Bangladesh Economy and Business

• GDP: US$83 billion (2008 estimate).
• 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.

Overcrowded Bangladesh depends mainly on subsistence agriculture, which suffers frequent and severe damage from cyclones and flooding. Due to a worldwide decline in the demand for jute (formerly an important export), Bangladesh has become more dependant on earning foreign income from the manufacture of textiles. There are reserves of natural gas and low-grade coal, which meet the bulk of domestic energy requirements.

Bangladesh continues to rely heavily on foreign aid, which derives from a variety of sources coordinated by the World Bank-led ‘Paris Club' of donors. A continuing problem is corruption - Bangladesh is widely recognised to be among the worst offenders.

Growth was at 5.9% in 2008, with unemployment at 2.5% and inflation at 9.4%.

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).

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI)
60 Motijheel Commercial Area, Dhaka-1000, Bangladesh
Tel: (2) 956 0102/3 or 0598.
Website: www.fbcci-bd.org