Biz Summit ends with high investment hopes

Bangladesh can now expect more foreign investments into the country's infrastructure, healthcare, education, ICT and apparel sectors as it has successfully shown the world its capacity and advantages in the Bangladesh Business Summit 2023, said Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

At a press conference on the final day of the three-day Bangladesh Business Summit, he said, "We are now more confident as we have received a tremendous response from foreign participants at the summit."

He went on to say that potential foreign investors have been convinced that Bangladesh has the capacity to attract significant FDI due to its large young workforce, strategic geographical location as a gateway to South and Southeast Asia, and a growing domestic market of 170 million consumers.

The three-day business summit was organised to commemorate the 50th anniversary of the country's leading business organisation.

Around 300 delegates from several countries including Saudi Arabia, Japan, the United Kingdom, China, Korea and India were present at the summit.

Local and foreign delegates highlighted their perceptions of the possibilities and obstacles of the business environment in Bangladesh in 17 plenary sessions.

Mentioning that Bangladesh has signed several memorandum of understanding (MoU) with Saudi Arabia, the FBCCI president said that the commerce minister of Saudi Arabia expressed interest to hold a meeting with Bangladeshi businessmen in different sectors within the next 15 days.

At the press conference, he highlighted three main reasons for the increase in investment in Bangladesh including geographical location, the huge local market and a large young workforce.

According to FBCCI, Saudi Arabia is interested in investing in sugar mills, power and energy, green energy, and fertiliser factories in Bangladesh. They have already signed MoUs to invest around $350 million.

However, Bangladesh has urged the oil-rich country in the Middle East to set up a petrochemical plant in Bangladesh.

The FBCCI president said, "Our plastic products require a large amount of raw material, which comes from petrochemicals. They can set up such a plant here."

The FBCCI president further said that the country will be a trillion-dollar economy within 2041.

He stated that removing existing barriers in the country's trade and investment growth could bring long-term investment in the country.

"The opportunities and obstacles in business in Bangladesh were discussed in the business summit. By removing all the barriers, we hope to ensure long-term investments," he said.

He went on to say that the bridge that has been created between the government and the private sector through the business summit will play a role in the country's effort to create a business-friendly environment in the future.

"Easy process, bankability and coordination are key to success in PPP"

Meanwhile, in a separate plenary session at the summit on Monday, speakers said that introducing easing the land acquisition and other related processes, financing and collaboration across the government ministries are the keys to success in the public-private partnership (PPP).

They also urged the bureaucrats to change their mindset in this regard.

The speakers said that there is a scope for PPP to play a significant role in various development activities including infrastructure.

Md Shafiqul Islam Akhand, chief operating officer of the Dhaka Bypass Expressway Development Company Limited, said that the main hurdles for the delay in PPP are land acquisitions and the mindset of the bureaucracy.

He also highlighted the lack of coordination between the parties concerned with the land including Rajuk and the Water Development Board.

Although the government has formed the PPP Authority, it is not enough to boost investors' confidence, he said.

Naser Ezaz Bijoy, president of the Foreign Investors Chamber of Commerce and Industry (FICCI), raised the issue of due diligence and emphasised the significance of reducing the cost in this respect.

Bijoy, also chief executive officer of Standard Chartered Bank, highlighted the issue of strong political commitment, recognised legal framework and governance to make the PPP project a success.

Lee Jang-keun, ambassador of South Korea in Bangladesh, pointed out the prolonged delays in completing various PPP-related processes.

He also said that Bangladesh is slower than Korea in completing various processes due to various bureaucratic issues.