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Canadian firms exploring new avenues for investment

Envoy Heather Cruden shares her plan in Bangladesh during her tenure

Rezaul Karim
CANADIAN companies are active in exploring new avenues for investment in Bangladesh's healthcare and other potential manufacturing sectors, said Canadian high commissioner in Dhaka.
Trades between Canada and Bangladesh are primarily focused on readymade garments, agroprocessed food items and ICTbased products, said Heather Cruden in an interview with The Daily Star.
Canada has investments in the ICT, textile and energy sectors in Bangladesh, she said.
When asked about the key criteria for Canadian investors in selecting an investment destination, she said Canadian investors evaluate factors such as cost of production, political and economic stability, regulatory and legal framework, and good governance.
The envoy said the government of Canada granted quota- and dutyfree access to almost all Bangladeshi products (except three) to the Canadian market in January 1,2003.
This has led to a significant increase in Bangladesh's exports to Canada. The bilateral trade between Canada and Bangladesh reached more than $1.6 billion in 2011 and is growing.
“In 2011, Canadian exports to Bangladesh were worth $555 mil-
lion and Bangladesh's exports were $1.07 billion. Bangladesh has become the second largest exporter of merchandise to Canada from South Asia, after India,” she said.
The envoy said Saskatchewan, a western Canadian province, leads Canada's exports to Bangladesh and they have taken several initiatives to further strengthen their trading relationship with Bangladesh.
During the visit of Saskatchewan’s Prime Minister Brad Wall to Bangladesh last year, several deals were signed between different institutes of the Canadian province and their Bangladeshi counterparts, she said.
Some of the objectives of these deals were to promote iron fortification in pulses, develop research projects and strengthen the relationship between Bangladesh and Saskatchewan.
Products and services of a number of Canadian flagship companies such as Research in Motion, Bombardier, IMW, Alliance Grains, and Eyeball Networks, are marketed in Bangladesh.
The envoy said the Canada Bangladesh Chamber of Commerce and Industry hosted a successful show — Canada 2012 -- which was attended by a total of 31 Canadian and Bangladeshi companies.
The show registered sales orders worth more than $1.2 million, Cruden said.
She said her priorities cover the
full spectrum of Canada's relationship with Bangladesh.
The scope and direction of the Canadian engagement in Bangladesh has been to support Bangladesh and its people, she said.
“Specifically, I hope our bilateral
trade relationship continues to flourish and that we can reach $2.0 billion Canadian dollars during my time here,” she added.
Canada is committed to ensuring that development partnership between the two countries remains
strong and that Canada can continue to invest in Bangladesh by creating opportunities for children and youth, she said.
She said, as India and China have moved to the middle-income status, Bangladesh has benefitted from opportunities in the garment sector.
"I am sure there are other sectors where Bangladesh has potential."
“I believe Bangladesh's potential is enormous. For example, China is one of the largest importers of raw materials. If Bangladesh can become a supplier to the Chinese industry, Bangladesh could easily grow with the Chinese economy."
Regional trade integration will be important and so will be the trade relationships with Canada, the US and Europe, said the high commissioner.
Canada can help develop Bangladesh's trade capacity, trade facilitation and diversification area, she said.
Transfer of appropriate technologies, investment in infrastructures and energy projects are the other areas where Canada can work with Bangladesh.
On Canada's development priorities in Bangladesh, the envoy said Bangladesh has been one of their largest aid recipients for the last four decades. From 1972 to 2011, the country has provided $4.3 billion Canadian dollars in assistance to Bangladesh.
The objective of Canadian Inter-
national Development Agency’s (CIDA) programmes in Bangladesh is to secure the future of children and youth and ensure sustainable growth, she said.
When asked whether a cut in the Canadian development budget will affect their aid flow to Bangladesh, she said their international development assistance will continue.
The ClDA’s investments in education have helped ensure increased access to quality primary education. In health, CIDA investments in maternal, newborn and child health have contributed to a 40 percent decline in maternal mortality between 2001 and 2010.
The agency's investments in public financial management are improving the environment for business development and employment opportunities, while strengthening accountability and transparency in the management and use of public funds.
“We are supporting a project with the Office of the Comptroller and Auditor General in Bangladesh to effectively fulfil its constitutional mandate to conduct independent audits and evaluations," Cruden said.
The scheme also provides reliable and objective information to parliament on the government’s financial management, compliance, and performance practices, she added.