Commerce Minister Tipu Munshi on Sunday said Bangladesh’s upcoming trade and investment summit will help the country attract foreign direct investment (FDI).

The minister said this while addressing a press conference at the conference hall of Dhaka Chamber of Commerce and Industries (DCCI) ahead of the ‘Bangladesh Trade and Investment Summit-2021’.

Marking birth centenary celebrations of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the Golden Jubilee of Independence, the Ministry of Commerce and DCCI is going to jointly host the week-long International virtual Summit from October 26 to November 1.

Turning to the price hike, the minister said the prices of essential commodities have increased recently due to the impact of price hike in the global market.

Also read: Bangladesh Trade and Investment Summit to kick off on Oct 26

“We’re working to keep the prices under control, but the most consumed items like oil, sugar and onion are imported to meet the domestic demand. The prices of these products have gone up in the global market and that reflection is also seen here,” Tipu Munshi said.

The minister said the government set a $51 billion export target in the current fiscal year through product diversification.

Currently, Bangladesh makes 83-84 percent export income from the garments sector alone.

Bangladesh has a lot of potential to export many other products like leather, jute, light engineering, IT, agro-based products, the minister said.

DCCI President Rizwan Rahman made a presentation on the summit and mentioned that this includes nine sectors underscoring critical enablers and avenues of the economy, demanding massive investments, especially in infrastructure (Physical, logistics and Energy), IT/ITES and FINTECH, leather goods, pharmaceuticals, automotive and light engineering, plastic products, agro and food processing, jute and textiles and FMCG (Fast-moving consumer goods) and retail business.

He said 552 companies form 38 countries alongside Bangladesh will participate in 450 business to business (B2B) match-making sessions, which will help explore new business opportunities and attract FDI to Bangladesh.

Also read: Multiple initiatives taken to remain competitive in global market: Tipu Munshi

Besides, he said, six webinars on different trade and investment issues will be organized with the participation of representatives from the business community, experts from local and international and policy makers.

The DCCI President said this virtual summit will showcase Bangladesh's preparedness at this time of Covid-19 pandemic among the investors and entrepreneurs.

Commerce Secretary Tapan Kanti Ghosh, DCCI Senior Vice President NKA Mobin, Vice President Monowar Hossain, DCCI Board members and senior officials of the commerce ministry were, among others, present.