Indonesia-Bangladesh bilateral trade volume increased in 2021

Trading

The trade volume between Indonesia and Bangladesh surged in the last fiscal year, as both countries commemorate the 50th anniversary of the establishment of diplomatic relations in 2022.

The Foreign Ministry’s data recorded the trade volume between both countries in 2021 at US$3.03 billion, surpassing the trade volume of US$1.76 billion recorded in 2020.

Foreign Ministry’s Director General of Asia-Pacific and Africa, Abdul Kadir Jailani, stated that both countries, with total population surpassing 400 million, have huge market potential, particularly as Indonesia and Bangladesh are Muslim-majority countries.

“To expand the scope of economic cooperation, we need to step forward to various opportunities in potential sectors, such as the energy, halal industry, telecommunication and information, and military equipment sectors,” Jailani stated during the commemoration event of the 50th anniversary of bilateral relations between Indonesia and Bangladesh here on Tuesday (June 21) evening.

A high production capacity in the national industries of both nations also bolsters trade between Indonesia and Bangladesh, he affirmed.

The ministry’s official expounded that Indonesia and Bangladesh are currently deliberating a preferential trade agreement to enhance trade volume, which both countries are expected to promptly ratify.

“I believe that growth in the trade sector will be followed by growth in other sectors, such as investment,” Jailani remarked.

Meanwhile, Ambassador of Bangladesh to Indonesia Mohammad Mostafizur Rahman stated that Indonesia and Bangladesh have recorded positive achievements in the 50th year of diplomatic relations.

“The trade value between Indonesia and Bangladesh has grown significantly by 50 percent since the last 2021 fiscal year. We expect trade between both countries to continue to increase, and we can benefit from each other’s resources,” Rahman remarked.

Source: Antara News