Brazil, Bangladesh search to deepen ties and broaden commerce flows approaching $2 billion

Brazil – With extra commonalities and complementarities of their economies, Brazil and Bangladesh have synergy and have labored to liberalize their commerce flows and wish to enhance mutual enterprise quantity and funding. These have been the factors mentioned throughout the spherical desk with the authorities of each international locations, on July 19, on the headquarters of the Brazilian Company for the Promotion of Commerce and Investments (ApexBrasil).

In 2021, commerce circulate between the international locations reached a report $1.914 billion, with Brazilian exports reaching $1.824 billion. Among the many most traded objects are sugar and confectionery, cotton, seeds and oilseeds, vegetable oils, iron and metal. Brazilian imports from Bangladesh reached US$117.8 million, principally from clothes and accessories, textile fibers, paper and leather-based items.

In response to the Enterprise Director of ApexBrasil, Lucas Fiuza, the outlook may be very optimistic as a result of the commerce circulate has reached this degree with none concrete institutional effort, akin to what’s being undertaken now. “Bangladesh is a rustic with a big inhabitants, a related market with a excessive development price, no less than for the final 5 years. It’s a strategically situated market in South Asia, the place the inhabitants is changing into richer, consuming extra and we’re capable of meet all their necessities”.

key sectors

Bangladesh Overseas Minister Shahriar Alam identified that the political stability and investments which were made in key sectors of the economic system akin to infrastructure, in addition to changes to overseas commerce laws and laws, make the nation a wonderful vacation spot for funding and a very good industrial vacation spot. companion for Brazil. He was open to discussing modifications in well being laws that make it simpler for animal protein and different comparable merchandise to enter the nation. “Our future is promising and we would like Brazil to be an in depth buying and selling companion,” he commented.

The spherical desk mentioned alternatives in different vital areas, akin to rooster meat. In response to the Brazilian Animal Protein Affiliation (ABPA) market director, Luis Renato de Alcântara, Brazil is the biggest world producer and exporter of halal rooster meat (a selected high quality certification required by Muslim international locations). “High quality and complementarity are pillars of our enterprise practices and we’re assured that we are able to contribute to this market in Bangladesh,” he concluded.

One other vital sector is textiles, with the nation being the second largest provider of labor on this sector worldwide, behind solely Vietnam, with 84% of its exports coming from this trade. For that reason, Bangladesh can also be an vital buying and selling companion for Brazilian cotton producers.

However the alternatives don’t cease there: in accordance with the consultant of the Brazil-Bangladesh Chamber of Commerce, Edwald Drummond, there are different areas that may tremendously profit from the strengthening of commerce relations between each international locations, particularly prescribed drugs and leather-based, for instance.

“The chamber is a bridge between the 2 international locations. We’re geographically distant, however more and more nearer, each due to the enlargement of our infrastructure that gives extra ports and airports for the transport of exports”, he identified.

The consultant of the Brazilian Ministry of Overseas Affairs, Ambassador Alex Giacomelli, mentioned that the nation is trying with extra curiosity to South Asia, the place international locations akin to Bangladesh have proven exceptional growth. “Strengthening commerce with this area will generate advantages for our communities and societies,” he mentioned.

Brazil and Bangladesh have had diplomatic relations since 1972, and 2022 marks the jubilee of friendship between the 2 nations. As well as, the 2 international locations are celebrating vital dates this 12 months: the fiftieth anniversary of Bangladesh’s Independence and the bicentennial of Brazil’s Independence.

Diversification of the sector

The spherical desk with the Bangladesh delegation was organized by ApexBrasil in a sequence of agendas in accordance with the industrial and diplomatic mission in Brazil, built-in by the Minister of Overseas Affairs, Shahriar Alam, by the president of the Federation of Chambers of Commerce. and Trade (FBCCI), Jashim Uddin, amongst different authorities representatives, chambers of commerce and younger entrepreneurs. The delegation included the Ambassador of Bangladesh to Brazil, Sadia Faizunneza.

On the Brazilian aspect, along with the administrators of enterprise and company administration from ApexBrasil, Lucas Fiuza and Roberto Escoto, officers of the Ministries of Overseas Affairs and Economic system and representatives of the important thing sectors within the bilateral industrial relationship between each international locations, have been current. Brazilian Cotton Producers Affiliation (ABRAPA), Brazilian Meat Export Trade Affiliation (ABIEC), Brazilian Animal Protein Affiliation (ABPA), Brazilian Animal Recycling Affiliation (ABRA), Brazilian Specialty Espresso Affiliation participated in ( BSCA), the Group of Cooperatives of Brazil (OCB), the Brazilian Affiliation of the Peanut, Sweet and Confectionery Trade (Abicab), the Brazilian Affiliation of the Pharmaceutical Enter Trade (Abiquifi) and the Brazilian Affiliation of the Textile and Clothes Trade (ABIT). ).

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