Bangladesh, Luxembourg businesses explore possible convergence in sectors of common interest

Bangladesh and Luxembourg businesses have explored the possible convergence in sectors of common interest as both countries eye strengthening the trade ties.

This was “precisely” the main purpose of the second meeting of the recently concluded Luxembourg Business Council in Bangladesh (LBCB) in Dhaka, Honorary Consul of Luxembourg and Convener of the Council Nasreen Zamir told bdnews24.com.

The two countries despite decades-old diplomatic relations gave a fresh look to the relations only in 2O16 when Luxembourg appointed Nasreen Zamir, a leading Bangladeshi designer, as its Honorary Consul in Dhaka.

She said they have also decided to conduct this year a joint visit of LBCB members to Luxembourg “in order further sensitise Bangladeshi companies on opportunities in Luxembourg and develop Luxembourg business awareness on Bangladesh.”

“LBCB is still a new creature, less than one year old, and we, therefore, go from surprise to surprise,” she said, adding that not everyone knows that Luxembourg was the first European country to become a member of the Beijing-based Asia Infrastructures Development Bank (AIIB).

“It is a clear indication of Luxembourg’s appetite to increase its economic footprint in Asia. Why not also in Bangladesh?”

Financial sector collaboration, particularly in banking, is a major area that Dhaka is looking to explore with Luxembourg.

Discussing the meeting with bdnews24com, she said Luxembourg may look very distant, but in fact, they have more in common than many imagine.

“And if you consider business opportunities then there are several areas that deserve proper consideration,” she said.

The meeting’s objective was notably served by the active participation of two Luxembourg-based companies which are new members of the LBCB -- SES which is the world leader in telecom satellite services and has a regional office in Singapore and Jan De Nul, with a regional platform in New Delhi, which is quite prominent on the international scene in the field of logistics.

“If you have in mind that our country is about to launch its first ever telecom satellite, Bangabandhu-1 and that Bangladesh needs to overcome a number of logistics bottlenecks to further develop its exports, you can easily assume that our session was forward-looking.”

She said it was an “eye-opener” for the Bangladeshi companies who have attended the meeting.

“Compared to some other European Countries which are quite familiar to us, Luxembourg is still, seen from Dhaka, a well-kept secret,” she said, adding that prominent Bangladeshi firms and local branches of global companies are members of the LBCB.

“Most of them conduct operations not just in the country but regionally and even beyond in such key sectors as finance, garment, digital services, trading, media, pharmaceuticals etc.

“They quickly captured the potential of further exploring possible partnerships with these two companies as well as with other Luxembourg businesses in general.”

“We have to be realistic but ambitious and determined,” she said when asked about the way forward following the meeting.

She also disclosed the decision to conduct a joint visit of LBCB members to Luxembourg this year.

“Judging from the quality of the exchanges we just had, we can be confident that concrete ways of cooperation will be identified,” she said.  “They could also include such areas as higher education, a field where Luxembourg excels.”

“This joint visit will also serve this purpose and convince a growing number of Luxembourg-based companies to that have a future in Bangladesh and that the LBCB can help them make it happen,” she said.

“I see it as a win-win game.”