Russia is interested in expanding cooperation with Bangladesh in agriculture, food and fertiliser supplies, energy, information technology, cybersecurity and e-governance. Business leaders from both countries have stressed the need to remove existing barriers to trade and investment and establish a smooth payment system to unlock these opportunities.

The issues were discussed at the Bangladesh-Russia Business Dialogue held at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) office in Motijheel, Dhaka, on Thursday afternoon (November 5). The event was jointly organised by FBCCI and the Russia-Bangladesh Business Council, with FBCCI Administrator Md Fazlul Hoque presiding.

In his welcome address, Fazlul Hoque said the current global situation had created significant opportunities for both countries to expand trade. Although there were no major obstacles to bilateral trade and investment, he said, smaller barriers needed to be identified and addressed through joint initiatives.

Ilya Shestakov, head of the Russian delegation, said Bangladesh was one of Russia's leading trading partners in South Asia in terms of trade volume.

He said that Russia wanted to increase supplies of agricultural products, food and fertiliser to Bangladesh while exploring joint ventures in energy, information technology, cybersecurity and e-governance. However, he stressed that a sustainable bilateral payment infrastructure was essential to realise this potential.

Russian Ambassador to Bangladesh Alexander Khozin emphasised the need to further strengthen bilateral relations and economic cooperation.

He said existing barriers related to trade and investment requirements, regulatory procedures, logistics and market access needed to be addressed. He also highlighted opportunities for cooperation in education and human resource development beyond trade and investment.

Meanwhile, FBCCI and the Russia-Bangladesh Business Council signed a memorandum of understanding (MoU) to strengthen trade relations, expand commerce and promote strategic partnership between the two countries.

Under the agreement, the two organisations will work to create a favourable business environment for entrepreneurs, companies and institutions in both countries. They will also exchange updated information to explore new trade and investment opportunities.

The two sides will further cooperate in organising joint projects, trade fairs, exhibitions, business missions and investment forums involving companies from both countries.

Among those present at the event were Russia-Bangladesh Business Council Chairman Mia Sattar, Bangladesh Association of Banks Chairman Abdul Hai Sarker, Bangladesh Bank Executive Director Dr Imam Abu Sayeed, Economic Relations Division Joint Secretary Aynur Akter Panna, Metropolitan Chamber of Commerce and Industry President Kamran T. Rahman, former FBCCI Vice-President Mir Nizam Uddin Ahmed, BARVIDA President Abdul Haque, Bangladesh Jute Mills Association President Abul Hossain, Rajshahi Chamber of Commerce and Industry President Hasen Ali, Dhaka Stock Exchange Chairman Mominul Islam and Chittagong Stock Exchange Chairman A.K.M. Habibur Rahman.