HYDERABAD, Aug 1: The deputy high commissioner of Bangladesh, Mr Mohammad Abdul Hannan, has said the volume of trade between Pakistan and Bangladesh is only $75 million a year which is insignificant.

He was addressing traders and industrialists at the Hyderabad Chamber of Commerce and Industry on Saturday. Mr Hannan said the basic purpose of his visit was to increase trade between the two countries owing to deep-rooted relations.

He said the WTO regime would be introduced in Jan 2005 and in order to meet this challenge, bilateral trade relations must be increased in people's interest. He said a free trade agreement and a shipping line agreement existed between the two countries under which the business community could enter into trade relations with each other individually or in the shape of groups.

Mr Hannan said it was the need of the hour that investors should come to Bangladesh and Pakistan. He said Bangladesh was producing 95 per cent of its requirement of medicines and exporting medicines to countries like Singapore.

He said Bangladesh was exporting garments to the tune of $5 billion per annum though it did not produce cotton. He suggested Pakistani textile groups - the Fateh, the Gul Ahmed and the Hussain Industries - should set-up composite textile plants in Bangladesh.

He said his country was self-sufficient in food but it had to import minerals and chemicals from Pakistan. He said the Memon community had already set-up industries in Bangladesh and doing a roaring business.

The deputy high commissioner suggested exchange of trade delegations between the two countries to give a fillip to bilateral trade. Fateha Khawani was also held for the victims of the recent flood in Bangladesh. The president of the chamber, Emad Siddiqui, on behalf of the business community, expressed sympathies with bereaved families.

Mr Siddiqui stressed the need for setting-up joint industrial ventures in the two brotherly countries. A large number of traders and industrialists were present on the occasion.