In order to fully leverage business relationship between Bangladesh and China, it is crucial to improve partnership of banks, investors and governments of these two countries.
Speakers said this at a virtual event held recently.
“Showcase Bangladesh 2021: China-Bangladesh Investment Summit, a virtual platform was jointly organised by Standard Chartered and Bangladesh Investment Development Authority (BIDA), according to a statement.
The virtual event showcased the partnership potential between Bangladesh and China and highlighted the emerging strategic opportunities in a shifting global landscape.
Over 400 delegates representing Chinese public and private sectors, policymakers, investors, bankers and economists, along with prominent leaders from the private and public sectors attended the event.
Standard Chartered and Bangladesh Investment Development Authority (BIDA) announced a partnership to jointly promote Bangladesh as a preferred investment destination and work together to bring in targeted global investments to the country.
This webinar was the first initiative to be undertaken through this partnership.
Speaking on the occasion, Naser Ezaz Bijoy, chief executive officer, Standard Chartered Bangladesh said, “As Chinese firms seek new ports-of-call to expand integration to global value chains, Bangladesh-China partnerships hold a unique promise: deep ties and familiarity of centuries, but new and untapped opportunities.”
Mohammad Sirazul Islam, executive chairman, Bangladesh Investment Development Authority (BIDA) delivered the webinar’s keynote presentation that highlighted opportunities for Chinese investors in sectors such as RMG, leather, pharmaceuticals/API and medical equipment, software and IT, agro and food processing, agro tools and machinery, electronics, automobile and shipbuilding.
“Bangladesh is a rapidly growing economy. The country has shown resilience during these unprecedented times where we grew by 5.24 per cent at the time of the global pandemic. BIDAis also working to further improve the investment climate for investors,” said the BIDA chief.
President of FBCCI, Sheikh Fazle Fahim stated, “Such potential investment opportunities will allow for maximising knowledge to ensure sustainable growth for both the economies involved.”
He added, "Multimodal connectivity for enhanced communication and a consolidated investment friendly environment will prove to be a win-win situation for both Bangladesh and China.”
In response to a question about undergoing infrastructure development to facilitate foreign investment, Paban Chowdhury, executive chairman, Bangladesh Economic Zones Authority (BEZA) said, “We are currently developing one of the biggest economic zones and have already developed 28 economic zones in Bangladesh. In addition to ensuring access to land and industrial infrastructure, there has been significant progress in mobilising one-stop services for investors to streamline foreign investment in Bangladesh.”
Mahbub Uz Zaman, ambassador of Bangladesh to China said, “I have seen growing interest among Chinese entrepreneurs due to the 97 per cent duty free access and other incentives provided by Bangladesh. We believe China’s support and cooperation will help us in our journey of progress.”
Li Jiming, ambassador of China to Bangladesh conveyed, “China witnessed an annual growth rate of 2.3 per cent in the last year and Bangladesh achieved an even higher growth rate than that of China during this time. The country’s spectacular development and the aspiration of becoming a developed economy by 2041 has attracted China.”
He highly appreciated the good relationship between China and Bangladesh and recommended Bangladesh as a golden investment destination to potential Chinese investors in his remarks. He also analysed the trend of Chinese investment to Bangladesh and offered suggestion to promote bilateral investments.
Private Sector Industry and Investment Adviser to the Prime Minister, Salman Fazlur Rahman MP, said, “Our government is keen on facilitating trade and investment for both Bangladesh and China. Bangladesh’s liberalised investment policies and concessions encourage foreign investment, and we see China as a strong investment partner. We hope investment cooperation between Bangladesh and China will reach new heights during MujibBorsho – the birth centennial of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.”
Chief guest MA Mannan MP, minister of planning stated, “Platforms such as Showcase Bangladesh highlights the importance of connecting with potential investment opportunities for shared economic prosperity goals among all parties involved.”
Jerry Zhang, chief executive officer, Standard Chartered Bank (China) Limited also spoke.
Also present were Lin Weiqiang, president, Chinese Enterprises Association in Bangladesh; Zhuang Lifeng, president of Overseas Chinese Association in Bangladesh; Zed Chen, regional finance director, South Asia, Oppo; Mohammad Enamul Huque, managing director and head of Corporate Banking, Standard Chartered Bangladesh and Jean Lu, managing director and co-head, Client Coverage, Corporate Commercial Institutional Banking, Standard Chartered China.