The growing demand from business communities both in Australia and in Bangladesh to establish a mechanism for facilitation of trade and investment and exchange of business information between the two countries set the background for establishing an appropriate business forum. In late April 2002, a Convening Committee was constituted to examine the feasibility of creating a bilateral business council.

In March 2002, the Prime Minister of Bangladesh visited Sydney for the purpose of addressing meetings of the community and business. The newly constituted Convening Committee of the Australia-Bangladesh Business Council played a significant role in organising the business meeting held Sydney.

The Foreign Minister of Bangladesh and the Executive Chairman of the Board of Investment in Bangladesh addressed the business meeting. The presentation made by the Executive Chairman of the Board of Investment highlighting the investment climate and business opportunities in Bangladesh generated significant interest within the business community in Sydney. Later discussions between the members of the business community reinforced the need to establish the Australia-Bangladesh Business Council.

The Australia-Bangladesh Business Council is now incorporated under the Associations Incorporation Act 1984 and an active member of the bilateral business council family operating in Australia.