Bangladesh, Russia sign MoU to expand bilateral trade

The MoU was signed during the Bangladesh-Russia Business Dialogue at the FBCCI office in Motijheel today, said a press release. 

The agreement aims to create a favourable business environment for entrepreneurs, business enterprises and the organisations of both countries through enhanced cooperation and exchange of updated information on trade and investment opportunities.

Under the MoU, both sides will work together to implement joint projects involving companies from the two countries and organise trade fairs, exhibitions, business missions and investment forums to explore new avenues for bilateral trade and investment.

The dialogue was jointly organised by the FBCCI and the Russia-Bangladesh Business Council, with FBCCI Administrator Md Fazlul Hoque in the chair.

Welcoming the participants, Fazlul Hoque said the current global situation offers significant opportunities for both Bangladesh and Russia to expand bilateral trade.

"There are hardly any major barriers to trade and investment between the two countries. However, the minor obstacles that exist need to be identified and addressed jointly," he said.

Head of the Russian delegation Ilya Shestakov said Bangladesh is one of Russia's leading trading partners in South Asia in terms of trade volume.

He said Russia is interested in increasing supplies of agricultural products, food and fertiliser to Bangladesh, while also exploring cooperation in energy, information technology, cybersecurity and e-governance.

However, he stressed the need for establishing sustainable bilateral payment infrastructure to fully harness the trade potential between the two countries.

Russian Ambassador to Bangladesh Alexander Grigoryevich Khozin emphasised further strengthening bilateral relations and economic cooperation between the two countries.

He said addressing existing barriers in meeting trade and investment demands, simplifying regulatory procedures, improving logistics and facilitating market access are essential to expanding bilateral economic engagement.

The ambassador also highlighted the importance of cooperation in education and human resource development alongside trade and investment.

Business leaders and members of the FBCCI General Council were also present, reports BSS.