Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.
Bangladesh Ambassador encourages trade investmentsFriday, June 27, 2014 > 09:23:27
Despite Bangladesh's textile factories being responsible for negative headlines lately, the Southeast Asian country has recorded a steady economic growth of 6 percent over the last years, according to Bangladeshi Ambassador Ismat Jahan.
When talking to the Bangladesh Business Chamber of Commerce in Luxembourg, the Ambassador highlighted her country's wish to focus on “trade” instead of development aid.
Jahan is keenly aware of the difficulties her country is facing. Apart from the dangers of the textile industy, brought to mind when in April 2013 the factory Rana Plaza collapsed and over 1,000 people died, Bangladesh is also struggling with frequent natural disasters. The fight against global warming and the accompanying floods are one of Bangladesh's main priorities.
In the shadow of big neighbours such as India, Bangladesh still has a lot to offer. For instance, its extile industry makes up 13 percent of the gross domestic product and 80 percent of the country's exports stem from it. The factory disaster of Rana Plaza has been used to push forward reforms. Minimum wage in the textile sector was raised to the equivalent of 50 euros a month.
In addition, according to Jahan, it has a positive influence on the country overall, since it offers the rare opportunity for women to find employment.
Most importantly, in 2012 Bangladesh reached one of the UN's main millenium goals defined in 2000, namely to half poverty. The birth rate and child morality have decreased dramatically.
The Ambassador encouraged local business to use the investment possibilities Bangladesh has to offer. Currently, a new business agreement is discussed which will revive trade between Luxembourg and Bangladesh.