Comprehensive policy exploration and strategic reforms are imperative to reinforce Bangladesh's competitive edge on the world stage, said experts and analysts in a session.
They observed that the collective effort to harmonize trade, investment, and connectivity forms the nucleus of Bangladesh's role as a key player in the evolving global landscape, ushering in a future of sustainable growth and prosperity. The session titled, “Investment Climate: Current Landscape & Mission 2041,” organized by Foreign Investors’ Chamber of Commerce & Industry (FICCI), on the 2nd day of its 60-year Celebration and Investment Expo 2023, was held at the Hotel Radission in the capital.
Md Tofazzel Hossain Miah, Principal Secretary to HPM, attended the session as the Chief Guest while Dr. M. Masrur Reaz was the Keynote Speaker.
The session was moderated by Rupali Haque Chowdhury, Managing Director of Berger Paints Bangladesh and the Former President of FICCI.
The session featured panelists including Tapan Kanti Ghosh, the Senior secretary of Ministry of Commerce; Saiful Islam, President of MCCI; Yuji Ando, the Country Representative of JETRO Dhaka and Samsoo Kim, the Trade Representative (Director General) of the Commercial Section Embassy of the Republic of Korea, Dhaka Korea Trade Center.
Md Tofazzel Hossain said, “In the dynamic landscape of Bangladesh's economic growth, our government is committed to facilitating the flow of capital and fostering a conducive environment for investors. As we undergo significant transformations, addressing domestic issues, promoting diversification, and enhancing logistics policies are top priorities."
“As the nation embarks on this transformative journey, the spotlight is on fostering an environment conducive to competitiveness. This entails recalibrating trade facilitation measures, aligning with international standards like the WTO Trade Facilitation Agreement, and committing to digital advancements.” Dr. M. Masrur Reaz said in his keynote presentation.
Yuji Ando, Country Representative of JETRO Dhaka stated, “Currently, almost half of the foreign-aided projects in Bangladesh involve Japanese institutions and organizations. Moreover, due to the geographical and infrastructural management of Bangladesh, our Japanese companies are showing interest in new investments in this country.”
Samsoo Kim said, “Korea is the fourth largest FDI partner in Bangladesh. I think Bangladesh is an ideal area for organizing business activities, and more promotion should be done with Korean companies. However, if the labor market is structured to create incentives and the foreign investment policy is further revised, other countries besides Korea will have the opportunity to come and work here.”
Addressing the session Tapan Kanti Ghosh stated, “NBR, BIDA, BEZA, etc., various agencies of the Ministry of Commerce are helping to establish local and foreign investment in the country. To this end, our ministry is thinking of making the import-export process easier and developing the Export Development Bureau".
