Sunday, 5 December, 2021

Post-pandemic era offers new opportunities for businesses

Says Commerce Minister Tipu Munshi at the inauguration of int’l trade summit

  • Staff Correspondent
  • 27 October, 2021 12:00 AM
  • Print news
Post-pandemic era offers new opportunities for businesses
Prime Minister Sheikh Hasina addresses the inaugural ceremony of Bangladesh Trade and Investment Summit-2021 through video conference from Ganabhaban in the capital on Tuesday.

Bangladesh must take the opportunities of a new post-pandemic business climate across the globe as the whole world is reeling from the crisis, said Commerce Minister Tipu Munshi.

“It is high time to use the opportunities of a new business climate after the pandemic,” he said at the inaugural function of “Bangladesh Trade and Investment Summit 2021” in Dhaka on Tuesday.

Prime Minister Sheikh Hasina virtually inaugurated the week-long summit aimed at showcasing the country’s economic and trade strength to the world to woo FDI and expand export items as well as destinations.

The ministry of commerce and Dhaka Chamber of Commerce and Industry (DCCI) jointly organized the virtual summit, marking Bangabandhu’s birth centenary and the country’s 50 years of independence.

Currently, around 70 percent of Bangladesh’s exports are covered by preferential market facility, Tipu Munshi said, adding that the LDC graduation in 2026 will pose a challenge for the country’s exports as the graduation will end most of the present market preferences. As part of the strategies to face the challenges, the government is trying to sign bilateral PTA, FTA and comprehensive economic partnership deals with different countries in a bid to become a global value chain.

He invited foreign investment in Bangladesh, saying that Bangladesh has a competitive labour force apart from 40 million people with good purchasing capacity.

Foreign Minister Dr AK Abdul Momen said, “Bangladesh is a vibrant economy and a land of opportunity. It is doing well towards its vision.”

Since assuming office, Sheikh Hasina’s government targeted to improve the condition of the poor and put emphasis on achieving food sufficiency, he said.

The government focused on increasing food and agricultural production, Momen said.

“Now, the government has put special focus on economic diplomacy as it has good relations with neighbours and other countries as well,” the foreign minister informed.

While speaking about economic strength of Bangladesh, he mentioned the hard working and quick learning young workforce and ongoing efforts to develop infrastructure and skills. He invited the foreign investors to make investment in Bangladesh.

“Return of investment is high in Bangladesh. Come and invest in Bangladesh to become the winner and competitive,” he said.

Private Industry and Investment Affairs Adviser to Prime Minister Salman F Rahman said,“It is a new Bangladesh which is resilient and doesn’t shy away from taking challenge.”

He also informed that the government was formulating policies conducive to achieve a private sector-led growth.

The country’s digital transformation has set a new milestone spearheaded by the private sector-led business operations, according to DCCI president Rizwan Rahman.

He said Bangladesh offers the most liberal FDI regime in South Asia allowing 100 percent foreign equity, unrestricted exit of royalty, equity with wide-range of tax concessions and incentives, vibrant capital market and a strong demographic dividend. 

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Jasim Uddin thinks that Bangladesh has the potentials of becoming a global value chain because of its regional and global integration.

Bangladesh, the natural gateway between ASEAN and South Asia Within a strategic location, is one of Asia’s most remarkable success stories propelled by consistent development record.

Bangladesh is heavily dependent on RMG exports, but facing LDC graduation challenges will need a diversified export basket beyond the RMG sector. The summit is expected to help a lot to this end.

The event ending on 01 November will present the emerging products of the country including leather goods, leather goods, pharmaceuticals, automotive & light engineering, plastic products, agro & food processing, jute, textiles and FMCG, IT or ITES apart from infrastructure.

Some 552 companies from 38 countries of 5 continents are will participate in 450 business to business (B2B) match-making sessions, which will help explore new business opportunities and attract FDI in Bangladesh.