The New Nation - Internet Edition

Staff Reporter

Bangladesh and Switzerland have signed an agreement for Avoidance of Double Taxation.

Ambassador of Switzerland in Bangladesh Dora Rapold and Chairman of National Board of Revenue (NBR) of Bangladesh Muhammad Abdul Mazid signed the agreement on behalf of their respective states at NBR Conference Room in Dhaka yesterday (Monday).

After signing the agreement, Ambassador Dora Rapold expressed the hope that imports from Bangladesh to Switzerland would increase further through the signing of 'Avoidance of Double Taxation' agreement.

Over the last years, economic and trade relations between Switzerland and Bangladesh have been expanding and deepening. The signing of the agreement marks an important landmark in bilateral economic cooperation. The treaty is expected to contribute to favourable conditions for Swiss investments in Bangladesh.

A number of large Swiss companies have investments in Bangladesh since independence in different sectors such as pharmaceuticals, food and diary, cement etc. Swiss Investment in Bangladesh now stands at US$118 million, according to the Board of Investment. In total, around 100 Swiss companies are represented by themselves or by agents in Bangladesh.

Trade between Switzerland and Bangladesh is increasing. In 2006, Bangladesh export to Switzerland was $118 million and Swiss export to Bangladesh was $107 million, according to official Swiss figures.

A business body called 'Switzerland Bangladesh Business Forum' (SBBF) was formed in Dhaka in 2004 to facilitate trade and investment cooperation. Currently, the forum has 32 members.