Import fertilisers, petrochemicals from Egypt

Egypt wants Bangladesh to import petrochemicals and fertilisers from the Northeast African country, said Omar Mohie Eldin Ahmed Fahmy, ambassador of Egypt to Bangladesh.

The ambassador made the comments during a courtesy meeting with Ashraf Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI), at the latter's office in the capital today, according to a press release.

Fahmy said in spite of having 50 years of friendly diplomatic relations, bilateral trade has not yet reached expected levels as it was worth only $180.55 million in fiscal year 2022-23.

The Egyptian ambassador also said an Egyptian company has already invested in Bangladesh's telecommunication sector and was functioning quite well.

The ambassador noted that the pharmaceutical industry in Bangladesh is flourishing and there is a strong demand for drugs used in the treatment of cancer in the Egyptian market, which Bangladeshi entrepreneurs can take advantage of.

He mentioned that Bangladesh can utilise the port of Egypt as a "transshipment hub" when exporting products to Europe and other parts of the world.

Also, Egypt could be one of the best alternative sources of onion for meeting Bangladesh's demand, he opined.

Welcoming the ambassador, the DCCI president said Bangladesh's frozen food, shrimp and mangoes were being exported in large quantities to markets around the world, including Europe, and there is a great opportunity to export those to Egypt.

He requested the entrepreneurs of Egypt to import products or services from the information technology (IT), leather, readymade garments, ceramics and pharmaceutical sectors of Bangladesh.

Besides, Ahmed emphasised on Egypt's experience and technical support for the development of Bangladesh's river-based tourism industry.

The DCCI president opined that Bangladesh can be considered as a gateway to South and Southeast Asian countries in terms of increasing Egyptian exports.

He also requested the Egyptian entrepreneurs to come up with investments in Bangladesh's economic zones or export processing zones.

Ahmed also laid emphasis on the development of bilateral relations using trade organisations and signing memorandums of understanding.

Moreover, he suggested arranging frequent sector-specific business-to-business conferences.

Among others, Malik Talha Ismail Bari, senior vice-president of the DCCI, Md Junaed Ibna Ali, vice-president, and Soheila Mahran, deputy chief of mission of the Egyptian embassy in Dhaka, were also present.