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There are huge trade opportunities between Bangladesh and Hong Kong which is still untapped due to the lack of ample initiatives, said speakers at a seminar.
In the changing economic context, Bangladeshi and foreign investors can explore mutual investment and trade opportunities via Hong Kong in promising industries in different parts of the world including China and vice versa.
Speakers came up with the statements at a seminar titled ‘Exploring business and investment opportunities for Bangladesh via Hong Kong’ jointly organised by Dhaka Chamber of Commerce & Industry (DCCI) and Hong Kong Trade Development Council (HKTDC) at a hotel in Dhaka on Monday.
In his speech as the chief guest, Commerce Minister Tipu Munshi said, “Bangladesh is going to be graduated from LDC status and for that we need foreign investment, especially in the infrastructure, financial, service and manufacturing sectors.”
He said that Bangladesh has a good demographic dividend, skilled workforce and congenial investment environment. “The government has made reforms and it is a continuous process. If any reforms are needed to expedite trade and business, the government will do it immediately.”
The minister also said that Hong Kong is a trusted partner of Bangladesh.
He said that a lot of Indian investors have shown interest in investing in Bangladesh during his India visit with Prime Minister Sheikh Hasina. However, he hoped that more Hong Kong companies will come to Bangladesh for investment.
Speaking as the special guest, Finance ministry’s Economic Relations Division Secretary Sharifa Khan said, “The existing trade gap between the two countries is a great opportunity for future business. Bangladesh is a manufacturing hub. And Hong Kong has huge business entities.”
“So we can work together. We invite Hong Kong investors to operate in Bangladesh as our market is a big one in this region. If more Hong Kong companies come to Bangladesh, it will help us in technology transfer,” she pointed out.
DCCI President Rizwan Rahman said, “Hong Kong is predominantly an ideal and important centre for international finance and trade for the Asia-Pacific region and mainland which enables businesses to tap into massive opportunities.”
“Bangladesh has an eco-system for investment. And Hong Kong, the global business hub, has been the gateway between businesses in China and the outside world and Asia’s trade-fair and convention hub attracting many international businesses through various timely exhibitions, events and other trade-related events. We can get access to untapped opportunities,” he added.
“Hong Kong has become one of the trusted top 10 foreign investors in Bangladesh with $1.8 billion investment till date in textile and energy sector and bilateral trade had reached over $1 billion earlier,” he further said.
HKTDC South Asia Consultant Rajesh Bhagat highlighted that Hong Kong has a very simple tax and customs procedures. There are no sales tax and no custom tariff. He said that about 66 per cent of the mainland’s outward FDI goes to or via Hong Kong.
“In 2020, total trade between Bangladesh and Hong Kong was $1.41 billion where Bangladesh’s import was $1.28 billion and export was $126.7 million,” he informed.
He also stated that Bangladesh is giving good incentive packages to foreign investors and various reforms by the government will be helpful for them.
Additional Secretary of Industries ministry Janendra Nath Sarker and Additional Secretary of Bangladesh Economic Zones Authority (BEZA) Mohammad Erfan Sharif also spoke at the seminar.
