The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) have signed a Memorandum of Understanding (MoU) to establish the Pakistan-Bangladesh Joint Business Council (JBC). This initiative aims to strengthen bilateral trade relations following recent political changes in Bangladesh.
The FPCCI president, Atif Ikram Sheikh, highlighted that a Pakistani trade delegation led by the FPCCI participated in the Bangladesh-Pakistan Business Forum in Dhaka, organised by the FBCCI. This visit marked the first time in 12 years that Pakistani businessmen have returned to Bangladesh, signifying a renewed effort to foster economic ties.
Industries represented at the forum included electronics, cars, industrial machinery, carpets, textiles, ceramics, sanitary products, processed foods, and more, according to an FPCCI statement.
Sheikh revealed that initial orders for 25,000 metric tonnes of sugar had been secured, and significant demand for raw fabric in Bangladesh has created a supply shortage in Faisalabad.
FBCCI Administrator Muhammad Hafizur Rahman emphasized leveraging regional platforms like SAARC and OIC to further boost bilateral trade. He also noted collaboration opportunities in energy, education, technology, and human resource development, which are essential to addressing challenges posed by the fourth industrial revolution.
The delegation held productive meetings with Sheikh Bashiruddin, Bangladesh’s Advisor for Commerce, where the Bangladeshi government expressed its commitment to facilitating Pakistani exporters. Visa requirements for Pakistani nationals have been relaxed, reciprocated by Pakistan, to ease trade and business interactions.
Meetings with the Bangladesh Investment Development Authority (BIDA) and the FBCCI focused on joint trade promotion activities, exchange of delegations, and single-country exhibitions. The FPCCI delegation will also attend the Dhaka International Trade Fair (DITF) to explore mutual cooperation and assess trends in established and emerging industries.
FPCCI Senior Vice President Saquib Fayyaz Magoon highlighted the role of economic diplomacy in fostering interdependencies between nations, which creates wealth and prosperity for both populations. Local business leaders praised the initiative, with industrialist Ismail Suttar acknowledging the challenges of competitiveness but emphasizing the importance of collaboration to enhance trade.
The JBC is expected to act as a cornerstone in improving trade relations between the two nations, promoting collective economic growth and addressing shared challenges in regional and global markets.
