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The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Tuesday said that a Free Trade Agreement (FTA) with China will aid Bangladesh’s economic progress and tackle possible challenges that the country might face after LDC graduation.
“Besides, such agreement will reduce the huge trade deficit between the two countries,” FBCCI President Md Jasim Uddin said on Tuesday.
He made the statement while addressing the inauguration ceremony of the 7th Council of Chinese Enterprises Association in Bangladesh (CEAB) during a webinar of the China-Bangladesh Economic and Trade Co-operation Forum 2021.
Noting that Bangladesh’s imports from China in FY2019-20 were at $11.49 billion compared to exports of only $0.60 billion, the FBCCI chief also said, “The Dhaka-Beijing Free Trade Agreement is needed to reduce this huge trade gap. Chinese investment in Bangladesh was $1.02 billion in 2020. The FTA will boost up the confidence of Chinese entrepreneurs in investment and trade in Bangladesh.”
He also called for undertaking research projects to find opportunities for investment and trade expansion in Bangladesh.
Jasim Uddin also called on Chinese entrepreneurs to invest in industries such as skills development, knowledge and technology exchange, power and energy, transport, leather, plastics, information and communication technology, agriculture and biotechnology, among others.
He also highlighted a number of incentives provided by the Bangladesh government to improve the investment climate, such as tax holidays, reduced income tax for 5 to 10 years, tax exemption on export income tax, reduced import duty on capital machinery and raw material imports.
The ongoing establishment of 100 specialized economic zones in Bangladesh has made the country one of the most attractive investment destinations for global entrepreneurs in the region, he cited.
Praising China’s Belt and Road project, Jasim Uddin said, “This initiative has brought important opportunities to Bangladesh to become a developed nation by 2041.”
Prime Minister’s Private Industry and Investment Adviser Salman F Rahman was present as the chief guest of the occasion, while Chinese Ambassador to Bangladesh Li Jimming was the special guest.
Bangladesh Investment Development Authority Executive Chairman Md Sirazul Islam, Bangladesh Export Processing Zones Authority Executive Chairman Maj Gen Md Nazrul Islam, and Bangladesh Economic Zones Authority Executive Chairman Md Shaikh Yusuf Harun, also spoke at the occasion.
Dhaka Chamber of Commerce & Industry President Rizwan Rahman, Bangladesh-China Chamber of Commerce and Industry President Gazi Golam Mortuza, and CEAB President K Changliang, among others, also addressed the event.
