investment
Eswatini wants trade, investment promotion with Bangladesh
State Minister for Foreign Affairs Md Shahriar Alam had bilateral discussions with Eswatinian Minister of Commerce, Industry and Trade Manqoba Khumalo in Mbabane Tuesday.
Manqoba Khumalo, during the meeting, underlined the need for trade and investment promotion between Bangladesh and Eswatini.
Mentioning textiles and agriculture as major areas of potential cooperation, he sought investment from Bangladeshi investors in these areas in Eswatini.
The Bangladeshi investors can reach out to other member states of SADC from Eswatini to export their products, said the minister.
Shahriar said Bangladesh is also interested in establishing cooperation with Eswatini in the agriculture and textile sectors.
Highlighting the Vision 2041 of the government for transforming Bangladesh as a developed and prosperous nation, he informed the Eswatini side about the recent infrastructural development, growth of manufacturing industries as well as other emerging sectors here.
Underlying the need for identifying potential sectors of trade and business as well as the exchange of visits among businessmen, the state minister reaffirmed Bangladesh's commitment to take the bilateral and economic relations with Eswatini to newer heights.
He invited the Eswatinian businessmen to trade and invest in Bangladesh.
The representatives of the investment promotion authority of Eswatini present at the meeting said Bangladesh businessmen can reach out to different member states of COMESA, SACU and SADC by establishing business in Eswatini.
Also, the Eswatinian side said joint ventures may be established in sugar, food items, cotton, contract farming, construction and livestock, IT and ICT sectors.
They mentioned various facilities offered by the Eswatinian government to the investors.
Read more: Bangladesh, Eswatini can start cooperation in food security areas: Shahriar
Bangladesh, South Africa discuss ways to boost trade and investment
State Minister for Foreign Affairs Md Shahriar Alam has said Bangladesh and South Africa have common socio-economic development objectives and there are huge potentials to boost trade and investment.
He observed that visa waiver agreement for diplomatic and official passport holders and agreement on avoidance of double taxation between Bangladesh and South Africa will facilitate contacts and increase trade and investment between the two countries.
The state minister had bilateral talks with Deputy Foreign Minister of South Africa Candith Mashego Dlamini in Pretoria on February 3 and discussed areas of cooperation.
Referring to his meeting with the Business Unity South Africa which took place on Thursday, Shahriar Alam said the organization has shown interest in working with Bangladeshi chambers.
Read More: Shahriar inaugurates 'Made in Bangladesh' exhibition in Pretoria
He expressed hope that with mutual efforts, bilateral trade between Bangladesh and South Africa may be enhanced to one billion dollars.
The state minister proposed formation of a Bangladesh-South Africa business council comprising different chamber officials and businessmen to assess potentials and discuss business matters.
The Deputy Foreign Minister of South Africa Dlamini referred to the recent high level visits that took place between Bangladesh and South Africa.
It is high time to work together on more projects, investment areas: Chinese Envoy
Chinese Ambassador to Bangladesh Yao Wen on Sunday said it is high time to work together to have more projects and investment from China overcoming the common challenges ahead.
"We find that there is a great potential to work together on high level visits and economic development," he told reporters at the Ministry of Foreign Affairs.
The Ambassador said China can do a lot and the two countries can work together for a better future.
“That is something China can do together to overcome common challenges faced by the two countries,” Ambassador Wen said, referring to the challenges of Covid-19 and also problems that emerged amid the situation in Ukraine.
Referring to Prime Minister Sheikh Hasina’s vision for 2041, the Chinese envoy said Bangladesh is now stepping into Smart Bangladesh from Digital Bangladesh and assured of his country’s support to that end.
Also Read: Gate of Dhaka-Beijing cooperation opens wider: Ambassador Wen
“I am confident that during my tenure I can work together with Bangladesh. China can do a lot. We can support each other. We can work together for the better future of our bilateral relationship,” he said.
Responding to a question on Rohingya repatriation, Ambassador Wen said they have a common objective with Bangladesh regarding repatriation of Rohingyas to their homeland.
He recognised Bangladesh's "sacrifice" in hosting the huge number of Rohingyas and assured of playing its role for their repatriation.
“We discussed the issue. You pay a lot. You suffered a lot. You sacrificed a lot. We have the common objective (repatriation),”said Ambassador Wen.
