News
Seminar on “Unlocking Trade and Investment for European Companies in Bangladesh”
Readiness of Bangladeshi industries coupled with sustainable regulatory framework, favourable tax regime, positive image branding, technologically skilled workforce, export competitiveness, conducive environment and diversification of products are key to attract more investment from the European Union countries in Bangladesh. President of DCCI emphasized on these issues at a seminar on “Unlocking Trade and Investment for European Companies in Bangladesh” jointly organized by Dhaka Chamber of Commerce & Industry (DCCI) and the European Union Delegation to Bangladesh held on 4th October, 2023 at a city Hotel, Dhaka.
Commerce Minister Tipu Munshi, MP was present as the chief guest while Executive Chairman of BIDA Lokman Hossain Miah was present as special guest.
DCCI President Barrister Md. Sameer Sattar said the five-decade-long Bangladesh and EU partnership had truly become unprecedented and remarkable journey that turned the EU into one of the most reliable trading partners of Bangladesh. Our total export to the EU has surged to USD25.23 billion in FY2023 having 93% RMG share which has positioned Bangladesh as one of the popular sourcing destinations. Upon the LDC graduation of Bangladesh in 2026, Bangladesh needs to sustain the export market in its traditional and major destinations including the EU. He also emphasized for sustainable export product diversification to increase the share of Bangladesh’s export to EU market. He later invited EU investors to harness our proven and diversified investment sectors including Agro-processing, Textile, Automobile, Service sector, ICT in Hi-tech parks, Skills development, Infrastructure, Economic zones and Logistics sectors for rewarding return and sustaining the win-win bilateral economic ties.
Tipu Munshi, MP, Commerce Minister of Bangladesh requested the investors of EU who already invested here and successfully operating their businesses to advocate for Bangladesh’s competitiveness in the global arena. Bangladesh wants to work with the EU hand in hand and we are committed to remove existing problems that hinder inbound investment. He also said that if the foreign investors come here and invest, they will be benefited a lot.
Lokman Hossain Miah, Executive Chairman, Bangladesh Investment Development Authority (BIDA) said we are working for reforms to attract more FDI from the EU members countries. BIDA is committed to provide faster and investment friendly services. He also informed that all services of BIDA will be available in OSS by the end of this year. He later invited more direct or joint venture EU investment in Bangladesh enjoying various fiscal and non-fiscal incentives given to the foreign investors.
Charles Whiteley, Ambassador and Head of EU Delegation to Bangladesh said for decades, the EU has been the main destination for “made in Bangladesh” goods. The graduation of Bangladesh to developing country will reinvigorate EU-Bangladesh ties. He also said that it is time to explore new areas of cooperation from ICT to infrastructure, aviation, renewable energy, agriculture and pharmaceuticals. The EU is keen to boost bilateral trade and investment ties in the days to come.
Ms. Jurate Merville, Counsellor, EU Delegation to Bangladesh said that to attract European FDI, friendly regulatory framework is crucial. She said that EU is one of the top investors here in Bangladesh. She also urged for increasing skilled workforce to tap the future potentials of international business.
Morad Bourouffala, Country Representative, Airbus stressed on human capital development, skill development is more important for Bangladesh. Iqbal Chowdhury, CEO, Lafarge Holcim said cost effective and sustainable energy security is crucial for smooth production. Existing FDI is our brand ambassador to attract more FDI, he said. Massih Niazi, CEO, Petromax LPG said we are successfully operating in Bangladesh. At present we are facing few short-term challenges like shortages of Dollar, lack of LC opening and inflation, devaluation of taka. He also hoped that these challenges will be overcome soon. He said power supply, roads and transportation system should be improved, he added.
Ziaur Rahman, Regional Country Manager, H&M said to compete in the international market we have to prioritize our product diversification. Mushtaque Ahmed, Vice President, Bangladesh Bicycle and Parts Manufacturers and Exporters Association said Bangladesh is now producing huge number of e-bikes and the EU market will be a potential destination for this product. Miran Ali, Vice President, BGMEA said Bangladesh has the highest number of LEED certified green factories here. We are fully prepared to cater EU’s FDI to Bangladesh in terms of climate resilience. Russell T. Ahmed, President, BASIS said IT could be the next RMG for Bangladesh as it is an emerging sector for Bangladesh now. Last year the export of IT sector was 1.4 billion US Dollar. We need to brand ICT of Bangladesh in the global market. Syed Nasim Manzur, Managing Director, Apex Footwear Ltd. said RMG has positioned us in a prestigious stage in the global arena. But we have few other sectors those have huge potential to have their access in the EU market like leather industry. At present we have many (Leather Working Group) LWG certified factories in Bangladesh. We need more EU companies to invest in manufacturing industries in Bangladesh. We need EU investment in skills transfer technology to create technologically skilled workforce.
Published on: 2023-10-04