Experts and policymakers on Wednesday underscored the need for effective collaboration among Commonwealth member states for the sake of easy movement of products, technology transformation, and knowledge sharing to combat current global economic headwinds.
They came up with the observations at several seminars of the “Commonwealth Trade and Investment Forum Bangladesh 2023” held at the InterContinental Hotel in Dhaka on Wednesday.
The Commonwealth comprises 56 countries across all inhabited continents. The members have a combined population of 2.4 billion people, almost a third of the global population.
Prime Minister Sheikh Hasina inaugurated the event in morning in another venue in the capital. Bangladesh is hosting the conference for the first time in association with the Commonwealth Enterprise and Investment Council (CWEIC).
Bangladesh Investment Development Authority (BIDA), Ministry of Foreign Affairs and Zi Foundation are partners of the conference. Over 300 international delegates including 13 ministers from Commonwealth countries are participating in the two-day conference.
Private Industry and Investment Advisor to the Prime Minister Salman F Rahman urged the investors of the member states to invest in Bangladesh as it offers tremendous opportunities while speaking at the seminar titled, “The Bangladesh Opportunity: Commonwealth Partnerships” moderated by BBC broadcaster Tanya Beckett.
“Agro and agro-processing, technology, textile for manmade fibre, circular economy, pharmaceuticals, renewable energy, furniture, shipping sectors hold potential for foreign investments,” he said adding that Bangladesh is ready to facilitate special policy support for Commonwealth economies to fetch more foreign direct investment (FDI).
“Bangladesh is a well-positioned country among the global south economies and the Bay of Bengal is emerging as a critical region in the competition for control of sea lanes and global trade. Economies under the umbrella of Commonwealth can leverage the opportunities for trade or setting manufacturing units,” Salman added.
He mentioned that Bangladesh’s strategic location at the apex of the Bay of Bengal brings significant responsibilities as a facilitator and a connector between regions and competing powers.
“Bangladesh's economy is expected to reach top $485 billion by the end of this year. A robust demographic dividend, strong apparel exports, resilient remittance inflows, and stable macroeconomic conditions have supported rapid economic growth over the past decade,” Salman said.
CWEIC Chairman Lord Marland said Bangladesh can take the opportunity to extend economic cooperation among Commonwealth nations.
“Bangladesh has proven its excellence in apparel export in the world. Countries under the Commonwealth platform can follow the best practices in the sectors. We want to connect every dot of possibilities through the Commonwealth, home to around 2.5 billion people and includes both advanced economies and developing countries,” Marland said.
Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof Shibli Rubayat-Ul-Islam, FBCCI President Mahbubul Alam, Unilever Bangladesh Chairman Zaved Akhtar and British International Investment Managing Director Srini Nagarajan also spoke at the seminar.
In another seminar titled, “The global economy: Breaking Down Barriers to Trade” at the same venue, Commerce Minister Tipu Munshi emphasised effective collaboration among the member countries to facilitate trade and overcome all challenges.
“To reduce trade barriers, we need cooperation and collaboration among the commonwealth member countries,” he pointed out.
Commonwealth of Dominica Foreign Minister Dr Vince Henderson said the free movement of products among the countries must be ensured.
Sri Lanka Minister of State for Investment Promotion Dilum S Amunugama said their new government enabled to come down inflation from 67 per cent to 4 per cent thanks to effective policy.
“We are overcoming the bankruptcy situation due to proper decisions taken by the new government,” he added.
Another session titled ‘Mental Health in the Workplace: Creating a Positive Working Environment’ was held in the afternoon. United Kingdom MP Paul Bristow, Institute of Occupational Safety and Health head of strategic engagement Alan Stevens and Zi Foundation Chair Zillur Hussain also took part in the session.
