Bangladesh and Switzerland discussed ways to strengthen bilateral trade, investment, and broader economic cooperation during a meeting held at the secretariat on Sunday.

According to a ministry press release, commerce minister Khandaker Abdul Muktadir said to the Swiss ambassador to Bangladesh, Reto Renggli,that Bangladesh enjoyed long-standing friendly relations with Switzerland and benefits from duty-free access to the Swiss market under the GSP scheme.

He also said that a significant portion of Bangladesh’s population belonged to the middle-income group and was aware of the high quality of Swiss products, adding that competitive pricing could help Swiss firms attract more consumers in the local market.

He highlighted that the government had undertaken several initiatives to attract foreign investment and emphasised the potential for increased Swiss investment in sectors such as pharmaceuticals, leather goods, light engineering and shipbuilding.

‘Such investments would further strengthen bilateral economic ties,’ he added, saying that Bangladesh urged the United Nations for a three-year deferral of its graduation from the least developed country status and expects Switzerland’s support in this regard.

He expressed optimism that enhanced engagement between business communities and chambers of commerce of the two countries could significantly boost trade volume.

Swiss ambassador Reto Renggli said that the trade imbalance between the two countries remained high and could be reduced through stronger bilateral cooperation.

He said that Switzerland was keen to expand trade and investment in Bangladesh.

Commerce ministry secretary Md Abdur Rahim Khan was also present at the meeting.