The two-day 1st ever ‘Commonwealth Trade & Investment Forum’ will be held in Dhaka on 13-14 September 2023 in a bid to boost trade, commerce and investment among the Commonwealth countries, including Bangladesh.
The Commonwealth Trade & Investment Forum is going to be organized by Commonwealth Enterprise and Investment Council (CWEIC) in partnership with the Bangladesh Investment Development Authority (BIDA), Ministry of Foreign Affairs and ZI Foundation.
The Forum will offer a platform for promoting trade, investment, and economic growth. It aims to foster partnerships, promote innovation, and explore avenues for sustainable and inclusive economic development for Bangladesh.
This was announced at a Press Conference held on 11 June 2023 at the Intercontinental Hotel in Dhaka.
Salman F Rahman, Private Industry and Investment Adviser to Prime Minister, Md. Shahriar Alam, MP, State Minister for Foreign Affairs, Lord Swire KCMG, Member of the House of Lords of the United Kingdom and Deputy Chairman of the Commonwealth Enterprise and Investment Council (CWEIC); Lokman Hossain Miah, Executive Chairman (Senior Secretary), Bangladesh Investment Development Authority (BIDA) and Zillur Hussain MBE, Strategic Advisor, Bangladesh, CWEIC spoke, among others, at the press conference.
This is the 1st ever Commonwealth Trade & Investment Forum going to be organized in Bangladesh. Previously the Forum was organized in other member states of Commonwealth such in the United Kingdom, Singapore, Kenya, Rwanda and Malta.
Speaking on the occasion, Salman F Rahman said since joining the Commonwealth after the independence under the leadership of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, Bangladesh had been an active part of the organization.
He said that the Trade and Investment Forum would give Bangladesh a tremendous opportunity to increase its trade and investment.
Salman said, “During the forum, Bangladesh will be able to showcase its trade and investment opportunities before the Commonwealth countries … it will be a win-win situation for everybody.”
Listing various achievements of Bangladesh in different socio-economic fields, he said Bangladesh has made significant progresses over the last 14 and half years under the dynamic leadership of Prime Minister Sheikh Hasina.
Answering to a question, he said that they have invited all the Commonwealth countries to attend the upcoming forum while countries like Nigeria, Kenya, Rwanda and Ghana have already ensured about their participation.
Replying to another question, Salman said that in line with the goal of materializing ‘Smart Bangladesh’, a good number of start-ups have emerged in the country while they would also focus on the 4th Industrial Revolution in the upcoming forum.
In response to another question, he said that the Bangladeshi companies are fully ready to attend the forum, adding, “I can assure all that we have had that environment.”
Touching upon the power and energy situation of the country, the Prime Minister’s Adviser noted that power and energy is the engine of growth.
He said that due to the various initiatives of the government, the power generation capacity has now reached around 24,000 MW which was only 4,000 MW before the Awami League government assumed office.
Salman also listed Bangladesh’s successes in the fields of expanding digital connectivity, tackling the impacts of climate change and in women empowerment.
State Minister for Foreign Affairs Md. Shahriar Alam said that the Commonwealth must address the vulnerabilities of LDCs, LLDCs, SIDS, and countries with special needs, focusing on areas such as the continuation of their trade-related GSPs beyond LDC graduation, private capital flows and flexible financing for green technology transfer.
He said that the upcoming forum would be an important platform to boost trade and investment among the member countries.
“This is an opportune time for the investors and businesses to grab the opportunity that Bangladesh is offering,” he said asserting that the government is committed to removing all the bottlenecks standing in the ways of infrastructures, trade and commerce.
Shahriar said Bangladesh is capable of offering a win-win deal for any business initiative.
Responding to a question, the State Minister said that Bangladesh is very much looking forward and ready to host the forum.
He said that Bangladesh is poised to get current GSP facilities in the EU market for three more years beyond the LDC graduation while the country is hopeful to receive the similar response from the UK also.
Lord Swire KCMG, Member of the House of Lords of the United Kingdom and Deputy Chairman of the Commonwealth Enterprise and Investment Council (CWEIC) said, “The Commonwealth is an amazing opportunity for Bangladeshi companies to explore – 56 countries of untapped potential and limitless possibilities.”
He said that the commonwealth leaders should look forward to Bangladesh as their next destination of trade and investment, adding that the forum offers an excellent opportunity for business expansion among the commonwealth countries.
Answering to a question, he said that the Bangladesh economy has changed over the years as many more finished goods are now being exported abroad having an impact on the economy.
Lokman Hossain Miah, Executive Chairman (Senior Secretary), Bangladesh Investment Development Authority (BIDA), said that as the country’s apex investment promotion agency, BIDA will take full advantage of the opportunities that this Forum will create.
“We will also seamlessly deliver investment services to businesses that are interested to explore opportunities in Bangladesh,” Lokman said, adding that they want to take advantage of this diverse market access.
Zillur Hussain, Strategic Advisor, Bangladesh, Commonwealth Enterprise and Investment Council, said that heads of the states, political and business leaders of the Commonwealth members will be attending the Commonwealth Trade & Investment Forum in Dhaka.
Commonwealth is a voluntary association of 56 countries united by common values and is a home to one-third of the world’s population. Bangladesh joined the Commonwealth as its 34th Member in 1972.
