Foreign Minister AK Abdul Momen has proposed establishment of joint venture industries between Bangladesh and South Africa.
The minister, who is now visiting South Africa, made the proposal during a meeting with the Black Business Council officials in Bryanston of Johannesburg on Monday. The foreign minister was accompanied by Bangladesh High Commissioner to South Africa Noor e Helal Saifur Rahman.
The Black Business Council is an independent organisation representing professionals, business associations and chambers in South Africa.
During the meeting, the foreign minister stressed developing networks between the business bodies of the two countries through exchange of visits of business delegations on a regular basis, reports BSS.
During the meeting, Black Business Secretary-General Judi Nwokedi echoed the ideas and underscored the need for P2P relations for enhancing business and trade relations.
The council officials mentioned that there are scopes for cooperation in trade and business in many areas, including electrical constructions and energy management.
The Bangladesh side suggested that cooperation may be established in joint ventures and import of jute and pharmaceuticals from Bangladesh.
Judi Nwokedi commented that a framework of cooperation may be outlined and suggested cooperation in the form of G2G between Bangladesh and South Africa.
She mentioned that business opportunities may also be explored under the framework of IORA.
Later, the foreign minister met with the Chief Executive Officer of Business Unity South Africa (BUSA) Cas Coovida.
During the meeting, the foreign minister said Bangladesh is considered as a land of opportunities that offers various incentives for investments in the country.
Suggesting that there may be joint collaboration between Bangladesh and South Africa by sharing knowledge and expertise, Momen invited the South African companies to invest in Bangladesh.
Momen also observed that there may be enhanced institutional cooperation and exchange of visits of business delegations between the two countries.
Coovida said that potentials of cooperation need to be explored and there should be follow up meetings on trade and business matters by both sides.
Bangladesh high commissioner side requested BUSA for facilitating the process of concluding the Agreement on Avoidance of Double Taxation between Bangladesh and South Africa.