Economy
“Turkiye-Bangladesh trade and investment potential to see high prospect in future”
The trade and investment potential between Bangladesh and Turkiye will see high prospects in the future, said Dhaka Chamber of Commerce and Industries (DCCI) President Rizwan Rahman.
An 86-member business delegation of DCCI is visiting Istanbul, Turkiye to explore new trade and investment opportunities. During this visit, the delegation attended the Bangladesh-Turkiye business forum arranged by the Istanbul Chamber of Commerce on 28 September 2022, said a press release.
In the welcome address Burhan Polat, executive board member of the Istanbul Chamber of Commerce said that Bangladesh and Turkiye maintain a friendly bilateral trade relationship for a long.
He said Bangladesh is one of the important countries in the South Asian region in terms of trade and investment and Bangladesh is maintaining steady economic growth for the last few decades. Bangladesh should increase its export basket and volume.
The Turkish market is one of the potential places for Bangladeshi entrepreneurs. Bangladesh in recent times is doing better in the leather, pharmaceutical, RMG and light engineering sector. To boost bilateral trade he urged to sign a trade agreement.
Moreover, he stressed enhancing liaison between the private sector of these two countries. Istanbul Chamber is one of the largest trade organizations in the world and has more than 6 lakh members. Istanbul Chamber will be happy to extend its full out cooperation to the Bangladeshi investors to explore new investment opportunities in Turkiye.
Dhaka Chamber President and leader of the delegation Rizwan Rahman said that in FY2020-21 the bilateral trade between Bangladesh land Turkiye was $871.55 million which is in favor of Bangladesh. But the volume is not to the expected level. Turkiye is the 23rd largest export destination of Bangladesh. Turkiye is the 29th largest foreign investor in Bangladesh amounting $30.51 million.
Rizwan Rahman also said that Bangladesh and Turkiye can work and advocate together to form an effective D-8 economic bloc.
He urged Turkiye to transfer state-of-the-art industrial technology. He also urged for capacity building of SMEs, research collaboration, strengthening of agro-value chain and knowledge exchange. He also said that the existing bilateral trade volume does not reflect the actual trade potential between these two friendly countries. He later invited Turkish investors to invest in Bangladesh as well as import more from Bangladesh.
Later the business delegation members of Dhaka Chamber had interactive business-to-business match-making with more than 350 Turkish companies of different manufacturing and service sectors after the business forum.
After that Rizwan Rahman had a separate meeting with the President of the Istanbul Chamber of Commerce Şekib Avdagiç.
Commerce Minister Tipu Munshi underscored the pivotal role of controlling commodity prices, emphasizing its special importance in the upcoming general election as a key aspect of the Awami League’s manifesto. While addressing concerns about global challenges impacting price control, the minister pointed out the government’s successful efforts to maintain reasonable prices, acknowledging the limitations imposed by the global context.
Speaking at an event organized by the Directorate of National Consumer Rights Protection and Debate for Democracy at the Bangladesh Film Development Corporation (BFDC), Tipu Munshi provided insights into the government’s commitment to ensuring affordable daily necessities for low-income individuals. He highlighted ongoing programs aligned with Prime Minister Sheikh Hasina’s directives, aimed at providing essential items at lower prices to mitigate the hardships faced by the economically vulnerable.
The minister acknowledged the abnormal increase in product prices globally due to factors such as the Russia-Ukraine war and the aftermath of the Covid-19 pandemic. Tipu Munshi stressed the significance of a collaborative effort between the public and private sectors in effectively managing and controlling commodity prices, especially in the face of global uncertainties.
Concluding his remarks, Tipu Munshi emphasized the collective strength of consumers, stating that neither the government nor any syndicate holds ultimate power; rather, the united force of the common people is the most influential. He called on consumers to remain vigilant, asserting that no force can endure if the public remains united.
In a letter signed by FBCCI president Mahbubul Alam, the trade body emphasized that taxpayers faced challenges due to the recent implementation of the new Income Tax Act-2023. The complexities introduced by the new tax regulations, coupled with delayed releases of income tax circulars, have created difficulties for individuals and businesses in preparing their tax returns within the stipulated timeframe.
The FBCCI’s letter further highlighted that various trade bodies have approached them, expressing concerns about the limited time provided for taxpayers to comply. Additionally, the ongoing political situation and the imminent general election have contributed to the constraints faced by taxpayers in meeting the November 30 deadline.
Under the provisions of the new Income Tax Act, there is a mandatory requirement for taxpayers to submit their income tax returns within the designated income tax day. The FBCCI, in light of Section 334 of the Income Tax Act-2023, has formally requested the NBR to extend the deadline for the submission of income tax returns until December 31, 2023.
The FBCCI’s appeal underscores the need for flexibility in recognizing the unique challenges posed by the current circumstances and aims to provide relief to taxpayers who require additional time to comply with the new tax regulations.
The third-quarter performance of Singapore’s economy exceeded expectations, registering a robust 1.1 percent expansion. This growth was propelled by the construction industry and the services sector, particularly tourism. The data from the trade ministry surpassed the anticipated 0.8 percent and marked a significant improvement from the preceding three months.
In response to the positive momentum, officials have revised the full-year forecast for 2023. They now anticipate the economy to grow by 1.0 percent, adjusting from the earlier estimated range of 0.5-1.5 percent. The decision is influenced by improved performance in the US economy since the previous forecast in August. However, officials cautioned that inflation-fighting interest rate hikes may pose challenges in the coming months.
The ministry projected that growth in the US and eurozone would moderate due to the cumulative effects of monetary policy tightening. Similarly, China’s growth is expected to decelerate further due to ongoing weaknesses in its property sector, domestic consumption, and subdued external demand. Despite sluggish global demand for electronics, one of Singapore’s major exports, there are indications that the downturn may be stabilizing.
Continued growth in tourism arrivals is anticipated to support aviation and tourism-related businesses. Taking into account the overall performance of Singapore’s economy in the first three quarters of the year, along with the latest external and domestic developments, the GDP growth forecast for 2023 has been narrowed to around 1.0 percent.
Looking ahead to 2024, the ministry foresees a growth range of 1.0-3.0 percent. However, potential downside risks include high inflation and an escalation of conflicts, such as those between Israel and Hamas or the war in Ukraine. The confluence of these factors could impact business and consumer sentiments, leading to a potential slowdown in global growth and trade.
