Bangladesh is a potential destination for UK investors: Speakers

Bangladesh is a potential destination for investors in the UK though it is already the second-largest investor in Bangladesh but still there is vast potential to do more, said the experts during a discussion at the Bangladesh-UK Investment Summit in London.

They also said the compelling growth story of Bangladesh, with solid fundamentals and growth drivers leading to optimism about sustained growth.

The event was jointly organised by Standard Chartered and Bangladesh Investment Development Authority (BIDA) and took place in London on November 4, 2021.

A press releases published by Standard Chartered and Bangladesh on November 10 in this regard.

Highly placed delegates representing UK public and private sectors, policymakers, investors, bankers and economists, along with prominent leaders from Bangladesh’s private and public sectors were in attendance, said a media statement on Wednesday.

Isabelle Jenkins, Leader of Industry for Financial Services, PwC United Kingdom; and Gavin Dunne, Director, M&A, Unilever UK made remarks on why Bangladesh is a potential destination for investors in the UK, and what can be done to support the investment process. More than 100 representatives of businesses based in UK attended the engaging dialogue at the summit.

Standard Chartered Bangladesh Chief Executive Officer Naser Ezaz Bijoy said, “2021 is a very special year for Bangladesh, as we celebrate 50 years of our achievements as a nation. Bangladesh’s achievements in terms of growth in nominal GDP in the first 36 years since independence was trebled in a third of the time, over the last 12 years. Despite the challenges posed by pandemic, the country achieved one of the highest economic growth rates in the world, thanks to judicious policy intervention by the Government and the resiliency of the people. The country is expected maintain a growth trajectory that will enable GDP to exceed economies like Malaysia, Hong Kong, Singapore, Denmark and others. This is absolutely the right time to invest in Bangladesh which I believe is the “Best Kept Secret of Asia.”

Prime Minister’s Private Sector & Investment Adviser Salman Fazlur Rahman said, “The sustained, broad-based growth Bangladesh achieved over the last decade did not happen by accident, it was achieved through insightful planning & visionary leadership of our Prime Minister. Thank you Prime Minister. Now, in order to beat the ‘middle-income trap’ and become a high-income nation by 2041, we need to continue to develop our domestic markets and diversify our export baskets – both of which would be catalysed by FDI & Domestic Investment”

State Minister for ICT Zunaid Ahmed Palak said, “12 years after the declaration of Digital Bangladesh by Prime Minister, we have achieved major milestones as a nation and have graduated to middle income status. ICT has played a role in this incredible journey and will continue to be a key enabler of our sustained progress.”

BIDA Executive Chairman Mohammad Sirazul Islam said, “The UK is already the second-largest investor in Bangladesh, but there is vast potential to do more. Bangladesh’s liberalized investment policies and concessions encourage foreign investment. Our government is keen on facilitating more investments from the UK, which is a strong partner in our progress.”

Standard Chartered and Bangladesh Investment Development Authority (BIDA) formed a partnership in January 2021 to jointly promote Bangladesh as a preferred investment destination and work together to bring in targeted global investments to the country. This was the first physical investment-focused roadshow undertaken under this partnership, following webinars for Chinese, Malaysian and Japanese investors held over the year.

Standard Chartered, itself among the largest foreign investors in Bangladesh, has organised similar investment summits in the past as a part of its efforts to bring in more foreign investment to the country. The Bank had held six major investment summits till date, in markets such as Hong Kong, Singapore and London, in partnership with key partners, including BIDA.

With over 116 years of uninterrupted presence in Bangladesh, Standard Chartered is the only multinational universal Bank in the country with a unique blend of deep-rooted local presence and capacity to capitalise on its global network and product coverage. Itself among the largest foreign investors in Bangladesh, the Bank plays a leading role in attracting and facilitating foreign investment in the country.