Australia has expressed interest in developing a manufacturing base in Bangladesh, with the goal of repurchasing goods manufactured in the country or exporting to Europe and other wealthy nations.
To carry out the proposal, Australian trade officials emphasised the importance of coordinating connections between the two countries’ traders and industrialists. Under the idea, Australian enterprises will supply Bangladeshi industrialists with inputs such as wool, cotton, lumber, meat, skins, and grains, which they will use to make items in Bangladesh and re-export to Australia or European countries.
Australia and Bangladesh agreed to facilitate industrial links between Australian agricultural raw material exporters and Bangladeshi importers and manufacturers at the meeting.
It was also agreed that Australia and Bangladesh would work together to identify opportunities for Australian and Bangladeshi producers to participate in global value chains, such as developing industry connections in third-country markets or encouraging Australian businesses to buy back finished goods made with Australian inputs.
Canberra promised to keep connecting Bangladeshi and Australian business chambers through its High Commission in Dhaka in order to foster commercial ties between the two countries.
The summit determined that Australia and Bangladesh would work together to involve appropriate private sector areas in future TIFA activities and to promote institutional linkages between the top trade bodies.
Following the conference, the Bangladesh High Commission in Canberra recommended that arrangements be made for visits to Australia by interested Bangladeshi industrialists.