Business with the Nordic
- Bangladesh continued to enjoy friendly relations with all the Nordic countries and holding a positive image as a progressive developing nation among the Nordic countries
- Trade growth was on the rise. Total export of Bangladesh to the Nordic region crossed US$ 1 billion mark in FY 2012-13
- Bangladesh has turned to a trading partner with Nordic countries rather than aid partner
- Bangladesh export to the Nordic countries is shifting from traditional items to the diversified products like oceangoing ships, IT enabled services, outsourcing etc.
- Technology transfer from this tech savvy region to Bangladesh is getting more priority of investment.
- Bangladesh mainly exports readymade garments (including knitwear and woven garments), frozen food, agricultural products, jute goods (jute yarn & twine, ropes, bags, sacks, jute espadrille, jute handicraft, jute soil saver, etc.), chemical and toiletry products, light engineering products, leather goods (bags, wallets, brief case, shoulder bags, luggage, etc.) leather footwear & other leather articles (such as leather garments, waist belt, wrist watch belt, hand gloves), bicycles, snow sledges, ceramic products, home textile & handicrafts and ICT products & services to the Nordic markets. In addition, Bangladesh is building multipurpose ocean-going ships and vessels for Denmark and Finland. On the other hand, Bangladesh imports chemical products, plastic, wood pulp, machineries, vehicles, dairy products, food items, etc. from the Nordic countries.
- Telecom and IT and IT-enabled service are the biggest sector for Nordic companies in Bangladesh to export while RMG/textiles is the biggest sector for Bangladesh to export in the Nordic region.
Sweden (GDP US$ 526.2 billion, 2012 est.):
- Bangladesh’s export to Sweden comprised about 55% of knitwear products, 25% woven garments, 20% other products (home textile, ceramic items, interior design, crafts, vegetables etc.).
- There were more than 50 Swedish or Swedish-related companies represented in Bangladesh by themselves or by their agents.
- There is a potential for attracting Swedish investment in the sectors like renewable energy, paper pulp, jute, leather-products, textile & readymade garments etc.
- Bangladesh import machinery, electronics, light engineering, telecommunication equipment & technology, paper, petroleum products, and foodstuff from Sweden
- Trade (export & import) between Bangladesh and Sweden is amounted over US$ 500.00 million
Denmark (GDP US$ 313.6 billion, 2012 est.):
- Danish import from Bangladesh is amounted in 2012-13 to US$ 512.995 million.
- Bangladesh export to Denmark is dominated by the garment industry, making up 92% of total import value, ocean going ships, other items being frozen food, agricultural products, jute goods, chemical products, fish& fishing related products etc.
- On the other hand, the main Danish exports to Bangladesh were pharmaceuticals, dairy products, and industrial machinery.
- The two-way trade between Bangladesh and Denmark had grown more than 200% within the last 3 years.
- More than 70 Danish companies have established their business in Bangladesh in the form of either FDI or JV or setting liaison office in Bangladesh.
- Most of the Danish investors shows their interest to transfer its sophisticated technology to modernize Bangladesh’s growing shipbuilding industry as well as in other business sectors like fishing, renewable energy, waste and waste management and IT.
Finland (GDP US$ 250.1 billion, 2012 est.):
- Bangladesh export to Finland comprised about 65% knitwear products, 25% woven garments and 7% others products (ceramic, handicrafts, light engineering products etc.).
- Total trade between Bangladesh and Finland is amounted over US$ 100.00 million
Norway (GDP US$ 501.1 billion, 2012 est.):
- Bangladesh export to Norway comprised about 62% of knitwear products, 15% of woven garment and 22% of other related products in Norway
- Total trade (export & import) between Bangladesh and Norway is counted over US$ 150 million
- Potential investing sector for the Norwegian investors in Bangladesh would be shipbuilding and ship-recycling sectors, telecommunication, readymade garments, technology transfer, cleantech, IT & ITES, oil & gas to support the rapid-growing sector.