Bangladesh to woo big investors willing to leave China

Bangladesh can grab the opportunity of wooing big investments as foreign investors are willing to leave China due to coronavirus pandemic fallout, a government report says.

Japan, Germany and the USA are planning to withdraw their investments from China because coronavirus first broke out in the Chinese city Wuhan.

That diplomats will be active on the mission to woo the investors and they have to start negotiations with those conglomerates or governments directly to relocate their investment in Bangladesh was revealed in the report titled “The Global Economic Recession due to Unprecedented Spread of Deadly Coronavirus and the Possible Economic Impact on Bangladesh” was prepared by the ministries commerce and finance.

The ministries have already presented the report to Prime Minister Sheikh Hasina for further discussion.

Foreign Minister AK Abdul Momen told The Business Post “China is our friend and it is still facing severe problem due to coronavirus pandemic.

So, the government would attract big firms who want to leave China and thus redirect their investments in Bangladesh, he said.

He further said “Foreign ministry has already informed our private sectors, specially FBCCI, to pursue matter of big economic investments to bring to Bangladesh.”

In reply to a question he said, “We have already started training programmes for Bangladesh expatriates aboard” adding that a couple of days ago we set up ‘Probash Bondhu Call Centre’ for giving healthcare and advice to Bangladeshi expats in Saudi Arabia.

We will increase that support to Tk 1000 crore on the back of approval from cabinet. Regarding training for Bangladesh expatriates we have already set training center in Dubai, he added.

Former finance adviser to past caretaker government Dr AB Mirza Azizul Islam said the government’s immediate job will be to protect people from coronavirus pandemic.

“Indian government has already taken initiatives to bring big countries which invested in China,” he said.

“Our diplomatic missions should definitely lobby with the big foreign investors in China that are willing to shift for setting up their plants in Bangladesh” he added.

However, lack of infrastructure and updated utility services for foreign investment in Bangladesh are major challenges, he said. 

To woo the conglomerates, the government has given a seven-point recommendation, including the officials of foreign ministry will play a vital role for start negotiations with the government of Italy, Saudi Arabia, Malaysia, and Singapore to save of Bangladeshi expatriates there.

Besides, the foreign ministry will start finding out new potential expatriate markets across the globe.

The government will find an alternative source of import for essentials commodities rather than China.

Report said a total eight lakh Bangladeshi expatriates may returned home jobless due to coronavirus pandemic. The government will take necessary steps so that local importers can imports from Malaysia, Egypt, India, Pakistan, Vietnam and Myanmar.

The ministry concerned will estimate actual yearly demand for wheat, pulse, edible oil and sugar.

The government will also provide special incentives to the potential exporters for import of essentials during coronavirus pandemic.

Foreign ministry sources said Japanese government declared $2.2 billion stimulus packages for shifting Japanese investments in China adding that the government announced Tk 200 crore financial supports for Bangladeshi expatriates who returned home.

ask/wi/teb