Improve climate to attract more Chinese investment

The government should improve investment climate in the country to attract more Chinese investment, said Li Jiming, China's ambassador to Bangladesh.

"We want to work with the government of Bangladesh to enhance our investment in the country."

Jiming made the comments while speaking at the China-Bangladesh Investment Summit, styled "Showcase Bangladesh: 2021 China-Bangladesh Investment Virtual Forum", jointly organised by the Bangladesh Investment Development Authority (BIDA) and Standard Chartered Bangladesh.

Bangladesh has good potential for Chinese investment here as the country's per capita income has already crossed $2,000, Jiming said.

While addressing the virtual summit, Planning Minister MA Mannan said the government is implementing a plan to develop the country's investment climate as well as boost its trade and manufacturing capabilities.

"We want to improve the environment for our own country and fulfil the targets set by the government," he said.

Mannan urged the Chinese businesses to invest in labour intensive sectors as there is cheap labour in Bangladesh.

Salman F Rahman, private industry and investment adviser to the prime minister, said Bangladesh is the fastest growing economy in the Asia Pacific region and is committed to be the 28th largest economy by 2030.

Bangladesh's economy remained steady even amid the ongoing coronavirus pandemic thanks to the presence of a stable currency, stable exchange rate, moderate inflation and low public debt as per the global standards. 

As part of its efforts to attract investors, strategically Bangladesh offers generous opportunities to foreign investors through liberal industry policies and export-oriented private sector led growth strategies.

All sectors are open for foreign investors, particularly garments, IT and infrastructure, Rahman said. "We are also offering a tax holiday at the special economic zones for investors who want to set up export-oriented industries," he added.

Mohammad Sirazul Islam, executive chairman of BIDA, said Bangladesh has a rapidly growing economy.

"The country has also shown resilience during these unprecedented times, where we grew by 5.24 per cent at the time of the global pandemic," he said.

Paban Chowdhury, executive chairman of Bangladesh Economic Zones Authority, said they are currently developing one of the biggest economic zones of the country while the existing 28 have received $1 billion in investment from Chinese investors alone.

"We believe this will further pave the way for other foreign investors," he added.

Mahbub Uz Zaman, ambassador of Bangladesh to China, said he witnessed a growing interest among Chinese entrepreneurs due to the 97 per cent duty-free access and other incentives provided by Bangladesh.

Speaking at the occasion, Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, said: "As Chinese firms seek new ports-of-call to expand integration to global value chains, Bangladesh-China partnerships hold a unique promise: deep ties and familiarity of centuries, but new and untapped opportunities."

"A close partnership between banks, investors and governments will be critical. Today's summit is our first step to establish the platform for this collaboration to fully leverage these opportunities."

Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industry, said such potential investment opportunities will maximise knowledge to ensure sustainable growth for both economies.