Tipu urges Argentina to set up edible oil factory in Special Economic Zone

Commerce Minister Tipu Munshi on Tuesday urged Argentina to set up an edible oil factory in special economic zone (SEZ) in Bangladesh, reports news agency BSS.

“Argentina is an important trading partner of Bangladesh. Bangladesh imports huge quantities of soybean oil and sugar from Argentina every year. If Argentina sets up an edible factory in Bangladesh’s SEZ, it will be possible to supply it at a relatively low cost,” he said.

The minister said this while meeting with Argentine Foreign Affairs, International Trade and Worship Minister Santiago Andres Cafiero at the Commerce Ministry in the city.

After the meeting, a memorandum of understanding (MoU) was inked in order to increase bilateral trade and investment between the two countries.

In his speech, Tipu said there are many opportunities available to better trade with Argentina. There is also a scope to increase exports, especially of RMG items, he added.

“We are hopeful that this MoU will help increase bilateral trade to US$1-1.5 billion within the next two years,” he added.

Responding to this, Santiago Andres Cafiero said, “Until so far, the two countries shared a sincere relationship only centring football. But now the two countries will have stronger ties in other sectors as well.”

According to commerce ministry data, Bangladesh imported goods, mainly sugar and edible oil, worth $791 million from Argentina in the last fiscal.

Meanwhile, some $488 million worth of goods had been imported during July-December of the current fiscal.

According to ministry sources, there is a scope for Bangladesh to import sunflower oil and wheat from the Latin American nation.

Senior secretary of the Commerce Ministry Tapan Kanti Ghosh moderated the MoU signing function.

Addressing the event, Tapan Kanti Ghosh said, “Based on today’s agreement, another deal will be signed between TCB (Trading Corporation of Bangladesh) and the concerned Argentine office a few days later.

“This will allow TCB to make direct imports from Argentina,” he added.

Responding to a question, Tipu Munshi said that only government employees will now have the opportunity to travel to Argentina without a visa.

“In the future, all citizens, travelling to Argentina, will be able to get on-arrival visas,” he added.

Marking the occasion, Argentine minister gifted a jersey of their national football team, olive oil, and pickles to Tipu Munshi.

Tipu Munshi gifted the Argentine FM some photos of Old Dhaka, jute and leather products.