Bangladesh Mexico Trade and Economic Relationship
Mexico is Bangladesh’s important trading partner. Bangladesh’s export to Mexico is rising since the opening of its diplomatic mission in 2012. In 2017, two-way trade between both nations amounted to US$274.7 million. Bangladesh exported worth $ 252.52 million, with more that 90 percent being the clothing items. From Mexico perspective, however, Bangladesh is a small trading partner.
Export to Mexico: In Bangladeshi export basket to Mexico is dominated by the apparels. The other major export items include cotton, textiles, footwear and leather products.
Major Imports from Mexico: Bangladesh’s major imports from Mexico include – medicine, beer, tequila.
Investment Attractiveness of Bangladesh:
- Largely homogenous society
- Democratic country with broad support for market oriented economic policies
- Steady 6+ GDP growth for the last ten years
- Abundant supply of disciplined, easily trainable and low–cost work force with increasing supply of professionals, technologists, mid and low level skilled workers.
- Training expenditure of the employer is exempted from income tax.
- English proficiency of the workers in general
- Active encouragement for Foreign Private Investment with legal protection – Foreign Private Investment (Promotion and Protection Act 1980)
- Bangladesh exports enjoy EBA (Everything but Arms) to EU and GSP in most of the developed countries including Japan and Australia.
- Bangladesh has bilateral agreements to avoid double taxation with 31 countries including China.
- 4621 Bangladeshi products enjoy duty free and quota free access to Chinese market.
Investment Facilities –fiscal and non-fiscal:
- Repatriation of dividend and full capital at exit
- Foreign investment enjoys 5 years of tax holidays in Dkaha and Chittagong divisions while 07 years in other places
- Duty free imports of machineries and spares for 80% or more exporting industries
- Up to 90% loan facilities against letter of credits
- Cash incentives and export subsidies of selected products ranges
Trade Policy of Bangladesh
Export Policy: The Export Policy 2012-15 is targeted to have a liberalized trade regime, encouraging labor intensive export-oriented production, augmenting productivity and diversification of products.
Import Policy: The Import Policy Order, 2012-2015 has been issued in exercise of the powers conferred by the section 3(1) of the Import and Export (Control) Act 1950.
National Board of Revenue Bangladesh: http://www.nbr-bd.org/
Board of Investment Bangladesh: http://boi.gov.bd/
Ministry of Commerce, Bangladesh: http://www.mincom.gov.bd/
Bangladesh Bank: http://www.bangladesh-bank.org/
Export Promotion Bureau of Bangladesh http://www.epb.gov.bd/