Significant potential of pharmaceuticals exports to Egypt, says envoy

The Ambassador of Egypt to Bangladesh, Omar Mohie Eldin Ahmed Fahmy said Bangladesh has significant export potential of pharmaceutical products in Egypt. 

The pharmaceutical industry in Bangladesh is flourishing day by day, and there is a strong demand for cancer drugs in the Egyptian market, which Bangladeshi entrepreneurs can take advantage of the market, said the ambassador during a courtesy meeting with DCCI President Ashraf Ahmed at the association’s office in the capital on Tuesday.

He mentioned that Bangladesh can utilise the port of Egypt as a 'transshipment hub' while exporting products to Europe and other parts of the world. Also, Egypt could be one of the best alternative sources of onion import to meet Bangladesh's demand, he opined.

During the meeting, DCCI President Ashraf Ahmed requested the entrepreneurs of Egypt to import more products or services under Information Technology (IT), leather products, ready-made garments, ceramics, and medicine from Bangladesh.

DCCI president said that Bangladesh's frozen food, shrimp and delicious mangoes are being exported in large quantities to many countries, which also have a great opportunity in Egypt.

He also said Egypt can provide its experience and technical support for the development of Bangladesh's river-based tourism industry.

The DCCI president opined that Bangladesh can be considered as a gateway to South and Southeast Asian countries in terms of increasing Egyptian exports.

He also requested the Egyptian entrepreneurs to come up with investments in Bangladesh’s economic zones or export processing zones.

Ashraf Ahmed also put emphasis on the development of bilateral relations between the trade organisations of two countries and signing of memorandum of understanding with the Egyptian trade organisations for faster business to business connection.

He moreover suggested arranging frequent sector-specific targeted B2Bs between the investors of both countries.

Ambassador Omar Mohie Eldin Ahmed Fahmy said that despite 50-year of diplomatic friendly relations between Bangladesh and Egypt, the commercial relation has not yet reached the expected level, where the bilateral trade in the fiscal year 2022-23 was only $180.55 million.

He called upon the Bangladeshi importers to import more petrochemicals and fertilisers from Egypt.

He also said that an Egyptian company has already invested in Bangladesh's telecommunication

DCCI Senior Vice President Malik Talha Ismail Bari, Vice President Md. Junaed Ibna Ali and the Deputy Chief of Mission of Egyptian Embassy Soheila Mahran were also present during the meeting.