New alliance forged with Dhaka

FPCCI signs MoU with Bangladeshi counterpart to establish business council

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KARACHI:

Local business leaders have lauded the Federation of Pakistan Chambers of Commerce and Industry's (FPCCI) initiative to promote bilateral economic ties between Pakistan and Bangladesh following the political change in Bangladesh.

A Memorandum of Understanding (MoU) was signed between the FPCCI and the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) during the meeting to establish the Pakistan-Bangladesh Joint Business Council (JBC). The JBC aims to strengthen, facilitate, and enhance trade relations between the two countries.

FPCCI President Atif Ikram Sheikh highlighted that a Pakistani trade delegation led by the FPCCI participated in the Bangladesh-Pakistan Business Forum held in Dhaka, organised by the FBCCI.

He noted that diverse industries, sectors, and verticals—including electronics, cars, industrial machinery, carpets, toys, ceramics, sanitary products, handicrafts, fabrics, ready-made garments, leather, home appliances, processed foods, furniture, plastic goods, jute products, cosmetics, sports goods, and jewellery—were represented in the business forum, according to an FPCCI statement released on Monday.

The FPCCI delegation's visit marked a significant moment, as Pakistani businessmen returned to Bangladesh for the first time in 12 years. Business leaders from the two "brotherly countries" are optimistic about strengthening bilateral trade ties and developing better economic strategies.

FBCCI Administrator Muhammad Hafizur Rahman spoke about the potential of leveraging regional platforms like the South Asian Association for Regional Cooperation (SAARC) and the Organisation of Islamic Cooperation (OIC) to bolster Bangladesh-Pakistan trade relations.

Rahman pointed out that both countries have substantial opportunities for collaboration in energy, education, technology, human resource development, and innovation to address challenges posed by the fourth industrial revolution.

In other high-profile engagements, the FPCCI delegation held a productive meeting with Sheikh Bashiruddin, Advisor/Minister for Commerce in Bangladesh, where he expressed his government's intent to facilitate Pakistani exporters and products. According to the FPCCI president, the Bangladeshi government has already relaxed visa requirements for Pakistani nationals, with Pakistan reciprocating this gesture.

The Pakistani trade delegation also held significant meetings with the Bangladesh Investment Development Authority (BIDA) and the FBCCI, focusing on collective trade promotion activities, exchange of delegations, and single-country exhibitions.

Sheikh revealed that Pakistani exporters have already secured an initial order for 25,000 metric tonnes of sugar, and Bangladesh's demand for raw fabric is so substantial that a supply shortage has arisen in Faisalabad. "This is just the beginning," he remarked.

FPCCI Senior Vice President Saquib Fayyaz Magoon said the business, industry and trade community of Pakistan can achieve substantive milestones for Pakistan through economic diplomacy; which seem to be difficult vis-à-vis political diplomacy. He explained that fostering interdependencies between nations brings them closer and creates wealth and prosperity for their populations.

He said the delegation will also visit Dhaka International Trade Fair (DITF) to explore avenues of mutual cooperation and study international trends in various established and emerging industries.

Speaking to The Express Tribune, local industrialists praised the FPCCI's efforts following the political changes in Bangladesh.

Leading industrialist Ismail Suttar remarked, "Even though we are not competitive in terms of cost of doing business for many products, promoting trade relations between both sides is a positive step. Business leaders from both countries will explore all manner of opportunities to enhance trade and resolve this deadlock."