Brazil keen to strengthen trade ties with Bangladesh

A high-level trade and investment delegation from Brazil, Latin America's top economy, is expected to visit Bangladesh in May with a view to exploring bilateral business opportunities.

The Governor of State Parana, the CEO of Invest Parana and some other business leaders from different sectors have expressed their interest to visit Dhaka, according to a communication from the Bangladesh mission in Brazil.

The visit may take place on May 19-22, it added.

The Bangladesh embassy in Brazil informed that President of Brazil Luiz Inacio Lula da Silva has prioritised augmenting trade and investment relations between the two countries.

In a recent communication, it requested the authorities concerned in Dhaka to make all necessary arrangements to facilitate the visit of the Brazilian delegation.

It noted that the country, being the heart of Latin America and the 12th largest economy of the world, could be a new front for trade and investment for Bangladesh.

Bangladesh Ambassador to Brazil Sadia Faizunnesa visited State Parana in June 2022 and met with Parana State authorities and different business bodies, and presented Bangladesh's promising and lucrative investment and commercial opportunities.

However, Bangladesh's potentials and investment opportunities are very little known in Brazil, she said.

The State of Parana of Brazil is economically the second most vibrant and competitive state with a GDP of $1.7 trillion.

After the port of Santos, the second largest cargo port of Brazil is Paranagua, situated in Parana, which is strategically very significant for Bangladesh because of the transshipment of soybean oil, Sugar, cotton and coffee.

Also, Parana has the best access for the products of MERCOSUR countries.

Bangladesh is strongly negotiating with the MERCOSUR countries to enter the market which is considered to accelerate the overall export of Bangladesh to a new height as mentioned in the communication.

"Invest Parana" is a state agency that acts as a bridge between the government and the private sector, helping with data collection, providing information and making strategic decisions for the State of Parana. In general, it can be considered as the counterpart of Bangladesh Investment Development Authority (BIDA).

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Brazilian Trade and Investment Promotion Agency (APEXBRASIL) have already signed a memorandum of understanding (MoU) on February 1 last at the headquarters of the Apex Brazil in Brazil to boost bilateral trade.

On the other hand, the Latin America-Bangladesh Chamber of Commerce & Industry (LABCCI) signed an MoU with BIDA in Dhaka on March 15 last.

A high-powered Bangladesh business delegation, including the commerce minister and secretary, visited the South American countries to expand trade and commerce, and tap the export potentials in the trading bloc, said a source.

Argentina, Brazil, Paraguay and Uruguay are the members of the bloc called MERCOSUR.

Major export items from Bangladesh to Brazil are knitwear, woven garments, textile fibres, vegetable, etc.

During fiscal year (FY) 2021-22, Bangladesh earned $109.20 million through exporting goods to Brazil.