The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Russia‑Bangladesh Business Council have signed a Memorandum of Understanding aimed at enhancing bilateral trade, investment and business cooperation between Bangladesh and Russia.
The agreement was signed on 5 November at the FBCCI office in Motijheel, Dhaka, during the Bangladesh‑Russia Business Dialogue, which was jointly organised by the two trade bodies.
The memorandum of understanding seeks to foster a favourable business climate for companies in the two nations by facilitating information exchange, joint projects, trade fairs, exhibitions, business missions and investment forums.
During the dialogue, business leaders from Bangladesh and Russia urged the removal of existing trade barriers and the creation of a sustainable payment mechanism, aiming to unlock the potential of bilateral trade and investment between the two countries.
At the event, FBCCI Administrator Md Fazlul Hoque said that Bangladesh and Russia have substantial opportunities to expand trade and investment, but that existing barriers must be identified and addressed jointly.
He said that business and trade between Bangladesh and Russia have not advanced to the anticipated level for a number of reasons, describing the dialogue as an initial step toward overcoming obstacles and strengthening economic ties.
Ilya Shestakov, the head of the Russian delegation, said that Bangladesh is one of Russia’s leading trading partners in South Asia.
He said Russia is keen to broaden its supply of agricultural products, food and fertiliser to Bangladesh. The country is also exploring cooperation with Bangladesh in the fields of energy, information technology, cybersecurity and e‑governance.
However, establishing a sustainable bilateral payment infrastructure was essential to realise the trade potential, Shestakov added.
Russian Ambassador to Bangladesh Alexander Khozin said that regulatory procedures, logistics and market‑access barriers must be addressed in order to meet the growing needs of trade and investment.
He also highlighted opportunities for cooperation in education and human resource development alongside commercial ties.
According to the memorandum of understanding, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Russia‑Bangladesh Business Council will share updated business information, promote joint projects involving companies from both nations, and cooperate in organising trade fairs, exhibitions, business missions and investment forums.
The agreement is also intended to promote business initiatives and strengthen strategic partnerships between businesses in the two countries.
Fazlul Hoque said the dialogue convened Russian delegates, government officials and representatives of Bangladesh’s private sector, including banks, the central bank and stock exchanges.
He said the presence of a large Russian delegation reflected the importance both sides attached to strengthening bilateral trade and investment.
He said the Russia‑Bangladesh Business Council is an independent organization that represents Bangladeshi and Russian businesspeople operating in Russia.
The ceremony was attended by Mia Sattar, chairman of the Russia‑Bangladesh Business Council; Abdul Hai Sarker, chairman of the Bangladesh Association of Banks; Imam Abu Sayeed, executive director of Bangladesh Bank; Ayonur Akhtar Panna, joint secretary of the Economic Relations Division; Kamran T. Rahman, president of the Metropolitan Chamber of Commerce and Industry; and Mir Nizam Uddin Ahmed, former vice‑president of the FBCCI.
Also present at the event were Abdul Haque, president of the Bangladesh Reconditioned Vehicles Importers and Dealers Association; Abul Hossain, president of the Bangladesh Jute Mills Association; Hasan Ali, president of the Rajshahi Chamber of Commerce and Industry; Mominul Islam, chairman of the Dhaka Stock Exchange; and AKM Habibur Rahman, chairman of the Chittagong Stock Exchange. Representatives of various business organisations and members of the FBCCI’s general council also attended.
Why it matters
The agreement aims to expand Bangladesh‑Russia trade by removing barriers and establishing a sustainable payment mechanism.