Argentina keen to boost trade with Bangladesh

Santiago Andres Cafiero, Argentina's minister of foreign affairs, international trade and worship, yesterday expressed his country's interest to boost economic relations with Bangladesh.

Citing how medical goods made in Bangladesh have a good reputation abroad, Cafiero said Argentina is interested to invest in local export-oriented industries.

He made these comments during a views exchange meeting with Commerce Minister Tipu Munshi at the Secretariat in Dhaka, after which the two signed a memorandum of understanding (MoU) to boost bilateral trade and investment.

While addressing the following press briefing, Cafiero said football is a great channel for uniting the people of both countries despite the geographical distance between them.

At the meeting, Munshi urged Argentina to set up edible oil factories at any of the special economic zones in Bangladesh as local production would ensure lower prices.

Argentina supplies huge quantities of soybean oil and sugar to Bangladesh each year, making it an important trading partner for the country, he added.

The commerce minister went on to say there are many opportunities to enhance trade with Argentina as the country could act as a gateway to a market of about 27 crore people across the four member countries of Mercosur.

Mercosur, also known as the Southern Common Market, comprises Argentina, Brazil, Paraguay, and Uruguay.

"There is a scope to increase exports, especially of garments and certain other items, to this huge market," Munshi said.

Munshi then said he hopes bilateral trade between Bangladesh and Argentina, which currently amounts to about half a billion US dollars annually, would increase to as much as $1.5 billion within the coming years.

Echoing the same, Tapan Kanti Ghosh, senior secretary of the commerce ministry, said Bangladesh depends on Argentina and its neighbouring countries for edible oil and other food items.

He then informed that another deal would be signed between the Trading Corporation of Bangladesh and the concerned association of Argentina, allowing the former to import goods directly from the South American nation.