Commerce Minister Tipu Munshi has urged Canadian investors to invest in Bangladesh, as the South Asian country has high potential for investment.
He made the call at the opening ceremony of CBCCI Trade Expo 2023, organised by the Canada-Bangladesh Chamber of Commerce and Industry (CBCCI) at a city hotel on Tuesday night.
As the chief guest, Tipu lauded CBCCI for their initiative of the expo, saying, “Such exposition would help us to enhance bilateral trade volume. Bangladesh is an investment-friendly country. The government provides all related facilities for investors here.
“So, I request Canadian investors, particularly Bangladeshis who are in Canada, to invest in Bangladesh,” he added.
Speaking at the event, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin said local entrepreneurs have been working relentlessly to boost the country’s export volume, as Bangladesh aimed to reach $300 billion in exports by 2041.
“So, we all have to work together and focus to expand the market around the world by producing diversified products,” he said.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said the ready-made garment (RMG) industry is the lifeline for Bangladesh’s economy.
“During the fiscal year 2021-22, our RMG exports reached $42.61 billion. And in 2022, the industry reached a new milestone of $45.70 billion in RMG exports. At the same time, the country’s total exports also set a new record of $54.69 billion in 2022.”
He said in the last fiscal year (2021-22), Bangladesh’s total exports to Canada stood at $1.52 billion, in which the share of the apparel sector was around 87 per cent. Bangladesh exported apparel goods worth $1.32 billion to Canada in FY22.
CBCCI President Parvez Ahmed (Mohid) said the bilateral trade between Bangladesh and Canada is nearly $3 billion.
“So, we have a huge scope to increase the figure. In this context, we are going to arrange the trade expo from October 6 to 8 in Canada for the first time this year,” he added.
To bring foreign direct investment (FDI) to Bangladesh, two memorandums of understanding (MoUs) were also signed at the event among Lionsgate Ltd Bangladesh, Bu Abdullah Group of Companies, and Marine Technology Company in Canada.
Lionsgate Ltd Bangladesh President Farzana Ali, UAE's Bu Abdullah Group of Companies Chairman Bu Abdullah, and Marine Technology Company in Canada Chairperson Dhia Hussain signed it on behalf of their respective organisations.
