Nordic companies urged to invest in Bangladesh

Stakeholders at a virtual discussion urged the Nordic investors to take advantage of an improved business climate in Bangladesh, highlighting the reforms initiated by the government in recent times.

The discussion was organised to mark the launching of the “Bangladesh Investor Booklet 2021” on Sunday.

The Nordic Chamber of Commerce and Industry (NCCI) in Bangladesh, in cooperation with the Royal Norwegian Embassy, the Embassy of Denmark and the Embassy of Sweden organised the programme, says a press release.

Describing Bangladesh as an attractive destination for Nordic investment, speakers also urged the Nordic investors to make investments in Bangladesh.

Addressing chief guest, Salman F Rahman, Private Sector Industry and Investment Adviser to the Prime Minister, said, “The government realised that the country’s ranking in the Ease of Doing Business can be better. In the past year, Bangladesh has been among the 10 top reformers in the world in the Ease of Doing Business Ranking done by the Work Bank. We are targeting that by 2022, we will have substantial and significant improvement in the ranking.”

He added that the ‘One Stop Service’ introduced by BIDA has been popular and more services are in the offing to attract investors.

Furthermore, the private sector growth will play an instrumental part in the growth of Bangladesh and the government will work towards facilitating investment, he said.

 He mentioned that the government is maintaining steady exchange rate, inflation and interest rate which are important economic indicators for foreign investment.

“Updating of the Company Act, Bankrupcy Act and Isurance Act, amongst others, will also positively impact FDI in the country”.

Md Sirazul Islam, Executive Chairman, BIDA congratulated NCCI on the publication of the Bangladesh Investment Booklet and remarked that it “effectively highlights the attractiveness of our economy, liberal investment regime, and unique sectoral opportunities."

“As the country's apex Investment promotion authority, BIDA will work closely with NCCI to attract more Nordic investments. We will also continue to ensure the smooth entry, operation, and growth of Nordic business in Bangladesh," he said.

Abu Hena Md Rahmatul Muneem, Chairman, National Board of Revenue, said “The National Board of Revenue is working tirelessly to assist all stakeholders, including foreign investors in Bangladesh. We are constantly updating and adopting digitisation to cater to the business community”.

“The economy is robust and stable, which makes it an attractive destination for Nordic investments. Additionally, the government has provided various incentives to promote investment and growth in the economy.”

Speaking on behalf of the Nordic Embassies in Bangladesh, the Norwegian Ambassador, Espen Rikter-Svendsen, said, “The numerous foreign investment success stories demonstrate that Bangladesh is indeed a land of business opportunities that can be seized with the right guidance.”

“It is my hope that this booklet will contribute towards minimising the gap and promote Bangladesh as an attractive investment destination for Nordic companies.”

NCCI President Tahrin Aman highlighted that the Nordic companies can contribute largely to the long-term sustainable growth of Bangladesh though FDI in infrastructure, sustainable agriculture, power, healthcare, telecommunication, manufacturing and finance, with a particular focus on innovation, green transition and climate sustainability.

He commended the work of the government of Bangladesh to implement the “Digital Bangladesh” of the Prime Minister which will take the country forwards achieving the middle-income status by 2024.

Among others, Md. Nazmul Islam, Bangladesh Ambassador to Sweden, Norway and Finland, Asif Khan, CEO, Edge Research and Consulting, Barrister Omar H Khan, Managing Partner, Legal Counsel and Snehasish Barua, Founding Partner, Snehasish Mahmud & Co, took part in the discussion.

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