By IMTIAZ AHMED
DHAKA, Bangladesh — Mexico is looking to expand its trade relations with Bangladesh in the automobile, pharmaceuticals, chemical and financial technology sectors, according to Mexican Ambassador to India Federico Salas Lotfe, who is concurrently Mexico’s ambassador to Bangladesh, as well as to Sri Lanka, Nepal and the Maldives.
Salas Lofte met last week with Mostofa Azad Chowdhury Babu, senior vice president of the Bangladesh Federation of Chambers of Commerce and Industry (FBCCI) in Dhaka.
“Economic relations between Bangladesh and Mexico are still limited,” Salas Lofte told Pulse News Mexico.
“But by exploring and diversifying our trade, both sides could benefit. I think the automobile, pharmaceuticals, chemical and financial technology sectors have huge potentials.”
Salas Lofte pointed out that Mexico is currently one of the major suppliers of the global automotive parts.
“We are very interested in exchanging Mexico’s experience and transferring technology to help build Bangladesh’s capability in automobile manufacturing,” he said.
“And Bangladeshi entrepreneurs can also establish businesses in Mexico.”
Babu noted that a Mexican delegation is slated to attend the three-day Bangladesh Business Summit in Dhaka in March this year.
He said that the forum could be an ideal setting to discuss possible bilateral trade and investment ventures.
Baku likewise said that Bangladesh entrepreneurs and government officials are eying expanded trade relations with Mexico in the hopes of penetrating the second-largest economy of Latin America.
“The current trade volume between Bangladesh and Mexico is hovering around $300 million,” Bangladesh Ambassador to Mexico Abida Islam said.
“Bangladeshi exports to Mexico are over $290 million, while Mexico’s exports to our market are less than $10 million.”
Islam said that Bangladesh needs to diversify its export basket in order to penetrate the Mexican market with products such as jute and jute goods, leather goods, pharmaceuticals and high-end ready-made garments.
“Considering the size of the population and the buying capacity of Mexico, Bangladesh has a high prospect of increasing trade relations in the region,” she said
According to Mexico’s National Institute of Statistics and Geography (Inegi), during the first 10 months of 2022, Mexico’s exports of goods and services grew by 1.1 percent compared to the same period the previous year, taking the country’s trade balance to a deficit of $27.309 billion.