Dhaka, Nov 20 (UNB) - Bangladesh and Turkey have agreed to introduce direct air and banking links between the two countries at the earliest possible time to promote bilateral trade and economic cooperation.

The two sides also underscored the need for direct shipping link, as a protocol was signed between the two countries in Ankara, Turkey on Thursday.

Finance Minister AMA Muhith and Turkish Minister of State Mehmet Aydin signed the protocol on the concluding day of the third session of Bangladesh-Turkey Joint Commission for Trade, Economic and Technical Cooperation (JEC) held November 18-19.

According to the protocol received here Thursday night, the two sides agreed to cooperate with each other so they could raise the bilateral trade to US$ 1 billion in the shortest possible time.

To achieve the target, they agreed to encourage their designated airlines to start direct flight between Bangladesh and Turkey at the earliest possible time under a Memorandum of Understanding (MoU) signed in 1997.

The two countries would also consider establishing direct banking links through state-owned banks, suitable private banks or other financial institutions on a priority basis.

Other major areas the two sides have agreed to cooperate are agriculture and irrigation systems, contracting services, tourism, telecommunications, infrastructure projects, SMEs sector development, and standards and testing institutions.

The two sides agreed to explore the possibilities of joint venture in the fields of shipbuilding, heavy machinery industries, electronic appliances, textiles, pharmaceuticals, RMG, jute and jute products,
and petrochemical products.

Both sides stressed the need for reciprocal visits of business delegations to promote bilateral trade, economic and technical cooperation, and also the need for holding trade fairs in each other’s country.

Bangladesh expressed interest to export medicines and pharmaceutical products. The country invited Turkish investors to relocate their labour-intensive industries like textile and construction to Bangladesh to utilize cheapest labour and other fiscal incentives.

Both sides agreed to examine the investment possibilities from Turkey in the oil, gas, refinery and power plant sectors in Bangladesh.

The two countries decided to hold the next meeting of the JEC in Bangladesh at a time to be mutually agreed upon.