First African-Asian B2B meeting on cotton trade in Bangladesh
The International Islamic Trade Financing Corporation (ITFC) has organised its first B2B meeting between African cotton suppliers and Bangladesh cotton importers, as part of its Cotton Development and Partnership Programme.
Photo: International Islamic Trade Finance Corporation (ITFC)
ITFC is recognised as the leading trade financier for cotton in West Africa and it is mandated to facilitate and promote intra-trade among and assist them in developing the competitiveness of their strategic products.
Abul Maal Abdul Muhith, Minister of Finance of Bangladesh and chairman of the IDB Board of governors and Hani Salem Sonbol, CEO, ITFC inaugurated the event. West African cotton producers, the African Cotton Association, the Bangladesh Textile Mills Association, the Bangladesh Cotton Association and Bengali Spinning/Textile Mills attended.
The meeting supports the Bangladeshi textile industry, which is the source of employment and export earnings for the Bangladeshi economy. ITFC was able to bridge between the Asian countries, specifically Bangladesh and Indonesia, to reach out and develop new business partnerships with African cotton suppliers.
Sonbol expressed his thanks to the President of African Cotton Association, Baba Berthe and CEO representatives of West African Cotton Ginning companies for being part of this B2B meeting. “ITFC is very thankful to its strategic partners for co-hosting this important business development event for member countries of Organization of Islamic Conference’s cotton industry. ITFC, as the trade finance and trade development arm of the IDB Group, brings businessmen together from its member countries and provide them with the platform as such today to develop new business partnership to benefit from direct trade linkages between cotton exporting countries and Bangladeshi textile industry.”
Minister Muhith expressed his confidence in the impact of this meeting to the Bangladeshi’s to the textile and garment industry, which is the backbone of the Bangladeshi economy and stimulator of its economic growth. “This meeting opened doors to our cotton importers to build new opportunities with the African suppliers. With the current challenging economic environment and the increasing competition, ITFC had given us the chance to reach new destinations.”
Calik Cotton sponsored the meeting as the event’s strategic partner. It supplies cotton of different origins, grown both in Turkey and abroad, and serves major local and international textile industrialists. The event served as a platform for networking and business partnerships and provided an opportunity for discussing ideas, industry trends and market updates.
Hani held one-to-one meetings with Minister Muhith, the Minister of Finance, Fazle Kabir, governor and chairman of the Board, Bangladesh Bank and Nasrul Hamid, State Minister, Ministry of Power, Energy and Mineral Resources. The meetings focused on the longstanding and strategic partnership between ITFC and the Peoples’ Republic of Bangladesh, especially in supporting Bangladesh’s energy sector in addition to the opportunities in supporting the agricultural sector.
