This morning the High Commissioner People’s Republic of Bangladesh to Kenya HE. Tareque Muhammad paid a courtesy visit to the Chamber President Mr. Richard Ngatia. H.E. Tareque Muhammad was recently among the nine envoys posted to Kenya in the month of April 2022.
The purpose of the courtesy visit was to establish the rapport between the High Commission of Bangladesh and KNCCI. Bangladesh and Kenya have shown mutual interest in expanding bilateral trade and investments.
Kenya has been one of the desired destinations of Bangladesh to lease unused cultivable lands in order to ensure future food security. Kenya has also expressed its interest to lease out vast arable lands to Bangladesh.
Trade statistics indicate that during the past 25 years, the exports of Kenya to Bangladesh have increased at an annualized rate of 21.3% from $ 31.3k in 1995 to 3.9m in 2020.
Top exports to Bangladesh include tanned sheep hides, dried legumes, tea and iron whereas top imports include packing bags, jute, heavy cotton.
Bangladesh is today one of the world’s largest garment exporters, with the ready-made garment (RMG) sector accounting for 84 percent of Bangladesh’s exports. This comes on the back of the sector’s rapid growth and modernization over the past decade as well as the strides it has made in improving conditions for the country’s approximately four million garment workers.
The key sectors of collaboration between the two countries are; pharmaceuticals, textile, agriculture, education, ICT and blue economy.
Both parties agreed to the formation of the Joint Business Council to promote trade and investment between the two countries.
Mr. Ngatia appreciated the High Commissioner for the visit and stated that he was looking forward to engaging the embassy in facilitating and coordinating the business community in trade development.