Philippines, Bangladesh seek business synergies
Banking on their sustainable economic growth, inclusive development strategy, and increasing young population, the Philippines and Bangladesh explore their growing trade and investment potentials to look for synergies and give a boost to bilateral economic relations.
“We are similar in terms of (economic) growth and export dependency, wherein 40 percent of our exports are electronics,” DTI Undersecretary Ponciano C. Manalo, Jr. said during a recent call by a 6-member Bangladesh business delegation to the Philippines. Manalo added that the Philippines has a lot to learn from Bangladesh, and vice-versa.
The delegation is led by Bangladesh Philippines Chamber of Commerce and Industry (BPCCI) President Rashed Maksud Khan, and composed of top executives of key businesses in Bangladesh.
Manalo noted that the Philippines needs to build on sectors such as garments, tourism, and processed food since these employ most of the country’s population.
“We come with this business delegation mainly to promote our bilateral trade and investment. We look forward to have good business with the Philippines,” Khan said in an interview at the sidelines of the call.
Khan added that the Philippines is a very good potential since it has its own resources, people are highly educated and trained, and known for various products in electronics, media, and service industry.
“We want to develop our agriculture with your expertise and knowledge for your people have developed the skills in food production, processing, canning and packaging. We would like to collaborate with your country on this field,” Khan said.
Khan noted that Bangladesh is strong in ready-made garments and is the number two exporter to US and Europe.
“I think we can meet your requirements. We can set-up a facility in the Philippines or in our country (Bangladesh). We made the offer to your investors whichever they like,” Khan said.
Khan said that they initially talked to some members of the Federation of Filipino-Chinese Chambers of Commerce and Industry (FFCCCII) and Philippine Chamber of Commerce and Industry (PCCI) on possible tie-ups in the garments industry.
The delegation is also keen on exploring opportunities in the production of car parts, training facility for nurses, business process management, and franchising.