Investment in Bangladesh is safe, attractive, and affordable. Commerce Minister Tipu Munshi opined this during a plenary session on the second day of the Bangladesh Business Summit (BBS) 2023 at the Bangabandhu International Conference Center (BICC) in Dhaka.
The session was titled ‘Bangladesh: $100 billion investment opportunities in key sectors for investors to leverage’.
While speaking as the chief guest, Commerce Minister urged global investors to come up with investments in the country’s special economic zones. He said, ‘Investors are well protected in Bangladesh and we have a good number of agreements to avoid double taxation. So, dear investors, don’t miss the train’.
Tipu Munshi said there is a potential to make an investment of more than $100 billion in Bangladesh by the valued investors.
While presenting the keynote paper, Prime Minister’s Adviser Salman F Rahman said the foreign investors are actually reaping the benefits of the domestic market in Bangladesh.
He said the strategic location of Bangladesh between two large markets like China and India alongside other regional markets has put the country in an ideal place for making investments.
State Minister for Foreign Affairs M Shahriar Alam said the foreign investors would be able to draw a steep growth trajectory in the coming days if the benefits of the mega projects and other transformational projects are considered.
The UK Minster of State for Indo-Pacific Anne-Marie Trevelyan said that both Bangladesh and the UK enjoy a historic and deep relationship while the UK businesses have a very active and important role in the economy of Bangladesh.
The session was moderated by FBCCI President Md. Jashim Uddin.
Principal Secretary to the Prime Minister Tofazzel Hossain Miah, Chairman and CEO of Youngone Corporation, Bangladesh Kihak Sung, former FBCCI President AK Azad, Regional CEO of Marubeni Corporation Takeshi Mamiya, DG of KOTRA Jong Won Kim, and CEO of CWEIC, UK Rosie Glazebrook spoke as panelists.
A total of 9 plenary and parallel session was held on the second day of the Bangladesh Business Summit. There were 3 Plenary and 6 parallel sessions.
The second plenary session on Developing Long-Term Finance Markets to Support New Growth Opportunities: Bangladesh Bank will open an interest rate ‘corridor’ as per the advice of IMF by lifting the interest rate limit of fixed bank loans; For this reason, Central Bank Governor Abdur Rauf Talukder said that he is planning to introduce a market-based ‘reference rate’. He made this remark while speaking as the chief guest on the 2nd plenary session on ‘Developing Long Term Finance Markets to Support New Growth Opportunities’ on the 2nd day of BBS at the BICC.
BSEC Commissioner Dr. Shaikh Shamsuddin Ahmed, former governor of Bangladesh Bank Dr. Atiur Rahman, and others were present at the session.
Plenary Session 3: Harnessing the Digital Economy to Unlock New Frontiers for a Smart Bangladesh:
USA, UK, and Japan have a 10 million people shortage in the digital economy sector. So Bangladesh can capitalize on the opportunity and grab the market in those countries. The Country needs to ensure Quality education. Only 25000 IT graduates are not enough, Bangladesh requires more IT graduates who will be leading the IT sector in the upcoming days.
Speakers said that in the third plenary session of the Bangladesh Business Summit at BICC, Dhaka.
While presenting the keynote paper, State Minister Zunaid Ahmed Palak said that the per capita income of the people of Smart Bangladesh will be 12,500 US dollars by 2041. Bangladesh will be ranked 23rd in terms of economic strength and 20 percent of GDP will come from the ICT sector, he added.
Parallel Session (1) on Infrastructure and Logistics: A parallel session on Infrastructure and Logistics was held at noon at Carnival Hall of BICC. In this session, panelists emphasized infrastructure management and logistic efficiency. While World Bank (WB) Country Director Mr. Abdoulaye Seck said, “If transport costs increase by 1 %, it impacts export costs more than 7%. So Bangladesh should increase logistics by enhancing coordination between Public and Private Sectors.” The business environment for Logistic Service providers is essential he added.
The session was chaired by the Secretary of the Prime Minister’s Office Mohammad Salahuddin. Among others FBCCI Director Abul Kasem Khan, FBCCI Former President A K Azad, Chairman of Policy Exchange Bangladesh Mr. Masrur Reaz, and distinguished guests were present at the session.
Parallel session (2) on the Textile and Apparel industry: A parallel session on the Textile and Apparel industry was held at Harmony Hall of BICC. The remarkable progress of the Ready Made Garment (RMG) sector of Bangladesh was emphasized in the session. Participating in the session as panelist Senior Director of Walmart Sree Devi Kalavakonalu said, “we are trying to increase demand for compliance products. Now we need to work together to achieve the goal. Bangladesh’s Textile and Apparel sector already achieve tremendous progress on compliance issues. To ensure a sustainable industry you should focus on competitiveness.”
