Bangladesh To Bridge Between East-West For Business: PM

The Prime Minister, Sheikh Hasina on Tuesday announced that investors who invest here will be given an opportunity to access the markets in South as well as Southeast Asia as Bangladesh will create a bridge between east and west to expand business.

"In the near future, Bangladesh will be developed as a bridge of communication connecting East as well as West" She said when she inaugurated the two-week "Bangladesh trade and investment Summit 2021" at the Bangabandhu International Conference Center (BICC) BICC, according to BSS.

Virtually joining her residence Ganabhaban within the capital city as the principal of guests for the evening, Premier stated that numerous opportunities are being created with various methods taking into consideration the geographic place and importance of Bangladesh.

She added, "Those who come to invest in Bangladesh won't just be able to be able to get Bangladesh I would suggest there is also many opportunities (for the investors) to take advantage of market share in the South Asia in addition to the Southeast Asian market and export".

The prime minister said the plan will help to expand trade and commerce within the country.

Sheikh Hasina has said that the networks of communication are being constructed across the country by improving roads, rails, water and airways.

Noting that there was just an international terminal located in Dhaka at the time of her arrival, in 1996 she explained that after taking office, Chattogram and Sylhet airports are now international airports while work is underway for a second international airport in the tourism hub Cox's Bazar.

"We are currently developing Syedpur airport into an international airport to ensure that countries in the vicinity are able to use it too," she added.

When asked about ports at sea Sheikh Hasina declared that they are improving the our country's principal Chattogram sea port Mongla port, and a brand new Payra port that is planned to be developed as an ocean-deep port in the near the near future.

A lot of development work is underway in Maheshkhali located in Cox's Bazar which is the hub of the sea port that is being built, which is also set to become a deep sea port in the future, she explained.

In the context of the celebrations marking the centennial celebration of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, and celebrating the Golden Jubilee of the country's Independence, Ministry of Commerce and Dhaka Chamber of Commerce and Industry (DCCI) are hosting this virtual Summit.

Foreign Minister Dr AK Abdul Momen, Commerce Minister Tipu Munshi and Prime Secretary's Private Industry and Investment Adviser Salman F Rahman and the Commerce Secretary Tapan Kanti Ghosh President of Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Md. Jashim Uddin and President of DCCI Rizwan Rahman also spoke at the event.

A documentary audio-visual on the economic growth of Bangladesh was shown.

The summit comprises nine sectors which highlight key factors and avenues of economic growth and a need for massive investment, particularly in Infrastructure (Physical logistics, Logistics and Energy) IT/ITES, FINTECH Leather products, Pharmaceuticals, Automotive and Light Engineering plastic goods, Agro and Food Processing, Jute and Textiles and FMCG (Fast-moving consumer items) in addition to retail.

552 businesses from 38 countries and Bangladesh from five continents will take part in 450 business to company (B2B) match-making workshops, that will allow them to explore new business opportunities and draw FDI from Bangladesh.

Six webinars on various aspects of investment and trade will be held, in which experts from both the corporate world as well as experts from both international and local, as well as Policy makers will share their perspectives on these issues.

The premier minister stated that the nine sectors that were prioritized at the Bangladesh Trade and Investment Summit is appropriate for the time, however additional sectors and products must be explored in order to boost exports.

She stated, "Along with these sectors I'll also suggest that we should conduct study and discover what new products we can create or export".

She said, "We also need to look at whether we can manufacture these products in Bangladesh through addressing country-specific product requirements."

Sheikh Hasina also asked leaders of the business world, especially those from the private sector to pay attention in particular to this issue.

"I believe that we must increase the amount of items we export," she said.

The premier is hoping that international and local industrial traders, entrepreneurs and investors will be informed about the possibilities of the business industry in Bangladesh for investment and trade via this forum.

In the wake this summit new markets for Bangladeshi products will be open to the international market, as well. Bangladesh can be managed so as to lure the investment that is desired, as well as growing exports, she added.

Noting the fact that trade wings from 23 countries work within friendly states to enhance diplomatic relations, the minister added that feasibility studies were completed in 23 countries to prepare for the implementation Bilateral Preferential Trade Agreements (BPTA), Regional Preferential Trade Agreements (RPTAs), Free Trade Agreements (FTAs) and Comprehensive Economic Partnership Agreements (CEPAs).

She added that Bangladesh is in constant contact with various regional and international organizations like UNCTAD, UNESCAP, EU, D-8, BIMSTEC etc.

Sheikh Hasina announced that they'll be launching the One Stop Service (OSS) portal system starting in 2019. It will offer all investment-related services in one place which additional organizations are being integrated slowly.

In the hope of providing the 154 investment services from 35 companies on the internet through the OSS portal A total of 42 services from 12 organizations were offered online during the financial year that is currently in effect She said.

The other services will be accessible through this website in the coming fiscal year, she explained.

She also said that the creation of economic zones in 97 have been approved for June 2021. nine zones are currently in production and development work is ongoing across 28 of the economic zones.

Around 40,000 jobs is being created in these economic zones. The creation of employment for an additional 800,000 is in the works, the prime minister declared.

She added that the government is taking initiative to construct the world's largest economy area "Bangabandhu Sheikh Mujib International City" with an area of 34,000 acres in Mirsarai, Sonagazi and Sitakunda upazilas.

The prime minister stated that the desired growth was made in all areas of Bangladesh over the last 13 years . Bangladesh is today an "role model" for socio-economic growth around the world.

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