Bangladesh to be next investment destination: Lord Swire

As Bangladesh’s trade and economy are improving gradually, it would be the next investment and trade destination, said Member of the House of Lords of the United Kingdom and Deputy Chairman of CWEIC Lord Swire KCMG.

“Bangladesh would be the next investment and trade destination for the commonwealth countries and we are here for more engagement with Bangladesh to facilitate investment through networking,” he said while speaking at a press conference held at a hotel in the capital on Sunday.

The Commonwealth will help expand business as there is huge potential to grow among the nations, he added.

Commonwealth Enterprise and Investment Council (CWEIC) is going to organise Commonwealth Trade & Investment Forum (CTIF) in partnership with Bangladesh Investment Development Authority (BIDA), Ministry of Foreign Affairs and ZI Foundation.

Prime Minister Sheikh Hasina is expected to inaugurate the forum where delegates from 56 Commonwealth countries would take part.

Lord Swire also said relations will be stronger through the forum among Commonwealth member countries. Senior leaders from Commonwealth countries will discuss various issues in the forum to be held on September 13-14 this year.

He pointed out that there will be bilateral trade discussion between Bangladesh and UK. It will make easier trade and strengthen relationship. Besides, export and import business among all, including African countries, would be easier in future.

“We hope it will be an exciting and fruitful event. We are expecting 400-500 delegates at the forum. The Common wealth is an amazing opportunity for Bangladeshi companies to explore--56 countries of untapped potential and limitless possibilities,” he also said.

Bangladesh ready for foreign investors

Bangladesh is setting up 100 economic zones across the country, improving logistics, developing infrastructure and constructing deep sea port, said State Minister for Foreign Affairs Md. Shahriar Alam.

The country has reformed a good number of policies for the sake of investors. Bangladesh is now ready for foreign investors, he added.

He also said Commonwealth must address the vulnerabilities of LDCs, LLDCs, SIDS, and countries with special needs, focusing on areas such as the continuation of their trade-related GSPs beyond LDC graduation, private capital flows and flexible financing for green technology transfer.

Prime Minister’s Private Industry and Investment Adviser Salman F Rahman said, “Bangabandhu Sheikh Mujibur Rahman soon after the independence of the country joined the Commonwealth in 1972 with the vision of gaining mutual cooperation from the Commonwealth members. Over time, Bangladesh now attained tremendous development on its economic fronts.”

He expressed the hope that a large number of delegates from Commonwealth member countries will take part in the forum to be held in Dhaka.

“We have sent letters to Commonwealth member countries in this regard. Bangladesh is going to be a Smart Bangladesh. Now we need cooperation. Foreign investors can invest in ICT, power and energy, shipping, blue economy, infrastructure, and food processing sectors in Bangladesh,” he pointed out.

Forum to offer platform for promoting trade

CWEIC Strategic Advisor Bangladesh Zillur Hussain said heads of the states, political and business leaders of the Commonwealth members will be attending the Commonwealth Trade & Investment Forum. So, the forum will offer a platform for promoting trade, investment, and economic growth.

“It aims to foster partnerships, promote innovation, and explore avenues for sustainable and inclusive economic development for Bangladesh,’’ he also said.

BIDA Executive Chairman Lokman Hossain Miah said the Commonwealth creates a new chapter through such forum.

“We hope that we can explore untapped potential. We expect huge investments from the Commonwealth countries. Now, BIDA is providing a good number of services to investors through its one-stop service portal.”

He said they will also seamlessly deliver investment services to businesses who are interested to explore opportunities in Bangladesh.