Saturday, 4 December, 2021

Trade summit to woo foreign investors

Our economic development journey has so far been a successful one. The country has a nearly unmatched growth rate with GDP expected to rise to 6.5 percent in 2022 as has been forecasted by the IMF. Economically, it has substantially moved forward and is still moving ahead leaving behind India and Pakistan. In 2026, the country hopes to graduate from the UN’s LDC category. The development has brought joy along with new challenges in the area of trade and commerce, especially for exports to the global market.

Moreover, it is a harsh reality that despite the financial gains, FDI, an essential factor for economic growth, has been comparatively low in the country in comparison with the regional peers. In an effort to expand the export market of the country and establish it as a major destination of FDI, the Ministry of Commerce and the DCCI have taken a joint initiative to organise a six-day virtual international trade and investment summit from the 26th instant. It is expected that the summit would showcase the country's economic success story and trade strength to the world. Apart from infrastructure, the event will present the country's emerging products, including leather goods, pharmaceuticals, automotive and light engineering, plastic products, agro and food processing, jute, textiles and FMCG, IT or ITES.  The summit will, no doubt, go a long way for the attainment of the economic objectives.

But, holding a single virtual summit will not serve the greater purpose of the nation. More such events should be organised elsewhere in broader perspectives. Bangladesh Missions abroad should come up to arrange similar events in the respective countries. The Mission officials should organise exhibitions where Bangladeshi products can be displayed in the pavilions. They should pursue the foreign investors to invest in Bangladesh telling them that a favourable investment climate prevails in the country where lots of trade opportunities are available.

They should also inform the foreign entrepreneurs about easy availability of necessary infrastructure and manpower. Being convinced, foreigners might probably show their keen interest in investing their money and resources in our country, turning it a lucrative investment destination.