Bangladeshi delegation signs trade agreement with Kuwait
Members of a delegation from Bangladesh met with various Kuwait government officials and businessmen and signed a trade agreement with the country on 14 February 2011. On 15 February 2011, the delegation visited the Kuwait Chamber of Commerce and Industry (KCCI) and met with the local media. They also met with Bangladeshi workers in Wafra.
“Kuwait was the first to recognize Bangladesh after its liberation in 1971,” said Muhammad Faruk Khan, MP, the Minister of Commerce of Bangladesh, during a press conference at the Embassy of Bangladesh. “Bangladesh’s Armed Forces participated in the Liberation of Kuwait and 65 soldiers died here. There are 250,000 Bangladeshi workers in Kuwait in all categories, including unskilled, semi-skilled and skilled manpower such as technicians, engineers, doctors, and teachers.
“The trade business between the two countries makes up about $550 million,” he said. “Bangladesh imports $500 million in petroleum products and this contributes much to Bangladesh’s economic development. Meanwhile, Bangladesh exports about $10 million worth of goods to Kuwait a year.”
The trade agreement signed between Bangladesh and Kuwait is to develop trade relations between the two countries on the basis of equality and mutual benefits.
By signing the agreement, the two countries promise to promote and diversify the exchange of goods and services between them. The two countries will also provide each other necessary facilities to participate in trade fairs and international markets. The agreement is valid for five years and could be renewed for similar periods. It will replace the Trade and Economic Agreement between the two countries signed in June 1979.
Mr Khan urged Ahmed Al-Haroun, the Minister of Commerce and Industry of Kuwait, to increase imports from Bangladesh, particularly leathergoods ready-made garments, pharmaceuticals, jute goods, food products and ceramics.
