The bilateral trade between Bangladesh and Pakistan reached US$543.90 million in the fiscal year 2019-20.
Of the total trade, Bangladesh’s export to Pakistan stood at US$50.54 million while the country’s import from Pakistan was US$493.36 million.
Dhaka Chamber of Commerce & Industry (DCCI) President Shams Mahmud revealed the information at a discussion when the High Commissioner of Pakistan to Bangladesh Imran Ahmed Siddiqui called on him at the DCCI office on Wednesday.
Both of them discussed issues relating to bilateral trade and investment.
Speaking at the function, Imran Ahmed Siddiqui said recently Bangladesh has achieved tremendous growth in the IT and IT-enabled service sector.
Utilising this capacity and skill, he urged Bangladeshi entrepreneurs to invest in Pakistan.
Mr Siddiqui also requested Bangladeshi industrialists to import various industrial raw materials and textiles from Pakistan.
He said Bangladeshi investors in Pakistan can enjoy the advantage of China-Pakistan Economic Corridor (CPEC) reaching their goods to China, central Asia and Russia easily at a cheaper rate.
The Pakistan High Commissioner also emphasised on joint collaboration especially in the research and technology/expertise transfer.
The DCCI president said there are opportunities to expedite both-way trade and explore new avenues of investment but for that the existing trade barriers need to be removed.
Mr Shams requested the businessmen of Pakistan to import jute, jute goods, IT and IT-enabled services, pharmaceuticals, ceramics, ready-made garments, leather & leather products and agro-food.
He also urged to strengthen chamber to chamber relation, regular exchange of trade missions, organising trade fairs, B2B and road-show to boost the bilateral trade.
Easing the business visa process and removing tariff and non-tariff barriers will also facilitate more business to business interactions, Mr Mahmud pointed out.
Senior Vice President, DCCI NKA Mobin, FCA, FCS, Vice President Mohammad Bashiruddin, Commercial Secretary of Pakistan High Commission Muhammad Suleman Khan and Commercial Assistant Ghulam Nabi were also present during the meeting.