Mr. Golam Dastogir Gazi, Minister, Ministry of Textile and Jute graced the session as Chief Guest. During the session, he assured the entrepreneurs that the Govt. will provide all support to the private sector for achieving the trillion-dollar economy. Mr. Gazi added, the energy crisis will be solved soon.
Among others, BGMEA President Faruque Hasan, BTMA President Mohammad Ali Khokon, BKMEA Executive President Mohammad Hatem, BTMA Director Azizur R. Chowdhury, Member of Parliament and FBCCI Former President Shafiul Islam Mohiuddin and distinguished guests were present at the session.
Parallel Session (3) on Leveraging Growing MAC Consumer Goods: A parallel session on Leveraging the Growing Middle and Affluent Class for a Vibrant Consumer Goods Sector was held on the second day of the Business Summit.
While speaking as the chief guest, Commerce Minister Tipu Munshi urged the private sector to extend more cooperation in the development of the country. He requested the Private industry to collaborate more with the government.
Commerce Minister said, Bangladesh Investment Development Authority (BIDA) has launched a one-stop service. Discipline has come to the e-commerce sector. The country is working on an investment of 100 billion dollars. FBCCI is working as one of our partners in this investment.
In response to a question, the commerce minister said that it is necessary to get permission or license from 17 authorities, which is very difficult. But since food is a very important matter, one needs to be very careful here.
While Making the Keynote Presentation, Syed Nasim Manzur said, that about 40-50 million Bangladeshi people have good purchasing power. There is a huge market for the consumer. Climate damage should be measured before setting up a business in this industry.
Commerce Secretary Tapan Kanti Ghosh, Unilever Bangladesh MD and CEO Zabed Akhtar, MCCI president, and FBCCI Director Md. Saiful Islam, President of Bangladesh Supply Chain Management Society (BSCMS) Naquib Khan, Managing Director of Marico Bangladesh Rajat Diwakar, Singer Bangladesh MD & CEO M H M Fairoz, Chairman of Turkey-BD Business Council Hedayet Onur Ozden and others were present at the session.
Parallel Session (4) on Strategic Approach for Energy Security to Attain Sustainable Growth: The fourth Parallel Session titled, ‘Strategic Approach for Energy Security to Attain Sustainable Growth’ was held during the 2nd day of the Summit.
While speaking as the chief guest, State Minister for Power, Energy, and Mineral Resources Nasrul Hamid said that the small businesses in rural areas are flourishing due to the availability of Electricity. Markets in remote villages are open late at night. The business runs even at 12 o’clock at night in rural areas. That is why the GDP growth is so high. The growth in our industry has changed a lot in the village.
The government has now decided not to subsidize in the energy sector. Gradually we will go to the adjustment, he added.
Power Division Secretary Md. Habibur Rahman, Professor Dr. Ijaz Hossain, Former President of FBCCI, and Chairman of Max Group Golam Mohammad Alamgir, and others were also present in the session.
Session (5) on Japan Bangladesh Trade and Investment: Meanwhile, a parallel session on ‘Japan Bangladesh Trade and Investment: Opportunity and Way Forward’ was held at BICC on the 2nd day of the BBS.
Bangladesh Investment Development Authority (BIDA) Executive Chairman Lokman Hossain Miah, Japanese Ambassador Mr. IWAMA Kiminori and representatives of JETRO, JBCCEC, FBCCI, BJIT, JCIAD were present in the session.
Foreign Minister of Bangladesh AK Abdul Momen and Japan’s Minister of Economy, Trade, and Industry Yasutoshi Nishimura sent video messages for the summit.
Representatives of the two countries expressed their interest in strengthening cooperation in expanding mutual trade and investment were present in the discussion.
Parallel Session (6) on Towards a Globally Competitive Agribusiness Sector: Emerging Opportunities in Agro Trade and Investments: A parallel Session on Towards a Globally Competitive Agribusiness Sector: Emerging Opportunities in Agro Trade and Investments at the BICC.
The Bangladesh Business Summit is the flagship event of Bangladesh organized by the FBCCI in cooperation with the Ministry of Commerce, the Ministry of Foreign Affairs and the Bangladesh Investment Development Authority (BIDA) to encourage investment possibilities in the country and create new markets to increase exports.