However, he expressed concern over the substantial trade deficit and urged the Indonesian ambassador to facilitate imports of at least $1 billion worth of products from Bangladesh.
He also highlighted difficulties faced by Bangladeshi businesses in opening letters of credit (LCs) for trade with Indonesia.
According to him, Indonesian companies do not directly accept LCs issued by Bangladeshi banks, forcing local importers and exporters to route transactions through third countries, increasing costs and transaction times.
He called for greater coordination between banks and financial institutions in the two countries to resolve the issue.
The chamber president also urged Indonesia to introduce multiple-entry visas for Bangladeshi businesspeople and establish direct air and maritime connections between Dhaka and Jakarta.
Former CCCI president and chairman of the Port Users Forum Amir Humayun Mahmud Chowdhury called for Indonesian cooperation in developing Bangladesh’s railway manufacturing capabilities.
Noting that Bangladesh imports railway coaches from Indonesia, he suggested that the two countries work together to develop local railway workshops and facilitate domestic coach production with Indonesian technical assistance.
Other speakers proposed boosting Bangladeshi exports of pharmaceuticals, jute and jute goods, and muslin sarees to Indonesia to help narrow the trade gap.
They also called for Indonesian investment, independently or through joint ventures, in Bangladesh’s cement, steel and power sectors, particularly in industries supplying raw materials and supporting backward linkages.
Speakers described Indonesia as a friendly country with longstanding religious, historical and cultural ties with Bangladesh, saying stronger commercial engagement could translate these relations into greater economic benefits.
Among those present were Vietnam’s Honorary Consul S M Abu Tayyab, Spain’s Honorary Consul Mia M Abdur Rahman, Korean Honorary Consulate representative Mohammad Mohsin, former chamber director Dr Moinul Islam Mahmud, chamber directors Engineer Golam Sarwar and Shahidul Alam, and Chittagong C&F Agents Association General Secretary Shawkat Ali Chowdhury.
Brigadier General (retd) Shahidullah Chowdhury, executive director of Abul Khair Group, Women Chamber director Nuzhat Noori Kristi, and Sunshine Grammar School Principal Safia Rahman Gazi also attended the meeting.
Indonesian embassy Third Secretary Robbi Firly Harkha and Economic Affairs Officer Sapto Rudiyanto, CCCI Vice-President Mohammad Mashiul Alam Swapan, other chamber directors and business representatives were also present.
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