Bangladesh preferred alternative for German investment: envoy | The Daily Star
12:00 AM, July 08, 2020 / LAST MODIFIED: 02:08 AM, July 08, 2020

Bangladesh preferred alternative for German investment: envoy

Bangladesh will be a preferred destination for alternative German investment as the country's entrepreneurs are looking for such destinations, said German Ambassador to Bangladesh Peter Fahrenholtz.

In a virtual meeting with members of the Bangladesh German Chamber of Commerce and Industry (BGCCI) on Monday, the ambassador said his government contributed $50 million for the Rohingya refugee camp in Cox's Bazar and $20 million for garment workers who lost jobs.

He said he could see that Bangladesh had a robust economy with dynamism, resilience and ambition and could surely bounce back soon.

German investment and trading companies are looking for new places for their investments and businesses, said the ambassador.

"Bangladesh will be one such important destination."

The BGCCI should impress upon relevant authorities to make bureaucracy more business-friendly; and to abide by the rule of law and adhere to zero tolerance on corruption as proposed by the prime minister.

"It will definitely have a good impact on overall business development," the German ambassador was quoted as saying in a BGCCI press release.

Fahrenholtz also informed that in the past three years he had not seen any Bangladeshi business delegation visit Germany to explore new markets and investment, which was very unfortunate.

He suggested that the BGCCI could pursue the simplification of rules and regulations for investors and reducing bureaucratic bottlenecks.

The German ambassador also suggested that Bangladesh Investment Development Authority (BIDA) should be more proactive and realistic in attracting foreign direct investment (FDI).

He said he had not seen any new brochures promoting business in Germany and suggested that the BGCCI could come forward to publish such information booklets and brochures to attract new investors. In this regard, he gave the reference of neighbouring countries.

Meanwhile, the BGCCI has been informed by the German Chamber of Commerce, Berlin (AHK) that they would like to hold a dialogue and was looking forward to welcoming Bangladeshi business delegations in Germany to further accelerate and develop business relations.

The head of the German chamber also appreciated the intention of German companies to do business in Bangladesh and on counting on the BGCCI for support as the key contact and knowledge point, the BGCCI press statement also said.

Omar Sadat, BGCCI president, assured that the BGCCI board would implement the recommendations for the betterment of business activities, especially during a pandemic.

He also informed that as soon as the situation improved, the BGCCI, along with Bida and other business houses, would visit Germany.

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