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DCCI invites more Russian investment in energy sector

DCCI invites more Russian investment in energy sector

Photo: Courtesy.

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“Russian investment in the power and energy sector could play a pivotal role in steady economic progress and industrialisation in Bangladesh,”

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Press Release

Publisted at 5:34 PM, Tue May 28th, 2024

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The Dhaka Chamber of Commerce and Industry (DCCI) has sought more Russian investment, especially in the power and energy sector.

“Russian investment in the power and energy sector could play a pivotal role in steady economic progress and industrialization in Bangladesh,” said Ashraf Ahmed, President of DCCI, during a business meeting with the visiting Russian trade mission held on 28 May at the DCCI Auditorium in Motijheel, reads a press release. 

Meanwhile, a 14-member business delegation led by Dr. Alexander Rybas, Trade Commissioner of the Russian Federation in India visited DCCI to explore new win-win business opportunities for the entrepreneurs of both these two friendly countries.

Welcoming the delegation, Dhaka Chamber President Ashraf Ahmed said that currently, bilateral trade between these two countries recorded $965.61 million where export and import of Bangladesh reached $460.39 million and $505.22 million respectively, Moreover, the total FDI stock from Russia to Bangladesh stood USD 17.26 million. 

Ashraf Ahmed urged the Russian importers to import more products from Bangladesh especially ready-made garments, pharmaceuticals, jute and jute goods, light-engineering, leather goods, plastics, footwear, shipbuilding, ceramics, IT and ITES products. 

The DCCI President also said that Russian investors who are already operating their ventures here in Bangladesh are successful so far. As its continuation, he later invited Russian investors to invest in the fields of agriculture, science, technology, education, maritime and service sectors in Bangladesh since these sectors are very potential for them.

Dr. Alexander Rybas said that Russia and Bangladesh have been maintaining a cordial bilateral trade relation since long and in 1972, both Bangladesh and Russia signed a joint trade agreement to foster bilateral trade and investment. 

He said that Russia has already extended all-out support to the execution of the Rooppur Nuclear Power Plant in Bangladesh and will continue its cooperation in Bangladesh's energy security and natural gas exploration in the future. 

He said in 2023, Russia exported about 2.67 million metric tons of wheat to Bangladesh. He also opined that there are many opportunities for Russia's investment either in the form of single or joint venture, especially in the information technology, banking, chemical and mechanical engineering sectors of Bangladesh. 

Bangladesh's skilled workforce have been engaged in the shipbuilding industry in Russia since 2023 and it is expected that this trend will be expanded further in the future, added Dr. Rybas.

Ekaterina Semenova, Minister-Counsellor and Deputy Chief of Mission, Embassy of the Russian Federation in Bangladesh also attended the function and said that Russia has the second largest commercial relationship with Bangladesh among South Asian countries and strengthening this trade ties, she emphasised expanding the relationship between the private sector representatives of the two countries.

After the meeting, the members of the Russian delegation took part in a networking B2B where they expressed their keen interest in doing business in Bangladesh. They said that Bangladesh is a nice place for investment. 

Members of the Board of Directors of DCCI were also present during the meeting.

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