DCCI urges Iraqi businesses to import vegetables, mangoes, ICT from Bangladesh

Dhaka Chamber of Commerce and Industry (DCCI) President Rizwan Rahman said that Iraq can import vegetables, potatoes, mangoes and ICT products from Bangladesh.

He also invited the Iraqi investors to invest in the economic zones of Bangladesh and thus hire skilled Bangladeshi workforce.

Rizwan said this when a six-member business delegation from Sulaimany Chamber of Commerce & Industry, led by its chairman Seerwan Mohammed Mahmood, visited DCCI in the capital today, said a press release.

The meeting discussed about the business environment, investment policy eco-system, trade and investment opportunities of both Bangladesh and Iraq.

During the meeting, the DCCI President said that the bilateral trade between Bangladesh and Iraq in the fiscal year (2020-21) was $57.23 million.

But, there is a huge trade imbalance of about $49.63 million since Bangladesh's export is only $3.8 million against the import of $53.43 million.

Rizwan also noted that signing of a double taxation avoidance agreement between Bangladesh and Iraq would encourage investment in diversified manufacturing and services sector.

Seerwan Mohammed Mahmood, Chairman of Sulaimany Chamber of Commerce & Industry, said that Bangladesh's RMG sector may have a good prospect in Iraq.

For smoother communication, he also suggested for initiating direct air flight between Dhaka and Baghdad. He said Iraqi market would be a profitable export destination for Bangladesh.

Mahmood also suggested for signing a Memorandum of Understanding (MoU) between DCCI and Sulaimany Chamber of Commerce.

"Iraqi investors are interested to do joint ventures in pharmaceuticals sector in Bangladesh," he said.

Sulaimany Chamber also showed keen interest in leather sector of Bangladesh.

He said there are many projects that are currently not in operation in Iraq and if any Bangladeshi company wants to re-start, Sulaimany Chamber would facilitate the process.

DCCI vice president Monowar Hossain and members of the board of directors of DCCI were also present at the meeting.