Prime Minister Sheikh Hasina on Tuesday urged the Chinese
business community to invest in Bangladesh's main sectors for mutual benefits
taking the advantages of the world's most liberal investment regimes.
"It is time to invest in Bangladesh, and I am confident
that with our hands joined, together we can achieve great things," she
said while addressing a Summit on "Trade, Business and Investment
Opportunities between Bangladesh and China" here.
The prime minister encouraged the Chinese business community
to consider key sectors in Bangladesh, saying, "We welcome investments in
our infrastructure, energy, and logistics sectors".
Joining the summit on the second day of her four-day
bilateral visit to China, she has urged the Chinese entrepreneurs, and
investors to invest in larger volumes in Bangladesh's potential sectors ICT,
tourism, agro-processing industries and development sectors.
The summit was organized by the Embassy of Bangladesh in
Beijing, BIDA, BSEC and CCPIT at China World Summit Wing, Shangri-La Circle,
Beijing.
"We believe there is significant potential for Chinese
investment, particularly in the energy sector, including renewable
energy," she said.
She also said that climate-resilient smart farming opens
opportunities for collaboration in agro-processing industries, with buy-back
arrangements with China.
She went on saying that they plan to establish three special
tourism zones where China can invest in the real estate and hospitality
sectors.
"I also urge Chinese investors to explore portfolio
investments in Bangladesh," she added.
The premier said the Bangladesh Securities and Exchange
Commission is actively working to further develop its capital markets aimed at
making them more attractive to foreign investors.
"We have made significant progress in developing a
robust bond market. We are on the brink of introducing derivative products,
which will further diversify and widen our financial markets," she said.
Mentioning that Bangladesh is embracing the digital age with
open arms, she said her government is actively promoting the growth of the ICT
sector, offering incentives for startups, investing in tech parks, and
fostering an ecosystem that encourages innovation and entrepreneurship.
"Our young entrepreneurs are making their mark on the
global stage, and we invite you to be a part of this exciting journey,"
she said.
"We offer numerous opportunities in renewable energy,
waste management, and green technologies," she added.
In the summit, 16 Memorandums of Understanding (MoUs) have
been exchanged between several companies of Bangladesh and China.
Elaborating the logic to invest in Bangladesh, Sheikh Hasina
said the country is situated in an important geo-strategic location with direct
connectivity to all major international trading and shipment routes.
"We are also at the crossroads of the South Asian,
Southeast Asian, and East Asian growth circuits. Our seaports, airports, and
land routes are being continuously upgraded to meet international standards,
ensuring efficient and seamless logistics," she said.
She also said that Bangladesh's huge domestic market and the
markets that are adjacent to it hold endless opportunities for the entire
region.
As investors, she said, "You will discover that
Bangladesh is committed to ensuring your business operations profitable".
The premier said Bangladesh offers one of the most liberal
investment regimes in the world.
The Bangladesh Investment Development Authority (BIDA)
provides a number of services to foreign investors under one roof, she said.
She added that Bangladesh is establishing 100 Special
Economic Zones (SEZs), each equipped with state-of-the-art facilities.
Additionally, the premier said Bangladesh is developing five
country-specific Economic Zones to foster closer economic ties with key partner
nations.
Moreover, the government has undertaken significant measures
to enhance the ease of doing business, she said.
She continued that the government has embarked on a series
of reforms to create a more business-friendly atmosphere and offer a secure and
predictable environment for investors.
She said they have enacted necessary legislation, simplified
steps, and procedures, ensured transparency, and improved infrastructure to
facilitate smoother and more efficient business operations.
"Our aim is to position Bangladesh as one of the most
attractive investment destinations in the world," she added.
Bangladesh has, therefore, formulated a maiden logistics
policy to achieve sustainable economic growth by increasing domestic and
international trade and investment capacity through the construction of a
world-class technology-based, time and cost efficient, and environmentally
friendly logistics system, she continued.
The policy emphasizes encouraging private sector investment
for infrastructure development of roadways, railways, and seaports through
public-private partnerships, she opined.
She went on saying that they are also making significant
investments in both digital and physical infrastructures to turn Bangladesh
into a vibrant logistics hub with connectivity in the region and beyond.
"To demonstrate our objective, we proceeded and
completed mega-projects, such as the Padma Multi-purpose Bridge, the Karnaphuli
River Tunnel, the Matarbari Deep Sea Port, the expanded Third Terminal at Dhaka
International Airport, the Rooppur Nuclear Power Plant, and the Dhaka
Metro-Rail system," she said.
Sheikh Hasina said they have also achieved nationwide
coverage of electricity and internet access.