Bangladesh is hosting over 1.1 million Rohingyas in Cox’s Bazar and Bhasan Char and not a single Rohingya has been repatriated over the last six years.
Earlier, the Chinese Ambassador had separate meetings with State Minister for Foreign Affairs Md Shahriar Alam and Foreign Secretary Masud Bin Momen and discussed the Rohingya issues apart from other bilateral issues.
“We discussed ways to expand bilateral ties,” said the Ambassador.
Bangladesh-Turkiye Business Forum launched to usher in new era of economic cooperation
With an aim to promote bilateral relations, the Bangladesh-Türkiye Business Forum (BTBF) was officially launched on Tuesday paving the way for a new era in trade and investment between the two countries.
“This is an important occasion for us because our countries are building another bridge through this business forum,” said outgoing Turkish Ambassador to Bangladesh Mustafa Osman Turan.
Prime Minister's Private Industry and Investment Adviser Salman F Rahman spoke at the event as the chief guest which began with brief classical music at the Turkish Embassy in Dhaka.
An hour before the launching event at the Embassy, Ambassador Turan together with the BTBF leaders opened the office of BTBF at “Marina Mansion” at city’s Gulshan-2.
Read more: Robust leadership, political trust fortified Dhaka-Ankara economic, defence ties: Turan
Honorary Consul General of Türkiye in Chattogram and co-chairman of BTBF Salahuddin Kasem Khan, Managing Director of Mohammadi Group and BTBF chairperson Dr. Rubana Huq and CEO of United AYGAZ LPG Ltd and BTBF Secretary Ercument Polat spoke at the event.
Boosting cooperation with Bangladesh on political, economic, climate fronts priorities for France: Ambassador Marie Masdupuy
Newly appointed Ambassador of France to Bangladesh Marie Masdupuy has said she will focus on three priority areas during her tenure in Dhaka to take the relations to a new height that include to “maintain and boost” political relations which can be translated in many different ways.
“Bangladesh and France have a very old political relationship. Even before the Liberation of Bangladesh, France gave very important political support internationally. We were at the forefront of the Bangladesh cause. This is the imprint that we all bear in our minds,” she told UNB in an interview.
Sharing her three-fold priorities, Ambassador Masdupuy said the two countries can lead joint initiatives in the area of climate change, noting that France and Bangladesh are both champions in this area.
France is a champion in promoting multilateral initiatives to give a better framework to the international community about climate change issues while Bangladesh is a champion in terms of being one of the most vulnerable countries in the world when it comes to dealing with climate change impacts, the French envoy observed.
Read more: French photographer who documented Liberation War revisits Bangladesh after 50 years
Highlighting the trade and investment issues, Ambassador Masdupuy said there are not enough French companies in Bangladesh.
There were more before Covid-19 and some of them left during the pandemic. “We need to attract them back. This must be done through joint efforts by both countries,” said the ambassador.
“We want to bring in many more French companies,” said the ambassador, recalling her visit to Chattogram, which she finds to be a thriving region of Bangladesh.
She said the prospect of Chattogram is very encouraging and contribution of Chattogram division to Bangladesh’s national economy is huge, and the port itself is making huge contributions and efforts to get an international level of competition. “This is very encouraging.”
Talking about the CMA CGM, a French container transportation and shipping company, the ambassador said it is already the second largest freighter to and from Chattogram and they are looking forward to become more important as much as the port itself will technically adapt to their requests and needs and to get to the level of Colombo and Singapore.
Read More: Md. Monwar Hossain appointed as the next ambassador to Myanmar
Indo-Pacific Region
France and Bangladesh share the same vision for a “free, open, peaceful, secure and inclusive” Indo-Pacific region, based on international law and with shared prosperity for all.
Taking note of the French and European strategies concerning the Indo-Pacific, both countries agreed to work towards promoting regional peace and stability and to explore further opportunities for cooperation in maritime security and blue economy.
“You know, France in the European Union (EU) was the first country to offer all European partners a strategy for the Indo-Pacific region. This strategy was adopted with some small differences and it was made an EU strategy,” said the ambassador.
Responding to a question, the French envoy said, “This strategy is not meant to be confrontational. It was meant to enhance cooperation in the whole region which is one of the largest trade regions and human exchanges regions of the world.”
