Bangladesh to present investment potential, successes to foreigners

A three-day "Bangladesh Business Summit-2023" is scheduled to begin on March 11 to share business environment improvements, investment successes and good practices and gain insights of global investors' priorities for the development of policies.

The summit will be organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in celebration of the 50th anniversary of the country's independence. Prime Minister Sheikh Hasina is expected to inaugurate the summit.

The FBCCI organised a luncheon with ministers of Bangladesh, foreign ambassadors and business leaders at Sheraton Dhaka yesterday to inform about the event.

The objectives include securing concrete investment proposals, developing a solid investment pipeline for important sectors and facilitating effective networking, dialogue and partnership opportunities among national and international investors, policymakers and stakeholders.

Foreign Minister AK Abdul Momen termed it a timely initiative against the backdrop of the global economy downturns and supply chain disruptions stemming from the pandemic and Russia-Ukraine war.

"I ‍am particularly happy, my ministry is also a key partner of this special event. We are working with our best possible calculations to stimulate our production ecosystem and trade investment," he said.

He laid emphasis on stronger partnerships and collaborations, noting that Bangladesh was moving towards the right direction to become a trillion-dollar economy by 2035.

"We have potential to become an international business and manufacturing hub and it is time we start creating narratives which would allow Bangladeshi platforms to become global incubators for innovation and entrepreneurship," he was quoted by news agency UNB as saying.

Bangladesh's success story is attracting investors from global players like Saudi Arabia, Singapore, Japan, India, China, Russia and the US, said Commerce Minister Tipu Munshi.

The country's sustainable progress has been reflected in the nation becoming eligible for the United Nations status graduation from a least developed to a developing nation, he said.

Once the 100 economic zones are ready to accommodate factories, there is potential to attract a huge amount of investment, he said.

The agriculture-based economy is being replaced by export-oriented industrialisation and will be gradually evolving into a knowledge-based economy, said Munshi.

He requested the diplomats to join the event and brand Bangladesh as one of the top trade and investment destinations alongside its lucrative business opportunities and incentives.

"Now our priority is to ensure ease of doing business, and for this sake we took initiatives to provide all necessary support under an umbrella with a view to promoting business," said Munshi.

Bangladesh is now moving forward with its new "Smart Bangladesh" vision, said Md Jashim Uddin, president of the FBCCI.

A cost-effective, sustainable, knowledge-based and innovative Bangladesh will be built on four main foundations – "Smart Citizen, Smart Economy, Smart Government and Smart Society" by 2041, he said.

The FBCCI is organising the summit as a part of that journey, said Jashim.