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Exporting to the People’s Republic of Bangladesh

bangladesh-map

BANGLADESH
Actual population* Population world ranking
166,280,712 9
Actual GDP (PPP)* GDP world ranking
$324,600,000,000 44
Actual GDP (per capita)* GDP (per capita) world ranking
$2,100 194

*See the end of this blog for definitions

There are numerous trade opportunities in a variety of business sectors available for those interested in exporting to the People’s Republic of Bangladesh.

Extensive market research and due diligence are keys to success. Establishing a personal business relationship is crucial as is carefully choosing a distributor or local agent to assist in the sale of the products. Discovering the market opportunities and challenges will help a company in determining how to succeed within the Bangladesh business environment. There are different resources available to assist companies with market entry strategies. Among them are the United States Commercial Service and the United Kingdom Trade and Investment.

Knowing accepted business customs and behaviors as well as determining customer preferences can make a difference in contributing to a company’s success. For example, business visitors need to realize that men and women usually do not shake hands with each other and that Bangladeshi businesses generally require senior directors or managers present at meetings for decisions to be made. Two resources for learning more about business etiquette are through the United States Commercial Service and the United Kingdom Trade and Investment.

Investors should become familiar with the best way to do business in Bangladesh. For more information see the Bangladesh Export Processing Zones Authority website at www.epzbangladesh.org.bd. To find information on beginning a new business, see the Board of Investment Bangladesh at www.boi.gov.bd and www.bangladesh.gov.bd.

It is also important to research what the customs regulations are in this country. The Government of the People’s Republic of Bangladesh National Board of Revenue is responsible for customs. Two other websites to look at for further information include www.export.gov and www.gov.uk. The Bangladesh Standards and Testing Institution is responsible for developing and endorsing the quality standards used within the country.

Bangladesh is located in South Asia and is a member of the World Trade Organization.

Bangla (Bengali) is the official language of Bangladesh. There are also other dialects spoken. English is common in the business community.

In Bangladesh, the voltage used is 230V at 50Hz. The most frequently specified plug pattern is the United Kingdom plug.

Sources:
www.export.gov
www.gov.uk
www.boi.gov.bd
www.bangladesh.gov.bd
www.epzbangladesh.org.bd
www.nbr-bd.org
www.bsti.gov.bd

*Source: www.cia.gov/library/publications/the-world-factbook/index.html

Country comparison—Population: Population compares estimates from the US Bureau of Census based on statistics from population censuses, vital statistics, registration systems, or sample surveys pertaining to the recent past and on assumptions about future trends. (July 2014 est.)

Country comparison—GDP (Purchasing Power Parity): GDP (purchasing power parity [PPP]) compares the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation’s GDP at PPP exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. (2013 est.)

Country comparison—GDP – per capita (PPP): GDP – per capita (PPP) compares GDP on a purchasing parity basis divided by population as of 1 July for the same year. (2013 est.)