THE Philippines and Bangladesh should further explore business opportunities in various sectors, according to Secretary of Foreign Affairs (SFA) Enrique Manalo.
In a seminar to commemorate the 50th anniversary of Philippine-Bangladeshi bilateral ties, the top diplomat said relations on the economic front had grown steadily over the past few years.
Trade between Manila and Dhaka, Manalo said, increased from approximately $48 million to $105 million in 2021, while overcoming the impact of the pandemic.
He also mentioned the recent $3.9-million investment made by Bangladesh-based business-process outsourcing firm TELSU Inc., and the continuous operation of Liwayway Corp. in Gazipur since 2019.
“I hope that this upward trend in our trade and investment relations will continue, and that the full potential of our economic partnership will be realized in the next few years,” the SFA stated. “There are still many business opportunities to explore in areas such as telecommunications, information technology, agriculture and the health sectors, just to name a few.”
Bangladesh’s Foreign Minister Dr. Abdul Momen agreed with the need to “initiate new collaboration” in agriculture, digital economy and education, while strengthening cooperation in regional and international fora.
For Ambassador Borhan Uddin of Bangladesh, now is the time to “review bilateral cooperation in the last 50 years: what we have achieved, and what could be achieved.”
“(Although) we have made significant achievements from our bilateral cooperation, there is no reason to be complacent with that,” Uddin urged. “We have to make robust and exponential progress.”
The envoy added: “Being developing countries, there might be a sense of competition in some sectors. If we complement each other without being competitive, I believe both countries can equally benefit from the common sources.”
The two nations established formal diplomatic relations on February 24, 1972; the Philippines was among the first to recognize Bangladesh’s independence.
Through the years various agreements in trade and investments, culture, merchant shipping, as well as youth and sports development brought cooperation between the two to new heights.
For Manalo, Dhaka and Manila could further boost interactions on ways to address climate change and other emerging challenges, including food security, which is a priority area for the government.
“I note that the government of Bangladesh will soon hold its general elections in 2023. Rest assured that the Philippines will continue to work with [Bangladeshi] leaders in strengthening our cooperation in areas of mutual concern for the benefit of both our peoples,” the SFA said.
Image credits: PNA