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Bangladesh- Canada trade to reach a new high: Envoy

Star Business Report
Trade between Bangladesl and Canada is expected t( cross the billion-dollar marl this year, said Rober McDougall. Canadian high commissioner ir Bangladesh, yesterday.
Currently, trade betweer the countries stands al nearly $900 million.
The projection was made in a paper read out by the high commissioner at a monthly luncheon meeting of the Foreign Investors' Chamber of Commerce and Industry (Ficci) at Sonargaon Hotel in Dhaka.
Speaking as chief guest, the diplomat said Canada and Bangladesh share bright prospects for cooperation in technology and energy security issues.
“In this regard, we are particularly focusing on expansion in a number of areas, including diversification of our exports and activities in business collaboration," McDougall said.
The high commissioner said Canada's thrust areas for investment in Bangladesh would be IT for a digital Bangladesh, CNG distribution, communications system development and power generation.
"We are also looking to enhance commercial opportunities for trade and project financing," he said.
"Grains, pulses and oilseeds delegations" will visit Dhaka and Chittagong next week to find business in these areas, he said.
The two-way trade between the two commonwealth countries was $897 million in 2007, of which Bangladesh’s exports were $542 million and Canada's exports were $355 million. Two-way trade figures for 2005 were $600 million and $400 million in 2003.
The Canadian government's decision to allow Bangladesh duty-free access in 2003 has driven phenomenal growth in businesses between the two countries.
McDougall asked Bangladesh to diversify its products and markets to stay in the intensely globalised world.
Current trade patterns show heavy dependence on
readymade garments (almost 95 percent) among Bangladeshi exports, with smaller quantities of seafood and handicrafts
On the other hand, Canadian exports shows 65 percent dependence on bulk foodstuffs, especially wheat, canola and pulses.
The high commissioner claimed that Canada's assis-tance programme to Bangladesh is the highest in the world, amounting to more titan $80 million a year.
In response to a query, McDougall said Canada is the prime destination for immigration from Bangladesh and interest in travelling and migrating to Canada is fast expanding. Last year, over 3,000 visas for various purposes were approved, he added.
Ficci Vice President Steven Wilson chaired the meeting.