MONESCO Joined Trade Mission to Dhaka, Bangladesh

The Indonesia Fair event held at Le Meridien Hotel, Dhaka, Bangladesh took place successfully and recorded an unforgettable achievement for both countries, Indonesia and Bangladesh. This event presents works or manufactured and natural products from Indonesia to be shown to people in Bangladesh. The event also aims to bring buyers from Bangladesh together with Indonesian entrepreneurs.

Indonesia Fair is facilitated with a variety of activities that show the culture of Indonesia, Indonesia’s beautiful tourist destination, cultural dances and songs from Indonesia, as well as Indonesian industry products. Business matching is also held at this year’s Indonesia Fair which aims to get to know entrepreneurs from Indonesia. On this occasion, the participants can visit the table provided by the event coordinator who is already occupied by Indonesian business actors. This opportunity is very good because buyers can get to know the products offered, how the relationship can be established, and also what things to be noted before the two parties signed a cooperation agreement.

Team Monesco also took time to strolling around Dhaka city. There is not much to see but there are 2 places that interest us enough, both places are Lalbagh Kella and Ahsan Manzil. It is quite difficult to reach the place, but it is worth it for us to see this historic heritages.

As an emerging country, Bangladeshi economy has set a record high in 2016-2017. The Gross Domestic Product (GDP) of this country reaches 7.2% or USD 246.2 billion with GDP per capita of USD 1.602. The Bangladesh economy is supported by large domestic markets, export-oriented manufacturing industries, high receipts of remittances, and ease of investment.

Total trade between Indonesia and Bangladesh in 2017 was recorded at USD 1.67 billion, consisting of exports valued at USD 1.60 billion and imports valued at USD 73.19 million. Indonesia’s trade balance surplus of USD 1.52 billion. In the last five years (2013-2017), trade between the two countries rose by an average of 6.71% per year.

In 2018 (January-February), the total trade of both countries was recorded at USD 0.37 billion, up 47.69% over the same period the previous year, consisting of exports from Indonesia valued at USD 0.35 billion and imports from Bangladesh worth USD 16.61 million. Indonesia’s trade balance recorded a surplus of USD 0.34 billion.

The three-day trade mission of the Ministry of Trade to Bangladesh successfully booked total transactions and potential transactions of USD 279.19 million, or more than Rp3.76 trillion. This value is contributed from advanced contracts of railways, automotive sector, spices, food and beverages, as well as retail sales at Indonesia Fair activities.