Prime Minister Sheikh Hasina on Wednesday invited French investors to come up with their ventures as their investment in Bangladesh is still modest compared to its global footprint.
“French investment in Bangladesh is still modest compared to its global footprint. I invite French investors to witness firsthand the investment opportunities in Bangladesh,” she said.
The Prime Minister said this during her meeting with the business leaders of MEDEF International, the French Business Confederation, at her place of residence in Paris.
She said the Investment Promotion Agency, BIDA - directly reporting to her office - will be happy to support French investors in every possible way.
“You may wish to find a local partner to make your entry easier. You would be well advised to build a partnership with Bangladesh in the long term,” she advised.
Hasina said she is sure that French investors will feel confident about the prospects for high returns on their investment.
“We would also welcome your constant feedback and suggestions,” she said, extending thanks to MEDEF for setting up a Bangladesh-France Business Council.
“We would encourage further bilateral engagements through institutional linkages. The MEDEF business mission to Bangladesh can be planned in connection with next year’s celebrations of the 50th anniversary of our diplomatic relations,” Hasina said.
Referring to her Tuesday’s talks with President Macron and the French Prime Minister, Hasina said they also agreed to take the bilateral relations to a new height.
“This should be reflected in our economic partnership as well. I look forward to your active cooperation in making that happen,” she said.
The Prime Minister said Bangladesh stands ready to welcome French business ventures to grow for both countries' mutual benefits.
Hasina said Bangladesh economy has grown at six percent on average for the past one decade with 8.52 percent growth in fiscal year 2018-19. Even during the Covid-19 pandemic, the economy posted a growth rate of 5.21 percent, the highest in the Asia-Pacific, she said.
“Our strategy to maintain a balance between people’s lives and livelihoods worked in our favour,” she said.
The PM mentioned that the US$ 310 billion economy is now the world’s 41st largest in nominal GDP. The per capita income has been revised upwards to 2,554 US dollars. “Our macroeconomic fundamentals remain strong and continue to get positive sovereign credit ratings. Our securities markets are also gaining international confidence,” she said.
Hasina said Bangladesh’s notable progress in the social sector is a result of the government’s inclusive development policies. “Our achievements in poverty alleviation, combating hunger, women’s empowerment, primary healthcare, free housing allocation, disaster management and social protection are now widely recognised,” she added.
Hasina said the aim of the government is to bring 80 percent of the target group population under Covid-19 vaccination by March next year. “I call for international solidarity to build back better, stronger and greener from the pandemic.”
She said the government continues to invest in productivity growth of the workers. “Our private sector is showing remarkable resilience. We’ve a fast-expanding middle-class consumer base. Our girls and women are making their mark in almost all spheres of society.”
Hasina hoped to groom the next generation as true global citizens. “We’ve the world’s second highest number of IT freelancers now working in Bangladesh. Some of our startups are getting sizable international investments.”
About the political situation in Bangladesh, Hasina said the overall political stability has created the right environment for its socio-economic growth. “Our territory is now relatively peaceful and secure compared to some of our neighbouring countries.”
She said the pandemic could not slow down Bangladesh’s massive investments in infrastructure projects. “We’re working on making Bangladesh a regional connectivity hub. Our investments in road, rail, maritime, energy and digital connectivity across the region will be a real game-changer.”
The PM also said Bangladesh is situated at a strategic location in the Indo-Pacific to act as a bridge among major economic centres. “We also offer one of the friendliest investment environments in the region. We remain open to sustained reforms in our legal and policy framework. Our legal regime offers sound protection to foreign investments. We’re getting ready for the policy adjustments to be made following our LDC graduation,” she said.
Mentioing that the government is setting up 100 Special Economic Zones and 28 Hi-Tech Parks across the country, she said, “We’ve now excess power generation capacity. Our entire land territory has internet coverage. Bangladesh now ranks among the top rice, inland fish and vegetable producing countries. Our Blue Economy resources, however, largely remain untapped.”
About climate change, she said, “Our vulnerability to climate change is a reality. But we now focus on building climate resilience and sustainability. This also creates green business opportunities for our partners. Our long term development plans are aimed at building a peaceful, inclusive and prosperous delta.”
Mentioning that all these factors make Bangladesh an attractive trade and investment destination, she said, “Here, I repeat what I had said in Paris back in 2017: France needs to invest to sustain its growth, and Bangladesh needs investment and trade to fast-track its growth. Together, we can create a win-win situation for our two economies.”
The PM said the bilateral trade between Bangladesh and France is growing steadily. The two-way trade stands close to USD 2 billion. France is now Bangladesh’s 5th largest export destination. “We must aim to double the volume of bilateral trade by 2025. Our export to France also needs to diversify further.”
She said a number of French enterprises are engaged in useful work in Bangladesh. “We developed our Bangabandhu I Satellite with the technical support from a French company. Two ground control stations have also been set up. We’ve started planning for our second satellite.”
Hasina said Bangladesh’s air navigation systems are being supported by French technology. French expertise is also being used in the energy sector, including for expanding one of our oil refineries. “We appreciate continued French investment in our water development sector. Agro-processing can be yet another area for enhanced cooperation,” she said.
