The relations between Bangladesh and South Africa are characterised by close bonds, based on shared values and mutual cooperation. Although Bangladesh-South Africa diplomatic relation was formally established in 1994, the relations between the peoples of the two countries date back far the past. Father of the Nation Bangabandhu Sheikh Mujibur Rahman expressed his unequivocal support at the UN for the end of the apartheid in South Africa in 1974 and repeated this assertion many times in many international fora.
Enhancing the bonds through solidarity, friendship and cooperation is the cornerstone of this bond. The visit of late President Nelson Mandela to Bangladesh in March 1997 is a watershed event in the relationship between the two countries. During the visit, a Declaration of Intent (DOI) was signed expressing resolve of both countries to explore all possible avenues to expand and deepen the extent of political and economic cooperation between Bangladesh and South Africa.
The two countries have similar trajectory of development. Bangladesh is one of the fastest-growing economies in the world. South Africa is one of the largest economies of African continent with its rapid economic progress and is the business hub in the southern African region. South Africa has been making tremendous advancements in socio-economic sectors and has all potential to become one of the most advanced economies of the world in the near future. Bangladesh and South Africa have huge potential for two-way trade and investment taking into account the existing economic complementarities. During FY
2020-21, Bangladesh imported goods from South Africa worth US$ 132.6 million. Bangladesh exported goods worth US$ 110.4 million to South Africa during the same period. Both sides are making sustained efforts to develop mutual trade and investments.
THE RISE OF BENGAL TIGER:
BANGLADESH TRADE & BUSINESS SUMMIT
Bangladesh Securities and Exchange Commission (BSEC) and Bangladesh Investment Development Authority (BIDA) are going to jointly organize a summit titled as ‘The Rise of Bengal Tiger: Bangladesh Trade & Business Summit’, on August 23, 2023 at Johannesburg, South Africa. Her Excellency Sheikh Hasina, MP, Honorable Prime Minister, Govt. of the People’s Republic of
Bangladesh has given her kind consent to grace the occasion as the Chief Guest. The Inaugural Session, Chaired by Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC, will be held on morning, where dignitaries, delegates and business leaders from the government, regulatory authorities, financial institutions and business community of Bangladesh and South Africa will engage to
build sustainable growth partnership. This summit aims to strengthen the Trade and business relations between two countries.