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Cairo, Dhaka jt economic commission next year

Egyptian assistant minister tells FBCCI

STAR BUSINESS REPORT
Visiting Assistant Minister for Asian Affairs of Egypt Ezzat Saad El Sayed said yesterday his country is expected to form a Joint Economic Commission (JEC) with Bangladesh next year to promote bilateral trade and economic cooperation.
He said a couple of agreements on trade promotion and double tax avoidance will also be signed to strengthen bilateral trade relation between the two countries.
The visit of Sayed is a preparatory one to the first-ever JEC meeting expected to be held in Dhaka next year, officials said.
"The political relation between our countries is good, however it is not so in trade and business. We hope the agreements will strengthen our bilateral trade relations," the assistant minister told members of the Federation of Bangladesh Chamber of
Commerce and Industry (FBCCI) in Dhaka.
FBCCI President Abdul Awal Mintoo told the delegation there is immense potential to promote bilateral trade between the two countries.
He said after signing the agreements both sides will discuss reactivating the functions of a joint chamber, comprising Egyptian Chambers of Commerce and the FBCCI, which was set up in 1984.
Egyptian investors can take full advantage of the liberal investment facilities and incentives available in Bangladesh, said the FBCCI chief.
Export from Bangladesh to Egypt has been declining for the last 14 years while import from the African nation continues rising.
In 1990-01, Bangladesh exported goods worth $15.09 million to Egypt against a meagre import of $0.28 million, according to Export Promotion Bureau and Bangladesh Bank Statistics.
In 1995-96, export from Bangladesh was $18.38 million against an import of $9.56 million.
In 2002-03, Bangladesh exported goods worth $6.23 million while the import was $7.56 million. In July-March of 2003-04, the export volume stood at $5.81 million against an import of $8.14 million.
FBCCI Director MA Rouf Chowdhury said Egyptian entrepreneurs can invest in the textile, leather, light engineering, and agro-based sectors of Bangladesh.
Ismail Abd-El Rahman Ghoneim, Egyptian ambassador to Bangladesh, Afifi Selim, director of the ministry of investment of Egypt, Engy Basiou Ny, director of the ministry of international cooperation of Egypt, and FBCCI Vicepresidents Kamal Uddin Ahmed and Abul Kasem Haider were also present.