According to Omar Mohie Eldin Ahmed Fahmy, the Egyptian ambassador to Bangladesh, Egypt has expressed a strong interest in exporting petrochemicals and fertilizers to Bangladesh.
According to a press release issued after the meeting, this was discussed during a meeting with Ashraf Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI), yesterday at the DCCI headquarters in Dhaka.
Ambassador Fahmy highlighted that despite five decades of diplomatic relations between Egypt and Bangladesh, the bilateral trade volume has remained modest. The trade between the two nations stood at just $180.55 million during the 2022-23 fiscal year, which is well below its potential.
One of the key points raised by the ambassador was Egypt’s interest in exporting petrochemicals and fertilizers, sectors in which the Northeast African country is a significant producer. These goods, particularly fertilizers, are critical for Bangladesh’s large agricultural sector, which requires a steady supply of essential inputs.
In addition to promoting Egypt’s exports, the ambassador acknowledged that an Egyptian company has already invested in Bangladesh’s telecommunication sector and is operating successfully. He pointed to this as a positive example of Egyptian investment and hoped that more Egyptian companies would explore opportunities in Bangladesh.
Fahmy further noted that Bangladesh’s pharmaceutical industry, which has seen significant growth in recent years, holds great promise in Egypt. He specifically mentioned the rising demand for cancer drugs in Egypt, which Bangladeshi pharmaceutical companies could supply. This presents an opportunity for Bangladeshi entrepreneurs to expand their market reach into Egypt, capitalizing on the country’s growing healthcare needs.
Beyond trade in goods, Fahmy suggested that Bangladesh could use Egyptian ports as a transshipment hub for exporting products to Europe and other global markets. This would allow Bangladeshi exporters to improve logistics efficiency and reduce shipping times and costs, particularly when exporting to Western markets.
