Taskforce to be formed to woo investors leaving China: Commerce minister

Commerce Minister Tipu Munshi has said a taskforce will be formed after Eid to woo investors who are willing to leave China due to coronavirus pandemic fallout.

“If we want to attract those investors leaving China, we have to look into what facilities our competitors are providing to foreign investors and take action accordingly,” the minister told reporters after a meeting on “Attracting investors willing to leave China” on Wednesday. 

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

The minister said the Japanese government had already given $2.2 billion stimulus packages to relocate Japanese businesses from China to other countries.

The government will provide financial facilities and policy support to those investors, assured the minister, adding that investors could consider Bangladesh as an investment destination. 

Meanwhile, Indonesia has already announced 100-day tax holiday for foreign investors who want to invest more than $10 billion, said the minister.

We have to take the right strategy to target those foreign investors so we don’t miss the train, the minister underscored.

Since some foreign investors are leaving China, an opportunity has been created for Bangladesh to woo them, said Foreign Minister AK Abdul Momen, adding that the government would provide adequate facilities to attract those investors to come invest here. 

Local businesses can also play a big role in this regard, he added.

Speaking at the meeting, Prime Minister Sheikh Hasina's adviser on private industry and investment Salman F Rahman said enough has been said in this regard. “We now want concrete action how we can attract those investors leaving China.”

He recommended that a taskforce be formed -- several small committees will work under the taskforce.

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