The name Bangladesh means "Country of Bengal" in the official Bengali language. It faces the Bay of Bengal to its south, and is bordered by India on the north, west and east, as well as Burma (Myanmar) on the southeast. It is separated from the Himalayan nations of Nepal and Bhutan by India's narrow Siliguri corridor, and is in geographical proximity to China.
|GDP per capita (US$)||290||364||376||386||399||418||437||460||484||509||532||557|
|Poverty Headcount (%)||59%||49%||40%||32%|
|Top Imports 2010/2011||USD mn|
|Petrol, Oil, Lubricants (POL)||$ 3,186|
|Raw cotton||$ 2,689|
|Textile and articles thereof||$ 2,680|
|Capital machinery||$ 2,325|
|Iron, steel and other base metals||$ 2,004|
|Food Grains||$ 1,911|
|Leading Suppliers 2010/2011||% of total|
|Leading Export Markets 2010/2011||USD mn|
|Germany (#2)||$ 3,439|
The political relations between Bangladesh and Germany are friendly. Germany was amongst one of the first European countries to acknowledge Bangladesh as an independent state in 1972. Germany and Bangladesh have been reliable partners towards each other whether it was development aid Germany provided to Bangladesh, cultural exchange between the countries or trade relations.
Germany is the second largest export market for Bangladesh after the United States. Between 2007 and 2010 the imports from Bangladesh as the German exports rose continuously. 95 % of imports from Bangladesh to Germany are Ready Made Garments. Far behind are leather goods and food with 1,3 and 1,4 percent. German Exports to Bangladesh are mostly machines (46 %), chemicals and electronic goods (18 % and 14 %). German ship-owners are producing ships in Bangladesh since a couple of years. German stock of direct investment is mostly within the sectors of textile, transport, logistics and building materials; the tendency is rising.
The Bangladesh German Chamber of Commerce (BGCCI) is with now almost 400 members the biggest bilateral chamber in Bangladesh and tries to promote trade in Bangladesh. The BGCCI has been a reliable partner since 2004 to help Bangladesh’s economy prosper more and more each year.
Bangladesh is a developing nation. Goldman Sachs named it one of the “Next Eleven”. Bangladesh gradually decreased its dependency on foreign grant and loan from 85% (In 1988) to 2% (In 2010) for its annual development budget. Its per capita income in 2010 was US$641 compared to the world average of $8,985. In December 2005, the Central Bank of Bangladesh projected GDP growth around 6.5%.
Bangladesh has seen a dramatic increase in foreign direct investment. In order to enhance economic growth, the government set up several export processing zones to attract foreign investment. The Bangladesh Export Processing Zone Authority manages these.
Bangladesh government is planning for construction of the largest deep-sea port in South Asia at Sonadia Island. The 500 billion Taka project will be completed in multiple phases and enable Bangladesh to service the whole region as a maritime transport and logistics hub. India, China, Bhutan, Nepal and other neighbouring countries will be able to take full advantage of the strategic location and Bangladesh’s LDC status for exporting their goods, which are manufactured in Bangladesh.
Today Bangladesh is the second biggest producer of textiles’ and soon will overtake the current leader China. It is not just the textile industry, which is flourishing; the shipbuilding and shipwrecking industry in the Chittagong area is becoming more and more important. Through the need of a better infrastructure urban development and building industry are extremely on the rise.