French investment key to offsetting trade imbalance with Bangladesh
French trade commissioner says
Star Business Report
Attracting more French investment here will be key to reducing existing trade imbalance between France and Bangladesh, which is heavily in fabour of Dhaka said French Trade Commissioner Dominique Simon."France has one percent market share in Bangladesh's total import, which is a nightmare for us. We are trying to increase investment here if it is possible," he told a luncheon meeting of France Bangladesh Chamber of Commerce & Industry (CCIFB) in Dhaka yesterday. French Ambassador in Dhaka Jacques-Andre Costilhes spoke as the guest speaker in the meeting with CCIFB President A Qayyum Khan in the chair. Costilhes said Bangladesh export to France was around 620 million euro in 2004 while its import was only 65 million euro, terming this huge imbalance a problem for his country. Trade got momentum in the last few years but the present trade situation is not credible, Costilhes said noting France is the fourth largest trading partner of Bangladesh but its market share here is only one percent. Referring to France's strength in the global market, he said it is the second largest exporter in agro-based industries, a leader in telecommunications and above all the fourth largest exporter of the world. "I can't understand how come France has one percent market share here," he expressed. France is one of the largest investors here, the ambassador added mentioning Bangladesh has around 10 million middle class population, which offers a good market. Simon said it is not very easy to increase investment in Bangladesh. But visits of French trade minister and trade delegation here last year were greatly successful. "We are trying to arrange meets of renowned Bangladeshi business personalities with big French company chiefs to develop Bangldesh's image and thus attract investment here," he explained. France wants real competition in a transparent way and non-transparency in different areas must be checked, Simon observed. "We are very concerned in Paris. We have to downsize trade commission here if present efforts don't work well," he went on. Costilhes hoped relation between the two countries will be stronger in the coming days, adding French foreign minister has invited his Bangladeshi counterpart to visit his country. CCIFB President Qayyum Khan introduced some new members of CCIFB to the meeting where other office bearers and members were also present.
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