Cebu developing trade links with Bangladesh
In its bid to further expand international linkages, the Cebu business community, through the Cebu Chamber of Commerce and Industry (CCCI), is starting to develop good trade relations with Bangladesh.
"This is the first engagement we have with Bangladesh. We were pleased to find out that Bangladesh is one of the largest garments exporters in the world. There are opportunities for cooperation in pharmaceuticals and ship building," said CCCI president Melanie Ng.
The Bangladesh government initiated the move by reaching out to the business leaders in Cebu with the recent visit of Bangladesh Ambassador to the Philippines Asad Alam Siam.
According to Ng, Siam's visit to Cebu was aimed at discovering opportunities and to network with the business community through CCCI.
This is expected to serve as a gateway to more economic possibilities, Ng added.
In a closed door meeting, Ng said the ambassador promised to be back to Cebu soon and vowed to invite Bangladesh businessmen to visit and explore the Philippines and Cebu for possible trade ventures or business to business matching.
CCCI also invited the ambassador to participate in next year's Cebu Business Month 2018 celebration.
Bangladesh is the third largest trading partner of the Philippines in South Asia. Economic growth in Bangladesh placed increasing demand for utility vehicles, construction materials, computers, household appliances, farm machinery, automobile spare parts, house ware, etc. from the Philippines.
Ambassador Siam was in Cebu last week.
Ng added that with this move, Cebu expects an increase of foreign investments and business linkages in Southeast Asia.
Bangladesh is a country in southern Asia. It shares land borders with India and Myanmar. Garment export is the backbone of Bangladesh's industrial sector. It accounted for more than 80 percent of total exports and surpassed $25 billion in 2016.
Based on record from the Central Intelligence Agency, steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and eight percent of gross domestic product in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.