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• GDP: US$50.9 billion (2003).
• Main exports: Garments, jute and jute goods, leather, tea and seafood.
• Main imports: Machinery and equipment, chemicals, iron and steel, and foodstuffs.
• Main trade partners: Exports to: USA, Germany, UK and France; Imports from: India, China and Singapore.
• Main exports: Garments, jute and jute goods, leather, tea and seafood.
• Main imports: Machinery and equipment, chemicals, iron and steel, and foodstuffs.
• Main trade partners: Exports to: USA, Germany, UK and France; Imports from: India, China and Singapore.
Economy
With few mineral resources, overcrowded Bangladesh depends mainly on subsistence agriculture, which suffers frequent and severe damage from cyclones and flooding. Tea and jute are the main cash crops (Bangladesh supplies about 90% of the world’s raw jute). Production of both has dipped in recent years, again, largely owing to the weather.
There are large reserves of natural gas and some deposits of low-grade coal, which meet the bulk of domestic energy requirements. Offshore gas production in the Bay of Bengal will improve the country’s overall energy situation and provide a valuable source of export revenue.
Most of the manufacturing workforce is based in jute-related industries; the remainder works in textiles, chemicals and sugar. However, Bangladesh will continue to rely heavily on foreign aid – at present, this derives from a variety of sources coordinated by the World-Bank-led ‘Paris Club’ of donors.
The country’s economic stability and consistent growth during the last decade has improved its international status. The major outstanding problem is corruption – measuring corruption is at best an inexact science but Bangladesh is widely recognised to be among the worst offenders. The informal ‘hundi’ banking system is especially vulnerable to illicit transfers and laundering. In May 2003, the government established a national commission to tackle the problem.
Bangladesh is a member of the seven-strong South Asian Association for Regional Co-operation – the main economic grouping in the region.
There are large reserves of natural gas and some deposits of low-grade coal, which meet the bulk of domestic energy requirements. Offshore gas production in the Bay of Bengal will improve the country’s overall energy situation and provide a valuable source of export revenue.
Most of the manufacturing workforce is based in jute-related industries; the remainder works in textiles, chemicals and sugar. However, Bangladesh will continue to rely heavily on foreign aid – at present, this derives from a variety of sources coordinated by the World-Bank-led ‘Paris Club’ of donors.
The country’s economic stability and consistent growth during the last decade has improved its international status. The major outstanding problem is corruption – measuring corruption is at best an inexact science but Bangladesh is widely recognised to be among the worst offenders. The informal ‘hundi’ banking system is especially vulnerable to illicit transfers and laundering. In May 2003, the government established a national commission to tackle the problem.
Bangladesh is a member of the seven-strong South Asian Association for Regional Co-operation – the main economic grouping in the region.
Business Etiquette
Lightweight suits or shirt and tie are recommended. Suits are necessary when calling on Bengali officials. Business cards are given and usual courtesies are observed. Visitors should not be misled by the high illiteracy rate and low educational level of most of the population. Given the opportunity, Bangladeshis prove to be good businesspeople and tough negotiators. The best time to visit is October to March.
Office hours: Sun-Thurs 0900-1700 and 0800-1430 (government offices).
Office hours: Sun-Thurs 0900-1700 and 0800-1430 (government offices).
Business Contacts
Federation of Bangladesh Chambers of Commerce and Industry
60 Motijheel Commercial Area, Dhaka-1000, Bangladesh
Tel: (2) 956 0102/3 or 0598.
Website: www.fbcci-bd.org
60 Motijheel Commercial Area, Dhaka-1000, Bangladesh
Tel: (2) 956 0102/3 or 0598.
Website: www.fbcci-bd.org
