The current bilateral trade trend between Finland and Bangladesh shows a significant decline of 47.44%, from $244 million in FY2018-19 to $165.61 million in FY2019-20.
Finnish companies are keen on availing bilateral solutions in close partnership with their Bangladeshi counterparts, President and CEO of Finland Chamber of Commerce (FCC) Juho Romakkaniemi recently said.
He made the remark on Wednesday during a cloud conference of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) titled "Bilateral Trade and Investment Opportunities in the Ongoing Global Pandemic and Beyond", stated a press release by FBCCI.
Romakkaniemi also said FCC is eagerly waiting to engage with FBCCI alongside Trade Ministries in the upcoming "Bilateral Business Event" on 9 December.
"We have to agree on some principal ideas and agendas together in our coming engagements. Many Finnish companies are bringing technology to Bangladesh through investments. We are more than happy to present them with opportunities in the field of the circular economy, energy, forest, logistic, and digital services industry; where we have the most opportunities for bilateral trade," said the FCC president.
FBCCI President Sheikh Fazle Fahim, in his welcome speech, said, "Although Bangladeshi products enjoy DFQF facility in Finland under the EU GSP (EBA) policy, our bilateral trade with Finland remains far below potential."
The press release noted the current bilateral trade trend between the two nations shows a significant decline of 47.44%, from $244 million in FY2018-19 to $165.61 million in FY2019-20. Meanwhile, imports decreased from $204 million in FY2018-19 to $130.9 million in FY2019-20. Exports in the same period declined by $4.79 million.
Highlighting the current standing of bilateral trade and proposing to explore trade recovery and diversification, Fazle Fahim underscored prospective products entailing leather and footwear products, specialized textiles, light engineering products, FMCG, agro-processed products, diversified jute products as an alternative to plastics, generic pharmaceuticals, and health-protective equipment.
Timo Vuori, senior executive vice president, Finland Chamber of Commerce, and Jenni Isola, secretary general of Finland-ASEAN Business Association also spoke in the FBCCI conference, conveying their interest in bilateral trade with Bangladesh.