Read more: New French, Omani ambassadors present credentials to President
So, she mentioned, it is not meant to be confrontational with any country of the bigger region.
Highlighting their commitment to fully observing the 1982 United Nations Convention on the Law of the Sea as well as the peaceful settlement of disputes, refraining from any threat or use of force, Bangladesh and France stated the importance of maintaining security and freedom of navigation and overflight in all seas and oceans.
Defence Cooperation
Ambassador Masdupuy said France is a world leader in terms of defence equipment and military equipment of high quality.
“Bangladesh is a country which already has various defence partners who have very strategic positions in South Asia,” she said, adding that any important country has to protect itself from all sorts of threats that they are facing today.
Read More: Ambassador Muhith elected vice-president of UNDP/UNFPA/UNOPS Executive Board
She said France is a world leader in terms of procurement and is, of course, ready and available to propose various equipment which would answer the particular needs of Bangladesh.
During Prime Minister Sheikh Hasina’s state visit to France in November 2021, the two countries stated their will to further develop the defence and security component of their partnership.
To that end, both countries agreed to strengthen dialogue and continue their cooperation, in particular the area of training, which was launched during the visit.
Furthermore, they committed to stepping up cooperation in the area of defence equipment based on the needs expressed and each party’s ability to respond to them, including through capacity building and potential technology transfer.
Read More: Amanul Haq appointed next Ambassador of Bangladesh to Turkey
In this regard, both parties welcomed the signing of a Letter of intent on defence cooperation.
GSP Plus
Bangladesh is currently enjoying trade facilities under the EBA (Everything but Arms) regime and the EBA regime will change as part of a technical measure.
“It will change once Bangladesh graduates as a developing country which is scheduled to happen in 2026. The friends of Bangladesh will look for ways and accompany during the transition period. We hope that the measures taken by your government will no doubt be adaptive to the situation. Your country will eventually take advantage of this new regime. It just needs a few adaptive measures.”
Airbus & Thales
Ambassador Masdupuy is thinking in particular of two important companies for greater engagements which are very actively involved currently on projects — the first being Airbus.
Read more: BGMEA chief calls on French brand to expand business base in Bangladesh
European aerospace giant Airbus is a leader in aviation and airspace while another company Thales is a major player in the high-tech industry in France.
Friendship based on Strong Bonding
Reflecting on 50 years of diplomatic relations between the two countries, the ambassador said, “It is true that the 50 years period is coming to an end soon. But we will have another 50 years event in April this year when we will celebrate the 50th anniversary of Andre Malraux’s visit to Bangladesh.”
Andre Malraux, the famous French litterateur and politician, wanted to join the Bangladesh Liberation War and take over a military command.
Once Bangladesh was liberated, Malraux did not miss the opportunity to visit the newly liberated country. Father of the Nation Bangabandhu Sheikh Mujibur Rahman personally invited Malraux in recognition of his contribution to Bangladesh’s liberation.
Read More: Ambassador Haas aims to continue strengthening Bangladesh-US ties in 2023
Two years into the country's independence, Malraux came to Bangladesh on 21 April, 1973.
During his five-day visit, Malraux traveled from Rajshahi to Chittagong and met freedom fighters, young university students, and Bangabandhu Sheikh Mujibur Rahman twice.
US is largest source of investment in Bangladesh, other Indo-Pacific countries: Embassy
United States is the largest source of foreign direct investment in the Indo-Pacific region, nearing $1 trillion as of 2021, and the largest source in Bangladesh, with over $4.3 billion invested and counting, said the US Embassy in Dhaka.
The fifth Indo-Pacific Business Forum will be held virtually on January 12 which will encourage people to engage with Indo-Pacific and U.S. businesses.
Read more: Bangladesh maintaining good relations with both US, China but it’s challenging: Momen
Together with its co-host, the government of Japan, the US will underscore their shared commitment to the region and highlight the economic ties that have contributed to Indo-Pacific prosperity and interconnectedness, said the Embassy.
The governments of the United States of America and Japan will welcome senior government officials, industry executives and other stakeholders to the 5th Indo-Pacific Business Forum.
