Bangladesh Seeks Türkiye's Technological Support to Develop Defense Industry
The chief of Bangladesh's caretaker government on Thursday called on Türkiye to bring its technology to the South Asian country and help build the defense industry. Muhammad Yunus, addressing a Turkish delegation led by Trade Minister Ömer Bolat in Dhaka, expressed willingness to collaborate beyond the textile industry.
Potential for Diversification of Cooperation
During the meeting, Trade Minister Bolat highlighted the potential for economic cooperation in various sectors, including defense industry, health care, pharmaceuticals, and farm machinery, beyond the current focus on textiles.
Enhancing Economic Ties
Bangladesh's exports to Türkiye reached approximately $581 million in 2023-24, with imports standing at around $424 million. Bolat expressed interest in expanding cooperation to reduce Bangladesh's dependency on other markets for imports.
Utilizing Bangladesh's Youth Workforce
Emphasizing the youthful population of Bangladesh, Yunus proposed utilizing the country's workforce to operate Turkish factories in Bangladesh, enabling the supply of products in the region. He sought Türkiye's assistance in creating employment opportunities for the youth.
Existing Turkish Presence in Bangladesh
Currently, nearly 20 large Turkish companies are active in Bangladesh across various sectors, including garments, textiles, accessories, chemicals, engineering, construction, and energy.
Yunus's Role in Bangladesh's Governance
As a Nobel Peace laureate and pioneer of the microcredit movement, Yunus assumed leadership of Bangladesh's caretaker government to restore stability following a period of turmoil. His focus is on addressing social challenges and preparing for upcoming parliamentary elections.
Grameen Bank's Impact on Poverty Alleviation
Yunus's Grameen Bank, recognized with the Nobel Peace Prize in 2006, played a significant role in lifting millions out of poverty by providing microloans to the rural poor, who were underserved by traditional banking institutions.
Stabilization Efforts and Electoral Process
Yunus is dedicated to bringing stability back to Bangladesh post the recent unrest and ensuring a smooth electoral process to uphold democratic principles in the country.
