Canada is interested in expanding trade with Bangladesh

Canada's Indo-Pacific Trade Representative Paul J. Thoppil

Dhaka, May 19, 2024 — In a significant move towards strengthening economic ties, Canada has expressed keen interest in expanding trade and investment with Bangladesh. This development was highlighted during a meeting between Canada's Indo-Pacific Trade Representative Paul J. Thoppil and Bangladesh's Industry Minister Nurul Majid Mahmud Humayun on Sunday.

During the meeting, a Canadian trade delegation led by Paul J. Thoppil emphasized the importance of bolstering commercial relations between the two nations. Thoppil stated, "We are interested in investing in Bangladesh on a large scale, with long-term goals and objectives in mind. Through this, commercial relations between the two countries will be strengthened and both sides will benefit."

Industry Minister Humayun welcomed the delegation and assured full cooperation from Bangladesh. He highlighted that Bangladesh is one of the fastest-growing economies in the world, attracting significant investments from countries such as China, Japan, South Korea, and India. "Bangladesh offers an investment-friendly environment characterized by political stability, skilled labor at low wages, and necessary infrastructure," said Humayun.

He further elaborated on Bangladesh's commitment to infrastructure development, including improving the communication network, which makes Bangladesh an attractive investment destination in South Asia. "Considering these factors, Bangladesh is the most attractive investment destination in South Asia," he asserted.

Paul J. Thoppil expressed Canada's intention to address issues such as labor rights, enforcement of labor policies, and tariff settings through negotiations. He also highlighted Canada's multicultural and diverse society, where people of different languages and cultures coexist harmoniously.

Additionally, Thoppil pointed out Canada's proficiency in cyber security, indicating a willingness to collaborate with Bangladesh in this sector. "Canada has efficient and world-class cyber security firms, and we are willing to work in Bangladesh's cyber security sector," he said.

In response, Minister Humayun expressed his desire to leverage Canada's experience and knowledge for the overall development of Bangladesh's industrial sector. He called on Canada to assist in the development of skills within Bangladesh's industrial workforce.

This meeting marks a promising step towards enhanced economic cooperation between Canada and Bangladesh, with both nations looking forward to mutually beneficial outcomes from strengthened trade and investment ties.