Bangladesh has begun efforts to sign a Comprehensive Economic Partnership Agreement (CEPA) with Oman to reduce the trade gap, boost exports of products and expand investment cooperation between the two countries.
Commerce, Industries, Textiles and Jute Minister Khandakar Abdul Muktadir said Bangladesh wants to turn its longstanding friendly relations with Oman into a stronger economic partnership.
He made the remarks during a courtesy meeting with Oman’s Ambassador to Bangladesh, Jameel bin Haji bin Ismaeel Al Balushi, at the Ministry of Commerce at the Secretariat on Tuesday.
The minister described Oman, a key member of the Gulf Cooperation Council (GCC), as an important trade and investment partner for Bangladesh. A CEPA could open up new opportunities for trade, investment and broader economic cooperation, he added.
During the meeting, the Omani ambassador shared his country’s experience in signing an economic partnership agreement with India and proposed a similar arrangement with Bangladesh.
Welcoming the proposal, Muktadir said discussions should move forward based on the necessary technical preparations and a feasibility study.
Ambassador Ismaeel Al Balushi said that around 700,000 Bangladeshis work in Oman and play a significant role in the country’s economy. He added these strong people-to-people ties could serve as a foundation for expanding trade and investment cooperation.
The minister also proposed forming a Bangladesh-Oman Joint Business Council involving the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Oman Chamber of Commerce and Industry to strengthen direct business-to-business engagement.
The two sides discussed holding an initial virtual meeting, followed by exchange visits by business delegations, to identify new areas of cooperation and promote business partnerships.
The ambassador highlighted investment opportunities for Bangladeshi entrepreneurs in Oman’s Sohar, Duqm and Salalah ports and special economic zones, saying these facilities could help Bangladeshi businesses expand exports to the Middle East, Africa and other global markets.
He also praised the contribution of Bangladeshi women artisans to the production of Oman’s traditional kuma caps. He further stressed the need to expand employment opportunities, simplify business visa procedures and strengthen direct communication between the relevant ministries of the two countries.
Commerce Secretary Md Ataur Rahman Khan, senior ministry officials and representatives of the Oman Embassy attended the meeting.
