DCCI is looking for a Russian investment impulse for energy and energy sectors

More Russian investment, especially in the power sector, could play a key role in Bangladesh’s continued economic progress and industrialization, Ashraf Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI), said on Tuesday (May 28).

He said this during a meeting with a visiting 14-member delegation of entrepreneurs led by Dr. Alexander Rybas, Trade Commissioner of the Russian Federation in India.

According to a press release, the delegation visited DCCI today to explore new business opportunities for entrepreneurs from both countries.

Welcoming the delegation, Ashraf Ahmed said that currently bilateral trade between the two countries has recorded USD 965.61 million while Bangladesh’s exports and imports have been USD 460.39 million and USD 505.22 million respectively.

Moreover, the total FDI from Russia to Bangladesh was USD 17.26 million. Ashraf Ahmed urged Russian importers to import more products from Bangladesh, especially ready-made garments, pharmaceuticals, jute and jute products, light engineering, leather goods, plastics, footwear, shipbuilding, ceramics, IT and ITES products.

The DCCI president also said that Russian investors who are already running their ventures in Bangladesh are successful so far. He later invited Russian investors to invest in agriculture, science, technology, education, maritime sector and services in Bangladesh as these sectors have great potential.

Alexander Rybas said that Russia and Bangladesh maintain cordial bilateral trade relations, and in 1972, Bangladesh and Russia signed a joint trade agreement to promote bilateral trade and investment.

He said that Russia has already provided full support for the construction of the Rooppur nuclear power plant in Bangladesh and will continue cooperation for Bangladesh’s energy security and natural gas exploration in the future.

Rybas also said that in 2023, Russia exported about 2.67 million tons of wheat to Bangladesh. He also opined that there are many opportunities for Russian investment in the form of single or joint ventures, especially in the information technology, banking, chemical and mechanical engineering sectors in Bangladesh.

Skilled Bangladeshi labor has been engaged in the shipbuilding industry in Russia since 2023, and this trend is expected to deepen further in the future, Rybas added.

Minister-Counselor of the Embassy of the Russian Federation in Bangladesh, Ekaterina Semenova, was also present at the ceremony and stated that Russia has the second largest trade relations with Bangladesh among South Asian countries and to strengthen these trade links, she emphasized on the expansion of relations between representatives private sector of both countries.

After the meeting, members of the Russian delegation took part in B2B networking, during which they expressed great interest in doing business in Bangladesh. They said that Bangladesh is a good place for investment. Members of the DCCI Management Board were also present at the meeting.