Read more: We support calls for “thorough, transparent investigation” over Bangladeshi-American student's death: US Embassy
Hosted and sponsored by the U.S. Trade and Development Agency, in partnership with the Ministry of Foreign Affairs of Japan and the U.S. Department of State and in cooperation with the Ministry of Economy, Trade and Industry of Japan, the Indo-Pacific Business Forum (IPBF) is the premier public-private U.S. government event to promote trade, investment and economic cooperation between the United States and its partners throughout the Indo-Pacific region.
The event in Tokyo, Japan, will be complemented with robust virtual components for participants based in the United States, other Indo-Pacific countries, and around the world.
PM seeks cooperation from Turkey in defence sector
Government-sponsored 100 economic zones in Bangladesh are attracting more Turkish investment to come with their new investments, said outgoing Turkish ambassador Mustafa Osman Turan on Tuesday.
He came up with the remark while calling on Prime Minister Sheikh Hasina at her office in the morning on Tuesday.
PM’s speech writer M Nazrul Islam briefed the reporters after the meeting.
He said that the Turkish Ambassador mentioned that already two companies of his country invested $850 million this year in the economic zones.
“The unprecedented infrastructural development of Bangladesh, especially the establishment of 100 economic zones, is attracting Turkish investors in Bangladesh,” the envoy was quoted as saying by Nazrul.
The Prime Minister requested the outgoing ambassador to encourage more Turkish investment in Bangladesh to further cement the excellent bilateral relations between the two friendly countries.
“We have historical and cultural ties,” she said.
She also said that both countries could establish cooperation in the defence sector apart from economic and social cooperation.
She emphasises on holding the Joint Economic Commission meeting in Bangladesh to hold dialogue about the enhancement of business and trade between the two countries.
The last Commission meeting was held in Istanbul (Turkey) in 2019.
The Turkish envoy mentioned that his country is interested to cooperate in the defence sector.
The Prime Minister requested Turkey to put pressure on Myanmar for taking back Rohingya as more than 1 million Rohingya have become a serious burden for Bangladesh.
In reply, the ambassador assured the PM of his country’s continuous support.
Ambassador at Large M Ziauddin and Principal Secretary M Tofazzel Hossain Miah were present during the meeting.
Hasina said Bangladesh wants more Turkish cooperation including in investment and business areas to face the challenges ahead as the country is in the process of graduating from the LDC status in 2026.
The envoy sought a suitable place in Bangladesh for establishing a super specialised hospital.
In response, the Prime Minister said it could be in Purbachal or somewhere near the Padma Bridge to ensure improved health care services for the people of the country’s southern region.
The Turkish Ambassador highly praised the idea of the Prime Minister on establishing a Smart Bangladesh.
He said that Turkey will extend its cooperation in this regard, and the idea will also be subscribed in Turkey.
He further said that there are more areas like tourism and education where cooperation between Bangladesh and Turkey could be further expanded.
Turan hoped that Hasina will form the government again after being re-elected in the next general election.
UK to strengthen trade, investment, digital economy ties with Bangladesh: Indo-Pacific Minister
British Minister for Indo-Pacific Anne-Marie Trevelyan has said the UK looks forward to continuing to strengthen their bilateral ties with Bangladesh through trade, investment, and people-to-people links.
The British Minister said this during a bilateral meeting with Private Industry and Investment Adviser to Prime Minister Salman F Rahman in London on Monday.
Praising Prime Minister Sheikh Hasina’s generous hosting of the Rohingyas in Bangladesh and sustained efforts to give a better life to the Rohingyas including providing them with education and livelihood, the British Minister reiterated UK’s continued commitment to resolve the Rohingya crisis.
The Minister also discussed creating future partnerships with Bangladesh in the climate and digital economy.
Read more: IFC giving $32.5 million to ensure food security in Bangladesh
Adviser Salman F Rahman briefed the British Indo-Pacific Minister on the leapfrogging of Bangladesh’s growth between 2009 and 2022 under Prime Minister Sheikh Hasina’s pro-business trade and investment initiatives, including with the UK.
In response to a query from the British Minister regarding the strategy behind Bangladesh’s extraordinary growth over the past decade, Rahman said, “It was our Prime Minister’s drive to maximise power production for industry, empowering the women with education and employment, and attaining food security for our 165 million people.”
On an invitation from Adviser Rahman to visit Bangladesh, Minister Trevelyan expressed her interest to visit Bangladesh in February, 2023.
