Bangladesh Investment Development Authority (BIDA) will promote Chinese investment through supporting research and development activities with local trade body.
The national investment agency made the pledge while made an agreement with Bangladesh China Chamber of Commerce and Industry (BCCCI) on Monday.
BIDA Director Shah Alam conducted the session while BCCCI president Gazi Golam Murtaza and Senior Vice-President Sultan Uddin Iqbal were present in the meeting.
Under the agreement, both parties will work together in promotion of Chinese investment in Bangladesh through organising consultancy meeting, dialogue, exhibition and research and development activities.
In his speech, BIDA Executive Chairman Sirazul Islam said the investment promotion agency has already begun collaboration with BCCCI for extending facilities for Chinese investors in priority basis. BIDA chief urged the businessmen to brand Bangladesh differently to fetch more investment from big economies like China.
The private sector investment represents 79 percent of Bangladesh’s economy, according to the official data.
“China is now controlling 18.6 percent of international trade and 15 percent of investment globally. Bida registered 770 million US dollar investment proposal from Chinese entrepreneurs,” Sirazul Islam said.
BCCCI has been working to support Bangladeshi entrepreneurs to connect with their Chinese counterparts. The trade volume between Bangladesh and China reached $12.9 billion in FY 2019-20 which increased to $13.6 billion in FY 2020-21, according to Export Promotion Bureau (EPB) data.