Czech Republic Bangladesh Relations
Bangladesh and the Czech Republic have the potential to move their businesses forward.
The private sectors of the two countries could play a leading role for their mutual benefits. Business-to-business (B2B) contacts by the private sectors of the two countries could help promote mutual trade and investment.
The Czech Republic wants a strong partnership with Bangladesh and is ready to cooperate in fulfilling the country’s targets to become a middle-income country by 2021. The government-to-government (G2G) cooperation and supports to the private sectors of both the countries would help increase mutual trade and investment.
Bangladesh’s economy is resilient and steadily moving forward due mainly to dynamic private sector, providing the ideal business environment for Czech investors to invest here considering the conducive investment climate and cheap labor force. Czech Republic could cooperate with Bangladesh in the fields of energy, power, textile, information technology, railways, etc.
The items Bangladesh presently imports from Czech Republic are milk powder, concentrated milk, spindles, spindle flyers, spinning rings and rag travellers, textile spinning g machines, parts of gas turbines, aircraft parts, parts of pumps for liquid, uncoated paper and paperboard etc.
One the other hand Bangladesh exports mainly readymade garments (RMG) to the Czech Republic. Other potential exportable items are frozen food and footwear.
The trade balance is in favor of Bangladesh. In the last two years Bangladesh’s export to Czech Republic has achieved a tremendous growth such as 98.13 per cent during the fiscal year (FY) 2010-11 and 107 per cent in FY 2011-12 that indicates the good export potential to the Czech Republic.
Bangladesh exported goods to Czech Republic worth US $ 110 million during the FY 2013-14 while imported products worth $ 50 million.