Read more: Envoy urges Bangladeshi businessmen to visit Romania to boost bilateral business ties
Bangladesh High Commissioner to the UK Saida Muna Tasneem was present during the meeting that took place on Monday at the office of the British Minister at the UK Foreign, Commonwealth and Development Office in London.
Startup Bangladesh invests in Bimafy to expand digital insurance
Startup Bangladesh, the flagship venture capital company of the ICT Division, has invested in Bimafy, a digital Insurance platform in Bangladesh.
An agreement for a Tk1 crore investment was signed between the organisations in Dhaka. NM Zeaul Alam, chairman of the board of directors of Startup Bangladesh and senior secretary of the ICT Division, was present at this time.
Read: Startup Bangladesh to invest Tk5 crore in re-commerce platform SWAP
Md Moinul Kabir board member of Startup Bangladesh and secretary, Legislative and Parliamentary Affairs Division; Ranajit Kumar, executive director of Bangladesh Computer Council, and board member of Startup Bangladesh; Managing Director of Startup Bangladesh Sami Ahmed, Head of Portfolio Investment Hasan A Arif and Chairman of Bimafy Arnab Paul and Managing Director of Bimafy Alvi Nizam Nafi were also present.
Since 2019, Bimafy has been working on the digitalisation of insurance service facilities to ensure that their customer services in the insurance sector meet the "global standard."
Read More: In search of future entrepreneurs: iDEA Project to launch Startup Compass Tuesday
Customers can choose and buy health insurance, accident insurance, travel insurance and motor insurance from insurance companies of their choice on the Bimafy app and website.
Bimafy also works with multiple companies to provide a variety of corporate solutions.
PM opens Japanese Economic Zone: Expected to draw $1.5bn investment, create over 1 lakh jobs
Bangladesh Prime Minister Sheikh Hasina today (December 06, 2022) officially opened Bangladesh Special Economic Zone (widely known as the “Japanese Economic Zone”) at Araihazar in Narayanganj. She joined the event virtually from her official residence Ganabhaban in Dhaka.
According to Bangladesh Economic Zones Authority (BEZA), the Japanese Economic Zone would draw USD 1.5 billion investment and create more than one lakh jobs. Forty foreign companies, including 30 Japanese, have expressed interest to invest there, BEZA said.
Noting that an excellent investment climate prevails in Bangladesh, PM Hasina said, “I think Bangladesh is the most attractive destination for investment. We are offering the highest (investment) opportunities and facilities.”
Read: Women entrepreneurs can avail special opportunities in economic zones: PM
She also said that women entrepreneurs can avail special opportunities at the country’s economic zones. “If women entrepreneurs come forward, we will give them special opportunities. Separate plots will be provided for them.”
Sheikh Hasina said her government has been working for the overall development of the nation through planned industrialization, while protecting arable land and the environment.
The PM said foreign entrepreneurs are also expressing interest to make investments in the country.
“In terms of geographic location, Bangladesh is perfectly positioned to be a bridge between the East and the West,” she said.
Read: Stop arms race, use resources for health, education: PM to global leaders
Sheikh Hasina said her government has been strengthening connectivity with South Asia and Southeast Asia – two most densely populated regions with a large market of 300 crore people.
Besides, the government has increased the purchasing power of people – a market of 17 crore people, she added.
The PM said the government is also offering special facilities for young entrepreneurs so that they can make investments in the economic zones. She opened the commercial operation of the Japanese Economic Zone, being developed on 1000 acres of land under the joint venture of Bangladesh and Japan.
Executive Chairman of BEZA, Shaikh Yusuf Harun, in his welcome speech, said the inauguration of Bangladesh Special Economic Zone would open a new era for attracting Japanese and other foreign investments to Bangladesh.
Read: Bangladesh a role model for women's participation in UN peacekeeping: PM Hasina
He said Singer, a renowned company, has already started the construction of its factory in the economic zone.
Harun also said two Japanese companies were going to sign agreements after the opening ceremony to set up their factories in the economic zone. Japanese Ambassador to Bangladesh Ito Naoki and President of Sumitomo Corporation Masayuki Hyodo also spoke on the occasion.
BEZA and Japan’s Sumitomo Corporation are jointly working to develop the economic zone. The process of the joint venture started with Prime Minister Sheikh Hasina’s visit to Japan in 2014.
Read: Karnaphuli Tunnel first such project in South Asia: PM Hasina