Bangladesh-Italy bilateral trade exceeds $3 billion mark last year: Industries minister

The bilateral trade between Bangladesh and Italy exceeded $3 billion last year, said Industries Minister Nurul Majid Mahmud Humayun. 

 

"We believe there is ample scope to expand our bilateral trade further. We also see huge prospects for Italian investment in our textiles, leather and leather products, renewable energy and waste-to-energy, agro-processing, automotive vehicle and engineering, maritime and IT sectors," the minister said during his speech as the chief guest at the National Day reception of Italy in the capital's Gulshan last evening (2 June). 

Ambassador of Italy to Bangladesh Antonio Alessandro and his wife received the guests at the reception.

Nurul Majid said, "The people of Bangladesh share the feelings and compassion of our Italian friends in celebrating Italy's National Day.

"We recall with gratitude that Italy was one of the first few West European countries to recognise Bangladesh as an independent state on 12 February 1972. We celebrated 50 years of establishing our diplomatic relations in 2022 by drawing several activities," he added.

The minister said that the existing bilateral relations between the two friendly countries are transforming towards a broad-based partnership with strategic elements. 

"The landmark visit of Prime Minister Sheikh Hasina to Rome in July 2023 and her bilateral meeting with President of the Council of Ministers of Italy Giorgia Meloni during the visit has expedited the initiation of this transition. In recent times, there has been visible progress in collaboration between our two countries in trade and investment, energy, defence, migration, mobility and culture," he added.

The minister also mentioned that Italy has been a time-tested friend of Bangladesh and a partner in Bangladesh's aspirations to become a developed country.

He lauded the Italian government and society for generously hosting the second-largest Bangladeshi diaspora in Europe.

"The vibrant and peace-loving Bangladesh community in Italy is a bridge between our two countries. They are also immensely contributing to the economies of our two countries. We thank the Italian government for successfully including Bangladesh in the Flussi Decree for the third year after 2021," Nurul Majid said, appreciating the Italian government's desire to recruit more skilled Bangladeshi nationals under a legal migration scheme.

"I hope that bilateral relations between our two friendly countries will gain further momentum in the days ahead in realising the 'Sonar Bangla' as envisioned by our Father of the Nation, Bangabandhu Sheikh Mujibur Rahman," he added.

While speaking at the reception, Italian Ambassador to Bangladesh Antonio Alessandro said Italy is proud to host the largest Bangladeshi community in continental Europe. 

He added that the community contributes significantly to Italy's well-being and is also an important source of remittances for Bangladesh, with €1.2 billion transferred in 2022.

The Bangladeshi people living in Italy are workers, entrepreneurs, and their families with long-term prospects of staying, which makes them a well-integrated and prosperous community.

Alessandro said Bangladesh has made impressive social progress since independence. It has been a success story of the developing world, and Italy is proud to have contributed to it through its bilateral and multilateral ODA. 

"Now, Bangladesh has to tackle new challenges: adapt to climate change, upgrade its labour standards, and prevent irregular migration flows, among others. Italy wishes to continue to be a partner of Bangladesh in its transformation into a smart and modern state," he added.  

Antonio Alessandro said Italy is proud to host the largest Bangladeshi community in continental Europe. It contributes significantly to the well-being of Italy and Bangladesh. 

The number of expat Bangladeshis living in Italy is around 175,000, but the number will be around 200,000 with irregulars and recent arrivals. 

"It is understandable that Bangladesh also wants to see its development reflected in big infrastructure projects. I commend the government on its successful completion. Some of them are extremely beneficial. A thorough cost/benefit analysis must always be conducted to ensure the best use of the available resources," he said.

On the business environment, he said, "The business environment could be improved, and I appreciate the great efforts of the government of Bangladesh as well as of the private sector in this direction, especially in taxation, property rights, banking system, labour and environment regulations.

"Italian companies are interested in Bangladesh and follow developments in all sectors, including energy, space technologies, textiles, and leather," he added.

"Bangladesh's strength lies in water. Like in Italy, a sustainable and effective maritime system is key to the future. There are many opportunities for cooperation in this area that I would be glad to explore during my term in Dhaka," said the Italian ambassador.

He also said that the Italian government provides some scholarships to Bangladesh every year. Further scholarships are provided by individual universities and regional governments in Italy in the framework of their internationalisation policies. 

Moreover, Italy attracts many Bangladeshi recipients of Erasmus+ scholarships. 

The reception was attended by politicians, leading business leaders, top civil and military bureaucrats, representatives of department partners, members of civil society, and journalists.