Entrepreneurs interested to invest $1.16b BTI summit

Entrepreneurs have shown their interest to invest $1.16 billion during the weeklong 'Bangladesh Trade and Investment (BTI) Summit 2021'.

The information was revealed today, the concluding day of the summit, at a press conference on the outcome declaration of the summit at Dhaka Chamber of Commerce and Industry (DCCI) auditorium in the city, said a press release.

Ministry of Commerce and DCCI jointly organised the summit on October 26.

Commerce Secretary Tapan Kanti Ghosh and DCCI President Rizwan Rahman, among others, took part in the press conference.

In his speech, Tapan Kanti Ghosh said that after Least Developed Countries (LDCs) graduation, Bangladesh may need to sign Free Trade Agreement (FTA) or Preferential Trade Agreement (PTA) with potential trading partners like EU countries, the United Kingdom, Canada, Japan, Australia etc.

But averaging duty structure on both sides is a critical thing before signing FTA but the government of Bangladesh is working on this matter, he added.

Rizwan Rahman in the outcome dissemination presentation said that during the summit there were 369 Business to Business (B2Bs) attended by 552 local and foreign companies from 38 countries where potential investment interest size was $1.16 billion.

Twenty companies from 13 countries showed their interest to do joint ventures and 26 products have been identified as potential for export from Bangladesh, he added.

He said there were few sectors like infrastructure, pharmaceuticals, baby bottle, umbrella, agro and food processing and Information Technology (IT) from five countries that showed their interest for direct investment in Bangladesh.

He informed that power, energy, renewable energy, dairy products, First Moving Consumer Goods (FMCG), Ready-Made Garments (RMG), leather, automobile and jute are some of the sectors that have foreign investment opportunities.

He also said that in different sessions under this summit, speakers underscored the need of improving in ease of doing business, policy reforms, technology adaptation, skill development, fiscal and non-fiscal incentives, strong economic diplomacy and signing FTA or PTA with potential trading partners.

Bangladesh has the ability to grab the huge opportunity from African, Asia and Pacific and Middle Eastern countries in terms of inward or outward investments, he added.

Rizwan Rahman said the most important thing is to enhance our export competitiveness in the global market after the LDC graduation. Bangladesh is already the member of some regional blocks like South Asian Free Trade Area (SAFTA), Asia Pacific Trade Agreement (APTA) and D-8.

However, the DCCI president said the country needs to go for PTA or FTA with other major trading partners.

It came out of the summit that Bangladesh has also a large consumer market, so local market resource mobilization and tariff rationalization are also important, Rizwan Rahman pointed out.