FBCCI: Bangladesh ready for more foreign investment
Md Jashim Uddin, President of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), stated that Bangladesh is now prepared to receive foreign investment, even though the world is still facing a turbulent economic situation.
He mentioned that although the global situation has affected Bangladesh, the country’s economy has shown resilience, making it ready to receive worldwide investments.
He emphasized that everyone should work together to ensure this goal is achieved.
Uddin also mentioned that multinational companies that have already invested in the country are currently doing good business, due to the huge consumer market.
In addition, he advised businesses to concentrate on the local market since it is more profitable to sell products in the domestic market than in the western market.
He also suggested that finding import substitutes would be more beneficial to save foreign currency, which would help in the country’s journey towards becoming a trillion-dollar economy.
When asked about production quality and compliance issues, he mentioned that the FBCCI was working to address those concerns.
In terms of inflation control, Uddin mentioned that interest rate changes do not guarantee a decrease in inflation rate. He stated that the current inflation was due to supply disruptions and global market price increases.
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He also noted that the government promised to decrease the prices of power and energy in the country as soon as they dropped in the global market.
During the upcoming Bangladesh Business Summit 2023, the FBCCI plans to honor successful entrepreneurs and businessmen in the country for the first time.
The summit will also include the Best of Bangladesh Expo 2023 and the Bangladesh Business Excellence Award, with Prime Minister Sheikh Hasina expected to inaugurate the event.
Uddin highlighted that the event is intended to accelerate the country’s journey towards becoming a trillion-dollar economy, given that the country’s economy has grown from $90 billion in 2008 to $470 billion currently.
Business summit details
According to the president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), the upcoming Bangladesh Business Summit 2023 will feature three plenary sessions, 13 parallel sessions, and various open discussions with traders, investors, analysts, and policymakers.
The aim of these sessions is to discuss the country’s trade and investment opportunities, obstacles, and strategies to overcome them.
The summit will showcase the success stories that have laid the foundation for the sustainable growth of Bangladesh, highlighting dynamic business and investment opportunities, and reforms in the business environment.
The FBCCI plans to seek investors’ views and suggestions to create more partnership opportunities, secure investment proposals, and develop a solid investment pipeline for the major sectors.
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Effective networking dialogue and partnership opportunities with investors, policymakers, and broader groups of stakeholders will also be facilitated.
The summit will be attended by ministers from 12 to 15 countries, as well as representatives of large companies from various parts of the world.
The Best of Bangladesh Expo will also be showcased, featuring potential sectors such as textiles, agro-processed food, leather, ceramics, and jute to foreign investors.
The FBCCI will also focus on the SME, blue economy, logistics, and port development of the country.
