Bangladesh bridging East and West

The concept of Bangladesh bridging East and West in expanding business has caught the attention of the investors from home and abroad. Prime Minister Sheikh Hasina said this while inaugurating the weeklong “Bangladesh Trade and Investment Summit-2021” at Bangabandhu International Conference Centre.

She also said that businessmen who would come to invest in Bangladesh would get the opportunity to access the markets in various countries of South and Southeast Asia. When Bangladesh will be developed to work as a communication bridge between East and West, trade and commerce between the two hemispheres will get a new impetus. The geographical location of Bangladesh also offers some unique opportunities that could be exploited by the businessmen.

The communication networks are being built all over the country through improving water, rail, road and airways. We may recall that in the 1990s there was only one international airport in Dhaka, but later Chattogram and Sylhet airports have been upgraded into international airports. At the moment work is going on for constructing another international airport in Cox’s Bazar, and Syedpur airport is being upgraded into a regional one which the neighboring countries will also be able to use.

In order to turn the country into the envisaged communication bridge, besides the airports, different sea ports are also being upgraded. In this respect, Chattogram sea port, Mongla port and Payra port will be developed into international level ports and deep sea ports respectively. It has been revealed by the authorities that extensive development work is going on at Maheshkhali in Cox’s Bazar to construct a deep-sea port.

As part of the celebration of the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the Golden Jubilee of the country’s Independence, Ministry of Commerce and Dhaka Chamber of Commerce and Industry are jointly hosting this international virtual Summit. The summit includes nine sectors, underscoring critical enablers and avenues of the economy, seeking massive investments especially in Infrastructure (physical, logistics and energy), IT/ITES and fintech, leather goods, pharmaceuticals, automotive and light engineering, plastic products, agro and food processing, jute and textiles and FMCG (fast-moving consumer goods) and retail business. Apart from Bangladesh, 551 companies from 38 countries of five continents are taking part in 450 business to business (B2B) match-making sessions, which will help explore new business opportunities and attract FDI in Bangladesh.

In a bid to provide the participants with a clear idea about Bangladesh and the existing investment climate here, six webinars on different trade and investment related issues will be organised where representatives from the business community, local and international experts and policy makers will participate as well as present their wisdom on these issues.

Besides the above mentioned nine sectors, the Bangladesh PM underscored the need for conducting research to identify new products we can produce in order to add more items to the export basket.

The organisers of the high-profile summit expressed their hope that the local and foreign industrial entrepreneurs, traders and investors will be able to know in detail about the untapped resources and unexplored potential of business in Bangladesh and take their individual decisions. Organisers believe new doors of Bangladeshi products will open up in the world market and Bangladesh will be able to attract foreign investors as well.

According to the authorities concerned, 23 trade wings in Bangladesh missions abroad are working to strengthen trade diplomacy. Furthermore, feasibility studies have been completed with 23 countries for the implementation of Bilateral Preferential Trade Agreements (BPTA), Regional Preferential Trade Agreements (RPTAs), Free Trade Agreements (FTAs) and Comprehensive Economic Partnership Agreements (CEPAs). Bangladesh is also working continuously with different international and regional groups such as UNCTAD, UNESCAP, EU, D-8 and BIMSTEC.

The country has introduced One Stop Service Portal System from 2019 to provide all investment related services under one platform. The OSS portal will offer 154 investment services of 35 organisations online. Besides, to attract foreign entrepreneurs, the government has approved establishment of a large number of economic zones, of which nine economic zones are already in operation.

We wish the summit a success in meeting its envisioned goal of finding foreign investors.