Saturday, 27 November, 2021

Dhaka int’l trade summit kicks off today

Bangladesh aims to boost foreign trade, diversify exports beyond RMG and attract FDI

  • Staff Correspondent
  • 26 October, 2021 12:00 AM
  • Print news

A weeklong international trade and investment summit kicks off in Dhaka on Tuesday.

The virtual event will showcase Bangladesh before the world with a view to draw foreign investment and enhance international trade.

Prime Minister Sheikh Hasina is expected to virtually inaugurate the “Bangladesh Trade & Investment Summit 2021” at Bangabandhu International Conference Centre (BICC).

Ministry of Commerce and Dhaka Chamber of Commerce and Industry (DCCI) are jointly organising the mega event.

The event will highlightthe success stories of Bangladesh’s economy and its strength in trade.

Bangladesh’s projected graduation from the LDC status in 2026 is also expected to bring a  number of challenges including the loss of market preference and other facilities in exports.

“The summit is being held as a part of the government’s efforts to get prepared to maintain the current pace of business and trade after LDC graduation,” Commerce Minister Tipu Munshi told a press conference on the eve of the summit.

“Bangladesh is heavily dependent on RMG exports.But to face the challenges of LDC graduation, weneed to diversify our export basket, coming out ofthe RMG dependency. The summit is expected to help a lot to this end.”

Tipu Munshi said,“It is high time for us to work on other potential sectors to expand our export market and diversify our products. We need toreduce dependency on the RMG export only.”

The event ending on November 1 will present some emerging products of Bangladesh including leather goods, pharmaceuticals, automotive & light engineering, plastic products, agro & food processing, jute, textiles and FMCG, IT or ITES apart frominfrastructures.

The summit is being organised marking the birth centenary of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the golden jubilee of the country’s independence.

Bangladesh is considered as the natural gateway between ASEAN and South Asia, placing the country in a strategic location for international trade.

It is also one of Asia’s most remarkable success story propelled by the consistent development records.

Some 552 companies form 38 countries of five continents will participate in 450 business to business (B2B) match-making sessions.

DCCI said the sessions would aim to explore new international business opportunities and attract foreign direct investment to Bangladesh.

Six webinars on different trade and investment related issues will also be organized.

Representatives from different business platforms, both local and international experts and policy makers are expected to participate in the webinars.

The virtual summit aims to showcase Bangladesh's preparedness during the COVID-19 pandemic to the investors and entrepreneurs.   

According to the business leaders, Bangladesh in recent years made remarkable progresses especially in electricity generation and infrastructure development.

They think such progresswill be an added advantage for the country to attract international trade and investment.