DCCI calls on Russia to invest more in the electricity sector

FE Team
| Published: May 28, 2024 22:40:28

The Dhaka Chamber of Commerce and Industry (DCCI) on Tuesday invited further Russian investments in the power sectors, BSS reports.
“More Russian investments, especially in the power sectors, could play a key role in Bangladesh’s continued economic progress and industrialization,” DCCI President Ashraf Ahmed said during a meeting with the visiting Russian trade mission at the DCCI auditorium in the city.
According to a press release, a 14-member delegation of entrepreneurs led by Dr. Alexander Rybas, Trade Commissioner of the Russian Federation to India, visited DCCI to explore mutually beneficial business opportunities for entrepreneurs from both friendly countries.
Welcoming the delegation, Ashraf Ahmed said that currently bilateral trade between the two countries has reached USD 965.61 million while Bangladesh’s exports and imports have reached USD 460.39 million and USD 505.22 million respectively.
He added that the total FDI from Russia to Bangladesh was USD 17.26 million.
Ashraf urged Russian importers to import more products from Bangladesh, including ready-made garments, pharmaceuticals, jute and jute products, light engineering and leather products.
The DCCI president also said that Russian investors who are already running their ventures here in Bangladesh have been successful so far.
He invited Russian investors to invest in agriculture, science, technology, education, maritime and service sector in Bangladesh as these sectors have huge potential for them.
Dr. Alexander Rybas, Trade Commissioner of the Russian Federation in India, said that Russia and Bangladesh have long had cordial bilateral trade relations and in 1972, both Bangladesh and Russia signed a joint trade agreement to promote bilateral trade and investment.
Mentioning that Russia has already provided full support for the construction of the Rooppur nuclear power plant in Bangladesh, he expressed hope that Moscow will continue cooperation in the future for Bangladesh’s energy security and natural gas exploration.
He said that in 2023, Russia exported about 2.67 million tonnes of wheat to Bangladesh.
He said there are many opportunities for Russian investment in the form of a single or joint venture, especially in the information technology, banking, chemical and mechanical engineering sectors in Bangladesh.
Bangladeshi skilled personnel have been engaged in the shipbuilding industry in Russia since 2023, and this trend is expected to deepen further, Dr. Rybas added.
Ekaterina Semenova, Minister Counselor and Deputy Head of Mission of the Embassy of the Russian Federation in Bangladesh, stated that Russia maintains the second-largest trade relations with Bangladesh among South Asian countries.
To strengthen these trade ties, she emphasized the expansion of relations between representatives of the 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.