With an aim to expand its business to Chinese mainland, Bangladesh wants to develop strong trade links with Hong Kong which is presenting itself as a sourcing and distribution hub in Asia. Readymade garments (RMG), leather, textiles, fabrics, food, sea food, frozen foods, jute and ceramic products are among those Bangladesh wants to trade with Hong Kong.
Total trade value between both the countries in 2016 stood at around US $ 1.7 billion. Bangladesh is seen as a place with immense potential. It is also an important partner on the Bangladesh-China-India-Myanmar economic corridor under the Chinese mainland’s belt and road initiative.
A majority of the leather and footwear factories in China want to relocate production units to Bangladesh considered as manufacturing powerhouse in South Asia. These companies want to utilise duty-free entry benefits allowed to exports. After manufacturing these products in Bangladesh they want to re-export the finished products to the world through Hong Kong.