Bangladesh's first communication satellite, Bangabandhu-I
has opened new frontiers in technological advancement, she said.
Notably, Bangladesh has a large pool of skilled workers
available at competitive wages, she added.
Moreover, she said Bangladesh has the world's second-largest
community of registered IT freelancers.
"We have made significant strides in developing our
telecommunications infrastructure, reaching out to even the farthest
areas," she said.
The premier said they are progressively establishing 38 high-tech parks,
inviting foreign investment in some promising sectors.
"Our vision is to build a 'Smart Bangladesh' by
2041," she said.
One of Bangladesh's greatest assets is its young and dynamic
workforce, she added.
With a median age of around 27 years, Bangladesh's
population is characterized by energy, dedication, sincerity, and a strong work
ethic, she continued.
"We are continuously working to enhance the
capabilities of our workforce through vocational training and higher education
initiatives. Our youths are gearing up to participate in the Fourth Industrial
Revolution," she said.
Thus, investing in Bangladesh means gaining access to a
large pool of skilled and semi-skilled labour, which is both cost-effective and
capable, she added.
The premier said China is our largest partner, with trade
volumes increasing year by year.
However, there remains immense potential to further expand
our trade ties, she said.
"We are committed to addressing trade imbalances and
creating a more equitable trade relationship," she said.
Bangladesh is keen to export more products to China, such as
textiles, garments, leather goods, jute products, and agricultural produce, she
added.
"We welcome Chinese investments in our export-oriented
industries, which will help us diversify our export basket and reduce trade
deficits," she remarked.
To enhance business cooperation, she said Bangladesh
encourages Chinese companies to form joint ventures with Bangladeshi firms.
This collaboration will facilitate technology transfer,
skill development, and market access for both parties, she said.
She came up with the opinion that investment in research and
development is crucial for fostering innovation and competitiveness.
"We invite Chinese companies to establish R&D
centers in Bangladesh, leveraging our skilled workforce and academic
ingenuity," she said.
"As we look to the future, the partnership between
Bangladesh and China holds unbound promise. Our shared vision for economic
growth, technological advancement, and sustainable development forms the
cornerstone of our bilateral relations," she said.
The prime minister said together, the two countries can
create a prosperous future that benefits both our countries and people.
"Let us work together to build a stronger, more
prosperous, and more connected world," she said.
Appreciating interest of Chinese business community in exploring the
opportunities for business and investment in Bangladesh, Sheikh Hasina said,
"This event reveals the strong and enduring friendship between Bangladesh
and China."
Bangladesh and China have a long tradition of bilateral
cooperation and mutual support, she said.
"China has been significantly contributing to our
infrastructure projects, technological advancements, and overall growth of our
economy," she added.
She mentioned that it is time for Bangladesh and China to
explore new areas of further collaboration in trade and investment.
The premier told the Chinese business community that
Bangladesh is one of very few economies that have continued to grow during the
pandemic.
The country is now set to graduate from the UN's Least
Developed Countries in 2026, she continued.
This transition showcases Bangladesh's resilience and
ability to overcome challenges, she said.
Over the past one and half decades, Bangladesh has achieved
steady economic growth, averaging 6.7 percent, she told the summit.
She also said that Bangladesh has expanded its economy from
US$ 102 billion in 2009 to over US$ 460 billion in 2023.
Just before the pandemic, its economy reached a growth rate
of 8.15 percent, she said.
Bangladesh's per capita income has now reached USD 2,784, a
5-fold increase over the past two decades and its export volume has surpassed
the $50 billion mark, and it received net FDI of $2.8 billion in 2022, she
added.
She said that Bangladesh is among the world's top
remittance-earning countries and is now the world's 33rd largest economy.
The world's renowned think tanks projected that Bangladesh
could become the 24th largest economy by the first half of the 2030s, she
informed.
"My government is closely collaborating with the
private sector to realize this goal," she said.
Chinese Vice Minister of Commerce Li Fei, Chairman of China
Communications Construction Group Company Ltd Wang Tongzhou, President and CEO
of HSBC China Mark Wang, Senior Vice President of Huawei Simon Lin, Chinese
Ambassador to Bangladesh Yao Wen, Bangladesh Ambassador to China Md Jashim
Uddin and Executive Chairman of Bangladesh Investment Development Authority
(BIDA) Lokman Hossain Miah spoke on the occasion.
Chairman of Bangladesh Securities and Exchange Commission
Prof Shibli Rubayat-Ul Islam delivered the welcome speech. Several hundred
business leaders, investors and entrepreneurs from Bangladesh and China joined
the summit.
