FBCCI seeks duty-free benefits from Russia

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) yesterday urged the Russian government to grant duty-free market benefits to Bangladeshi products to narrow the bilateral trade gap.The present trade volume between the two countries is around $543.59 million, with the balance of trade being in favour of Russia, Kazi Akram Uddin Ahmed, president of FBCCI, said.In fiscal 2012-13, the country’s import from Russia stood at $335.30 million against the export of $208.29 million.The call for the trade benefits came at a meeting with Yuri Slyusar, Russia’s deputy minister of industry and trade, at the FBCCI office in Dhaka.
Ahmed also invited foreign direct investment from Russian entrepreneurs.“Investment may be made in the eight export processing zones, where necessary infrastructure facilities are readily available. Another seven special economic zones are being set up,” the FBCCI chief said.He urged the Russian entrepreneurs to invest in power generation, gas, mining, agro-processing, leather and lea-ther goods, electrical and electronics, engineering industries, pharmaceuticals and agricultural machineries.“I hope after this meeting a fruitful discussion will be held between the Russian delegation and the business leaders of Bangladesh about their business interests,” Ahmed said.He urged the Russian minister to expedite the bilateral deals — in nuclear energy and gas extraction and military-hardware purchasing — signed during Prime Minister Sheikh Hasina’s visit to Russia in January.Bangladesh has signed agreements with Russia to set up a 1,000MW nuclear power plant and purchase military hardware and weapons, including aircraft, he said.Russia has accorded tariff preferences on 48 items for least-developed countries, which cover jute and jute goods, shrimps, tea, silk, rice but exclude major export items such as readymade garments, leather and leather goods, and ceramics.
Meanwhile, in a separate meeting with Industries Minister Dilip Barua yesterday, Slyusar assured Bangladesh of Russia’s assistance in modernising the country’s pharmaceutical sector.
Besides research and development, Russia will also help the country produce vaccines, Barua said.