LCCI, Bangladesh HC Vow To Strengthen Bilateral Trade & Economic Ties

High Commissioner of Bangladesh Muhammad Iqbal Hussain Khan said on Thursday that Bangladesh has recently simplified visa requirements for Pakistani citizens to encourage bilateral trade and cultural exchanges

LAHORE, (UrduPoint / Pakistan Point News - 15th May, 2025) High Commissioner of Bangladesh Muhammad Iqbal Hussain Khan said on Thursday that Bangladesh has recently simplified visa requirements for Pakistani citizens to encourage bilateral trade and cultural exchanges.

He said that work is also underway to introduce an e-visa facility for Pakistani nationals in the near future.

During his visit to Lahore Chamber of Commerce and Industry (LCCI) here, he highlighted the importance of regular business delegation exchanges to explore new opportunities and deepen market understanding between the two countries.

LCCI Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry and Honorary Consul General of Bangladesh Qazi Humayun Fareed also addressed the session and pledged to further deepen economic and commercial relations between the two nations.

LCCI Executive Committee Members Waqas Aslam, Syed Hassan Raza, Shouban Akhter, Firdous Nisar, Ahad Amin malik, Asif Malik, Ahsan Shahid and Asif Khan were also present.

Highlighting Bangladesh’s interest in expanding economic ties, the High Commissioner mentioned potential trade sectors including coconut and coal from Bangladesh and leather, meat, rice, sugar, fish and coal from Pakistan. He further disclosed that direct flights and shipping routes between the two countries are being considered to boost trade connectivity.

LCCI President Mian Abuzar Shad, welcoming the envoy, said that Pakistan and Bangladesh, being one of the largest economies in SAARC, should utilize regional trade opportunities for mutual benefit. He said that Bangladesh’s GDP has reached USD 437 billion while Pakistan’s GDP stands at USD 373 billion. "It is time we join hands to maximize trade potential,” he added.

Mian Abuzar Shad said that the balance of trade currently favours Pakistan, with total bilateral trade volume recorded at USD 718 million in 2023-24.

Of this, Pakistan exported goods worth USD 661 million to Bangladesh and imported goods worth USD 57 million. From July to March in the current fiscal year (2024-25), Pakistan’s exports to Bangladesh stood at USD 603 million and imports at USD 63 million.

He said that with consistent efforts and mutual commitment, it is very feasible to raise the trade volume to at least USD 2 billion and even USD 5 to 10 billion in the near future, as envisioned by LCCI.

Currently, Pakistan exports cotton fabrics, yarn and cement to Bangladesh. However, the LCCI President sees huge potential in pharmaceuticals, surgical instruments, sports goods and auto parts. He also stressed the importance of moving towards a Free Trade Agreement (FTA), given the favorable political and economic climate,” Mian Abuzar Shad added.

He assured the High Commissioner of LCCI’s full support in promoting trade and investment between the two countries. “Our doors are always open for facilitating businesses and sharing trade-related information,” he said.

He appreciated Bangladesh’s growing interest in defense cooperation with Pakistan, saying that a recent visit by the Principal Staff Officer of the Bangladesh Armed Forces Division marked a significant development in bilateral defense ties. He praised the Bangladesh Foreign Ministry’s peace-oriented stance on the Pakistan-India conflict and expressed gratitude for the solidarity shown by the people of Bangladesh.

Mian Abuzar Shad sought the High Commission’s support in facilitating an upcoming LCCI delegation to Bangladesh in July 2025, comprising representatives from textile, pharmaceutical and rice sectors. He requested assistance in arranging meetings with high-ranking officials from the Ministry of Commerce and top business organizations in Bangladesh.