The Dhaka Chamber of Commerce & Industry (DCCI) has invited Argentine companies to explore joint ventures in Bangladesh’s pharmaceutical and active pharmaceutical ingredients (API) industries.
The invitation was extended during a bilateral meeting held on 10 November 2024 between DCCI President Ashraf Ahmed and the Ambassador of Argentina in Bangladesh, H.E. Marcelo Carlos Sesa, at the DCCI office in Dhaka.
DCCI President Ashraf Ahmed highlighted that the recent establishment of Argentina's permanent mission in Bangladesh opens new avenues for trade and investment.
He shared that bilateral trade between Bangladesh and Argentina reached USD 678.78 million in the fiscal year 2022-23, with Bangladesh’s imports totaling USD 663.34 million and exports at USD 14.55 million.
Ashraf Ahmed encouraged Argentine companies to enter joint ventures with Bangladeshi partners in the pharmaceutical sector to benefit from government incentives.
Additionally, he urged Argentine importers to increase imports of Bangladeshi garments, jute products, leather, medicines, and plastic goods. The DCCI President also requested a review of high tariffs on Bangladeshi exports to Argentina to facilitate better trade growth.
Ashraf Ahmed pointed out Bangladesh's growth in the IT industry, suggesting Argentina consider importing software and IT professionals. To enhance communication and understanding, he proposed regular business-to-business (B2B) meetings, including virtual ones, between entrepreneurs from both countries.
He also informed the Ambassador that Argentine companies could leverage DCCI’s commercial research services to assess market opportunities in Bangladesh.
Ambassador Marcelo Carlos Sesa acknowledged the untapped potential in Bangladesh-Argentina trade, citing communication barriers as a primary obstacle.
He proposed that Argentina could serve as a gateway for Bangladesh's trade and investment in the South American region, facilitated by the Mercosur alliance, which allows duty-free trade among Argentina, Brazil, Uruguay, and Paraguay. Sesa encouraged Bangladeshi businesses to invest in Argentina to capitalize on these benefits and suggested that DCCI send a business delegation to Argentina to explore potential ventures. He also recommended formalizing relations by signing a memorandum of understanding between DCCI and prominent Argentine chambers and associations.
The meeting was also attended by DCCI Senior Vice President Malik Talha Ismail Bari, Vice President Md. Junaed Ibna Ali, and Deputy Head of Mission of the Argentine Embassy in Bangladesh, Maximiliano Romanello.
