Iran, Bangladesh Explore New Avenues for Trade and Investment

TEHRAN (Iran News) Younes Zhaeleh, President of the Tabriz Chamber of Commerce, expressed optimism about the growing ties between the two nations and reiterated the Chamber’s full readiness to foster economic relations with Bangladesh. He underscored the importance of defining joint projects to enhance commercial cooperation.

“East Azerbaijan Province boasts diverse and robust industrial capabilities that can play a pivotal role in expanding trade with Bangladesh,” Zhaeleh stated. He also pointed to the province’s strategic geographical position as Iran’s gateway to Europe, the Caucasus, and Central Asia, which he said could serve as a vital link between Bangladesh and regional markets.

Zhaeleh further noted that the Free Trade Agreement between Iran and the Eurasian Economic Union presents a significant opportunity for investment and export expansion into member countries.

Bangladeshi Ambassador Manjurul Karim Khan Chowdhury described the Tabriz Chamber as one of the most active and dynamic in Iran and expressed his honor in visiting Iran’s oldest chamber of commerce. He said the main purpose of his trip to Tabriz was to explore undiscovered trade opportunities and promote bilateral cooperation.

“There is a lack of mutual awareness about the economic potentials of each other’s markets,” said the ambassador. “Many Iranian businesses are unfamiliar with the capabilities of Bangladesh, and likewise, the industrial strengths of East Azerbaijan Province are not widely known in Bangladesh.”

During his visit, Ambassador Chowdhury toured the Tabriz Tractor Manufacturing Company, one of the largest tractor producers in the region, and expressed interest in facilitating imports of its products to Bangladesh.

He acknowledged sanctions and financial restrictions as key challenges in Iran-Bangladesh trade relations but emphasized that numerous avenues for collaboration still exist. He highlighted Bangladesh’s position as the world’s second-largest garment producer and signaled the country’s willingness to invest in joint manufacturing ventures with Iran.

Citing the complementary geographic advantages of the two nations, the ambassador noted that East Azerbaijan’s access to Central Asia, the Caucasus, and Russia, alongside Bangladesh’s access to the densely populated South Asian market, presents an opportunity for strategic trade cooperation. He proposed that Bangladesh could become a key export hub for Iranian and East Azerbaijani products to South Asia, leveraging its competitive labor costs and market access.

With a population exceeding 165 million, including a growing middle and affluent class of around 30 million, Bangladesh offers a promising market for Iranian products, particularly in consumer goods and imports.

Chowdhury also emphasized Bangladesh’s achievements in pharmaceuticals and pointed to Iran’s strengths in medical equipment as another potential area for collaboration.

In conclusion, the ambassador highlighted Bangladesh’s membership in the World Trade Organization (WTO), which allows it to export to many countries without tariffs. Given that Iran and Bangladesh are not economic competitors, he stressed, there is significant room for mutual trade and investment growth.