Bangladesh offers economic zone to Ireland

Bangladesh has offered an economic zone to Ireland to increase foreign investment in the South Asian country, which is set for its official graduation from the least developed country status in 2026.

Prime Minister's Private Industry and Investment Adviser Salman F Rahman made the proposal when Irish Enterprise, Trade, and Employment Minister Simon Coveney paid a courtesy call on him today.

After the meeting held at the Bangladesh Investment Development Authority's headquarters in the capital, the adviser said, "This was our first meeting. We discussed various issues. When Ireland was called upon to invest in Bangladesh, they expressed interest."

Salman mentioned that Ireland's trade minister is keen on investing in the pharmaceuticals, tourism, information technology, and agriculture sectors in Bangladesh.

He added, "We have proposed an economic zone for investment so that they can invest well in this country."

"We want to sign a memorandum of understanding with them through the Ministry of Foreign Affairs, which is in process. Under this agreement, the two countries will engage in mutual investment and cooperation," the adviser asserted.

He said a delegation from Bangladesh wishes to visit Ireland, a member of the 27-nation European Union, which is the biggest market for Bangladeshi exports. "We will try to learn from their experiences and how they have succeeded."

Speaking to journalists after the meeting, Simon Coveney mentioned that he was the first senior Irish government minister to officially visit Bangladesh.

Elaborating on the importance of the visit, he said they are touring the country to strengthen the relationship between Bangladesh and Ireland.

The minister emphasised that he believes there is great potential here for trade, cooperation, and partnership, especially in the context of economic development.

He highlighted the transformation of Ireland from one of the poorest countries in continental Europe to one of the richest today.

He said there was a time when there were few foreign multinationals in Ireland. Now, Ireland has more multinational companies than any other country in the world.

Nine of the top ten technology companies have a footprint, and 11 of the top 12 pharmaceutical companies have a major presence in the European nation, he added.

He stressed the importance of building friendships based on trust, respect, and equality. Meanwhile, a new Irish ambassador is being appointed in Bangladesh.

The Irish minister said they can develop relations between the two countries in various sectors, including aviation, technology, AI, and modern agriculture.

He believes that companies from both countries will contribute to the development of this relationship through business.

There are already some successful companies, like Primark and Portwest, employing thousands of people here. But the minister expressed the belief that they can achieve much more together, as he pointed out.