DCCI seeks more Russian investments in power and energy

More Russian investments, especially in the power and energy sector, could play a pivotal role in ensuring steady economic progress and industrialisation in Bangladesh, said Ashraf Ahmed, president of the Dhaka Chamber of Commerce & Industry (DCCI), today.

He made the remarks during a meeting with a Russian trade delegation at the DCCI auditorium in the capital.

The 14-member delegation led by Alexander Rybas, trade commissioner of the embassy of the Russian Federation in India, visited the DCCI to explore business opportunities for the entrepreneurs of both countries.

Ahmed urged Russian importers to import more products from Bangladesh, especially readymade garments, pharmaceuticals, jute and jute goods, light engineering, leather goods, plastics, footwear, shipbuilding, ceramics, IT, and IT-enabled services.

The DCCI chief also said Russian investors who are already operating in Bangladesh have been successful so far. He invited Russian investors to invest in the field of agriculture, science, technology, education, maritime and service since these sectors offer huge opportunities to widen the bilateral ties.

Bilateral trade between the two countries stood at $965.61 million in the last financial year of 2022-23: Bangladesh's exports were $460.39 million while imports amounted to $505.22 million, according to the press release.

Rybas said that Russia and Bangladesh have been maintaining a cordial bilateral trade relation since 1972.

Bangladesh and Russia have signed a joint trade agreement to foster bilateral trade and investment.

He said that Russia has already extended all-out support for the implementation of the Rooppur nuclear power plant and will continue the cooperation for Bangladesh's energy security and natural gas exploration.

In 2023, Russia exported 2.67 million tonnes of wheat to Bangladesh, according to Rybas.

"There are many opportunities for Russia's investment either in the form of single or joint venture, especially in the information technology, banking, chemical and mechanical engineering sectors of Bangladesh."

Rybas said Bangladesh's skilled workforce has been engaged in the shipbuilding industry in Russia since 2023 and it is expected that this trend will be expanded in the future.

Ekaterina Semenova, minister-counsellor and deputy chief of mission at the embassy of the Russian Federation in Bangladesh, said Russia has the second-biggest commercial relationship with Bangladesh among South Asian countries.

In order to strengthen the trade ties, she emphasised expanding the relationship between the private sector representatives of the two countries.

After the meeting, the members of the delegation took part in a business-to-business networking where they expressed their keen interest in doing business in Bangladesh and lauded the country as an attractive destination for investments, the press release added.