Turkey keen to invest in military, economic sectors, JEC meeting soon

Turkey has expressed keen interest in investing across various sectors in Bangladesh, including military, energy, and infrastructure. 

These topics will be further discussed during an upcoming meeting of the Joint Economic Commission (JEC) between the two nations, as announced by Commerce Adviser Sheikh Bashiruddin after a meeting with Turkish Commerce Minister Professor Dr Omar Bolat at the ministry on Thursday (January 9).

Following the meeting, Sheikh Bashiruddin said, “A large Turkish delegation visited today, and we had extensive discussions on economic cooperation in areas such as food, health, industries, pharmaceuticals, textiles, garments, exports, and investments.”

The adviser highlighted the significance of the JEC, stating, “We have a Joint Economic Commission, and its meeting is scheduled for this year. We aim to hold it soon and discussed how to expedite economic cooperation today.”

While the exact date of the JEC meeting has yet to be determined, efforts are underway to align schedules between the two nations. 

Bashiruddin said, “The meeting will focus on creating specialized economic zones in sectors like food, health, and industry. Turkey is already involved in several projects through the Turkish Construction Association, and we’ve outlined opportunities for their participation in ongoing and future initiatives.”

Turkey has expressed interest in investing in several key sectors, including: 

Energy: Large-scale projects in this sector are already underway.

Machinery and Industrialisation: Aimed at boosting Bangladesh's industrial capabilities.

Infrastructure: Various development projects are open for Turkish collaboration.

Sheikh Bashiruddin emphasised the potential for expanding bilateral trade. Current exports to Turkey stand at $500 million, while imports are at $450 million. Exports to Turkey saw a 30% increase last year, but the advisor believes the trade volume is far below its potential given the combined population of approximately 270 million in both countries.

“We’ve identified key sectors for growth and will develop actionable strategies in the JEC to harness these opportunities,” he added.

Turkey has already invested around $300 million in Bangladesh across sectors such as LPG, electronics, soft drinks, and services. The country has now expressed interest in military cooperation, particularly in exporting military technology and arms.

“Their military exports total about $8 billion, and they are eager to collaborate in appropriate military technologies,” Bashiruddin said.

While details on potential arms exports remain preliminary, the advisor confirmed, “We’ve had discussions on this matter, and more specifics will be addressed during the JEC meeting.”