The Department of Trade and Industry (DTI) expects an increase in trade volume between the Philippines and Bangladesh to a minimum of $1 million within a year.
“As we welcome a 10-member business delegation this month from Bangladesh and develop our business relations with them through DTI’s Philippine Trade and Investment Center (PTIC) in New Delhi, we enhance cooperation between the Philippines and Bangladesh that is seen to expand bilateral trade in the coming years,” DTI Undersecretary Ponciano Manalo Jr. said.
The PTIC in New Delhi supports the Philippines’ trade and investment interests in India, Bangladesh, Bhutan, Maldives, Nepal, Pakistan, and Sri Lanka.
Led by Commercial Counselor John Paul Iòigo, PTIC has been closely collaborating with the private sector, particularly the Bangladesh-Philippines Chamber of Commerce and Industry (BPCCI), to promote business between the two countries.
The BPCCI was launched last May 2013 in Dhaka, Bangladesh to promote trade and investment relations between Bangladesh and the Philippines.
“DTI banks on the creation of this bilateral chamber, and fosters other joint undertakings to increase trade and encourage the growth of businesses in both countries,” Manalo said.
In their upcoming visit to the Philippines, members of the BPCCI delegation intend to explore possible business opportunities in the following sectors: ceramic tableware and raw materials, minerals, electronic equipment, solar panels, fertilizer, shipping, healthcare and hospitality service industries, hotels and textile industries, jute products, telecommunications, garment and textile including accessories, stocks and finance, information technology, agriculture, bicycle parts and tire, equipment and machinery supplies, power plant, energy conservation, gas and oil, environment and safety measures, shipping, and transportation.
The delegation will be led by Engineer Rashed Maksud Khan, president of BPCCI and chairman and chief executive officer of Bengal Fine Ceramics Ltd. Khan will be accompanied by top executives of the following companies: Bengal Fine Ceramics Ltd., Engineering Resources International (ERI) Ltd., MAKS Renewable Energy, MKR Group of Industry, A.K. Khan Group of Industries, Newage Group of Industries, Rancom Trading (Pvt.) Ltd., ETBL Holdings Ltd., North Bengal Cycle Industry, M/s. Engineering Resources International (ERI) Ltd., Barlaw Commercial Complex (Pvt.) Ltd., Barlaw Commercial Complex (Pvt.) Ltd, and M/s. Novo Cargo Ltd.
The delegation is scheduled to meet with top public and private sector officials in the Philippines. They will also attend business forums, networking receptions, and business-to-business sessions with local business chambers such as Philippine Chamber of Commerce and Industry (PCCI) and Federation of Filipino Chinese Chamber of Commerce and Industry Inc. (FFCCCII).
“The DTI is confident that this visit, including its activities and ensuing business interfaces, will lead to actual trade transactions and investments for both countries,” Manalo said.
In one of the business forums, PCCI and BPCCI will sign a memorandum of cooperation. Also, the Philippine Bangladesh Chamber of Commerce and Industry will induct its new officers.