Canada-Bangladesh Joint Working Group has planned to form a joint working committee of the two countries to brand Bangladesh in Canada for boosting both investment and trade.

The Group has decided to form the committee at a virtual meeting where nominated members of the governments of the two countries discussed the issue on Tuesday.

FBCCI President Md Jashim Uddin and Cofounder and Vice Chairman of Consumer Health Nuzhat Tam-Zaman cochaired the meeting.

The meeting discussed that with the development of the economy, new potentials for foreign investment have been created in Bangladesh.

It said Bangladesh is now one of the best investment destinations in the region due to its infrastructural facilities, huge domestic market and duty-free facilities in the major markets of the world. “But Canadian investors are not yet aware of this advantage.”

So, they decided to form a  joint working committee.

The previous meeting of the Canada-Bangladesh Joint Working Group identified tourism, ICT, agriculture, agri-food, education, pharmaceuticals and renewable energy as potential sectors for collaboration.

FBCCI President Md Jashim Uddin called for a new inclusion of the blue economy and plastics sector.

He said Canada is one of the best countries in the world in terms of ocean economy. The country has the expertise and knowledge to use its marine resources in a sustainable manner.

On the other hand, the FBCCI chief said Bangladesh has a 710-km long coastline with an exclusive economic zone of 200 nautical miles inside the Bay of Bengal. But most of the resources are untapped.

“With Canadian investment, technical knowledge and assistance, Bangladesh’s economy will move forward by utilizing its marine resources.”

He said the FBCCI would soon submit a sector-wise report on the blue economy, plastics and tourism to the working committee.

FBCCI Director Syed Almas Kabir will also submit a report on skills development and information technology at the next meeting.

The two sides agreed to strengthen interactions between industry associations to remove trade barriers and increase import-export between two countries.

At the meeting, the entrepreneurs talked about making Canada’s Rules of Origin easier to increase exports of Bangladeshi products, while Canada has demanded an on-arrival visa facility in Bangladesh to facilitate trade and investment.

During the meeting, a study report on the prospects of Bangladesh’s leather, leather products, and footwear export sector in Canada was presented by Md Saiful Islam, Director of FBCCI and President of MCCI, Dhaka.

Chris Dekker, President, Saskatchewan Trade and Export Partnership (STEP) presented another report on Bilateral Trade Enhancement.

The next meeting of the committee is scheduled to be held on February 7 this year.