Turkey - Bangladesh: Consolidating Intense Economic and Social Relations

Dhaka, Bangladesh | February 15, 2010 by D-8 Secretariat

The two-day visit of President Abdullah Gul to Bangladesh, the first by a Turkish president in 13 years, marks a constructive engagement in bilateral relations was required to consolidate bonds of friendship and to open avenues of opportunity between two countries.

The visit of the Turkish President Abdullah Gul to Bangladesh, which was the first by a Turkish president in 13 years, is likely to open a new chapter in the excellent relationship between the two countries based on common historical, religious and cultural traditions. It created opportunities for expansion of economic and commercial ties between the two nations. The importance of this visit can be seen through the Turkish president’s broad ranging discussions with Bangladesh important economic stakeholders and the country’s strategic planners. This was facilitated by the large economic delegation that accompanied the president, and also the presence of several Turkish members of parliament.

The relationship between the two countries reached a new height with the Turkish recognition of Bangladesh soon after independence. Both the countries are members of the D-8 Organisation for Economic Cooperation, a group of eight developing countries. Bangladesh and Turkey have formed a Joint Economic Commission (JEC) and the Turkey-Bangladesh Chamber of Commerce and Industry (TBCCI) with the objective of promoting commercial, economic and social relations.

Bangladesh can greatly benefit from its relations with Turkey, which is now the 15th largest economy in the world and the 6th largest in Europe. According to official sources, the present trade volume between the countries is limited to around US$500 million per year. This can be increased through comprehensive commercial and economic cooperation. The third JEC meeting held in Istanbul last November examined ways to expand the volume of annual trade to more than one billion USD within three years.

The Turkish President is reported to have noted that the present level of economic and commercial relations between the two countries is far from reflecting the potentials. Bangladesh and Turkey should explore the potential fields of cooperation. Turkey may import increased volume of world-class Bangladeshi products like pharmaceuticals, jute and leather goods and garment at competitive prices. Power generation, textile, information and communication technology are some of the sectors where Turkey may find it profitable to invest. Bangladesh should provide policy and infrastructural support to encourage investment, and should prepare to fully utilise the potentials for expanding the ties with Turkey for the growth of the economy.

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