Bangladesh Investment Development Authority (BIDA) and Standard Chartered Bank on Tuesday (Jan 5) announced a partnership to jointly promote Bangladesh as a preferred investment destination and work together to bring in targeted global investments to the country.
The first initiative to be undertaken through this partnership will be the China-Bangladesh Investment Summit, scheduled to be held on Jan 25, said a press release.
The virtual event will showcase the partnership potential between Bangladesh and China and highlight the emerging strategic opportunities in the highly promising Bangladesh-China trade and investment corridor.
Over 300 delegates representing Chinese public and private sectors, policymakers, investors, bankers and economists, along with prominent leaders from Bangladesh’s private and public sectors are expected to be in attendance.
BIDA, the country apex investment promotion body, and Standard Chartered, Bangladesh’s largest global bank, will collaborate on marketing and trade exchange initiatives that will help companies invest in Bangladesh.
The partnership will also extend to knowledge exchange on policies, regulations and procedures on investment issues and potential investment opportunities in Bangladesh.
The partnership will leverage Standard Chartered’s banking networks both at home and abroad to target high value, high technology and high impact investments, covering key priority sectors such as agri-business, ICT, electronics, plastics, light engineering, shipbuilding, tourism, renewable energy, power and healthcare, along with a host of other growth areas.
Sirazul Islam, Executive Chairman of BIDA, said, “Foreign direct investment (FDI) will be a key enabler for Bangladesh to achieve sustained double-digit growth and the Sustainable Development Goals by 2030, and become a higher income country by 2041. While we continue to work to improve ease of doing business and create a business-friendly environment to accelerate FDI flow, we must at the same time take the story of a rising Bangladesh to the world. Public and private sector collaboration is now more important, as we look to overcome challenges of Covid-19 and leverage the opportunities of the new normal.”
Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh, said, “Shifting patterns of globalization and the system shock caused by the pandemic highlights the importance of building resilience through diversification. With companies looking to invest in diverse markets to build resilience and leverage available resources and prospects, we have a unique window of opportunity to expand our FDI.”
Md Musharraf Hossain, Additional Secretary of BIDA, delivered the welcome speech on the occasion. Enamul Huque, Managing Director of the Standard Chartered Bank and other senior officials of the bank were also present on the occasion.