Tarique, Erdogan Discuss Expanding Bangladesh-Türkiye Trade and Investment
Prime Minister Tarique Rahman and Turkish President Recep Tayyip Erdogan discussed expanding economic, trade and investment cooperation between Bangladesh and Türkiye during a meeting in New York.
In a Nutshell
- Tarique Rahman and Recep Tayyip Erdogan met at the Turkish House in New York on September 22 and discussed expanding cooperation in trade, investment and the wider economy.
- The two leaders also exchanged views on regional and international issues and expressed interest in opening new areas of cooperation based on mutual interests.
- Erdogan called for Bangladesh-Türkiye relations to be placed on a more institutional basis and highlighted greater cooperation in the defence industry and expressed interest in increasing bilateral trade.
- Bangladesh and Türkiye recorded around $1.05 billion in bilateral trade in FY2024-25, with Bangladesh exporting $634.53 million and importing $416.76 million.
Context
Bangladesh and Türkiye have maintained long-standing diplomatic and economic relations, where FY2024-25, bilateral trade stood at around $1.05 billion. Bangladesh's major exports to Türkiye include jute products and garments, while imports include textiles, machinery, chemicals and other industrial goods.
The latest meeting took place on the sidelines of the 81st United Nations General Assembly in New York, where both leaders were attending the annual gathering of world leaders. This aligns with ongoing discussions between Türkiye and Bangladesh to deepen trade and investment, building on Turkish investments that reached approximately $74.05 million as of May. Turkish business representatives also identified opportunities in electronics, home appliances and other sectors.
Why It Matters
Bangladesh’s trade relationship with Türkiye already has a solid base, with exports reaching around $635 million in FY2024–25, compared with imports of about $417 million, giving Bangladesh a trade surplus of roughly $218 million.
Garments and jute products remain central to these exports, but Turkish business representatives have also identified potential demand for Bangladeshi electronics, machinery and other manufactured goods. Expanding into these higher-value sectors may diversify Bangladesh’s export basket and create greater value from its established access to the Turkish market.
What We Think
Bangladesh-Türkiye trade already has a foundation, but $1.05 billion is still modest for two economies seeking stronger ties. Therefore over another round of just promises, we need some actual investments, new products and larger trade flows.
While the Mecca Defense Alliance (comprising Saudi Arabia, Turkey, and Pakistan) did hold a separate sidelines meeting in New York involving their respective foreign ministers, there is no public indication that Bangladesh's potential inclusion was discussed between PM Tarique and President Erdoğan at this UNGA session.