The flagship Business Summit of this year served as an excellent platform for showcasing the country’s promising outlook and paves the path for a trillion dollar economy by 2040

Held by apex trade organisations of the country in partnership with the Bangladeshi government the 3-day Bangladesh Business Summit 2023 in Dhaka reflects the country’s concerted push to drive trade, commerce and investment.

From 11th -13th March 2023 Dhaka’s Bangabandhu International Conference Center (BICC) was the venue of the Bangladesh Business Summit 2023 under the aegis of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), in association with the Ministry of Foreign Affairs, the Commerce Ministry, and the Bangladesh Investment Development Authority (BIDA).

The glittering event hosted senior ministers from seven countries including Britain, Saudi Arabia, China, Bhutan, the UAE and senior officials of 12 multinational companies. Also attending the Summit were over 200 foreign investors and business leaders from 17 countries.

As shared by FBCCI, the Summit was envisaged to become Bangladesh’s flagship business event, being tasked to highlight the country’s economic and market stature, along with the gamut of solid trade and investment opportunities by bringing together national and global business leaders, investors, policymakers, practitioners, policy and market analysts, academia, and innovators.

The event also hosted the best of Bangladesh Expo and FBCCI Business Awards 2023. It featured three plenary sessions on strategic issues, 13 parallel technical sessions, B2B Meets, Networking Sessions, an Open House Reception and Guided Tours for International Delegates.

Ahead of the Summit, FBCCI President Md. Jashim Uddin shared that it is time to set the strategic path of progress to achieve the goal to be a developed nation and to make the country a Golden Bengal. He said, “It’s time to accelerate the trillion-dollar journey”.

Dr M Masrur Reaz, Technical Adviser of the summit opined that: “The Summit seeks to highlight Bangladesh’s economic and market strengths, and concrete trade and investment opportunities in Bangladesh.”

Inaugurated by Prime Minister Sheikh Hasina the Summit commemorated the celebration of the Golden Jubilee of the FBCCI.

FBCCI President Md Jashim Uddin in his welcome address invited global business leaders to join in Bangladesh’s mega initiatives and to take the advantage of South Asia’s fastest-growing economy with a regional manufacturing hub for supply chains and demographic dividends. Earlier, the FBCCI President had shared that the Summit will play an important role in tapping Bangladesh’s full economic potential, expanding trade and attracting investments.

In her inaugural address as Chief Guest, Prime Minister of Bangladesh H.E Sheikh Hasina said: “I call upon you all to join our journey towards making Bangladesh a high income generated, developed, prosperous and innovative Smart Bangladesh by 2041.”
She extended her congratulations to the FBCCI for carrying 50 years of the golden path with the smooth and vibrant representation of the private sector in the development of Bangladesh. She added: “I am deeply amazed at FBCCI organizing this summit at a time when the world trade is experiencing a critical time.” Furthermore, she shared that the summit will pave a platform to forge a long-term productive relationship with participants from around the world through investment, technology, a smooth and predictable supply chain, and integration with Global Value Chain for common benefits.

She said her government would ease the investment process by simplifying the procedures while highlighting the importance of the country, and it’s achieving the status of a developing country and a role model for development in the world.

Ahead of the Summit, Prime Minister Sheikh Hasina had shared that it would an instrument to highlight Bangladesh’s status of progress in the economic and social fronts to the global arena and also successfully identify the pressing needs of Bangladesh’s economy through their deliberations and discussions. She further shared that the country had achieved the Millennium Development Goals (MDGs) in time and is heading towards achieving the Sustainable Development Goals (SDGs) by 2030.

MoU and Agreements Signed

Commerce Minister Tipu Munshi had several meetings with attending delegations. amongst them Saudi Arabia, China, and Bhutan. The FBCCI also signed a memorandum of understanding with China Council for the Promotion of International Trade (CCPET).

Bangladesh also inked two MoUs with Saudi Arabia for developing Rangpur Sugar Mills and Patenga Container Terminal. A MoU was signed with China for infrastructure development. The agreement with a Saudi Company involved setting up gas pipelines through India and Bangladesh under Public-Private Partnership (PPP) mode.

Investor Interest

Chinese investors showed interest in investing in Bangladesh in the energy, agro-based industry, food processing, and infrastructure development sectors. China has also expressed interest in further increasing ongoing trade and investment with Bangladesh, Munshi shared.

Saudi Arabia is interested in investing in the agro-based industry and food sector. Bhutan has expressed interest in increasing trade with Bangladesh which can be accelerated by the elimination of various problems of sea and land ports, the commerce minister said.

Minister Tipu Munshi said: “The development of Bangladesh is now visible and the economy is stronger than ever. Different countries are coming forward to increase trade and investment with Bangladesh.”

A host of ministers, parliament members, bureaucrats, business leaders, economists, and local and foreign business delegations who attended different plenary and parallel sessions on strategic themes at the Summit shared their thoughts on developing business in Bangladesh. Mr Hasan Al-Huwaizi, Chairman of the board of directors of the Federation of Saudi Chambers (FSC) was of the opinion that Prime Minister Sheikh Hasina’s visit to Saudi Arabia gave a huge boost to the bilateral relations, when the premier also urged Saudi businesses to invest in different sectors of Bangladesh, including energy, ICT and petrochemicals.

Saudi Arabia’s Commerce Minister, Majid bin Abdullah Al-Qasabi while attending the Summit said: ” Through this visit, we exchange opportunities and ideas, and enhance communication. Our bilateral trade is around $970 million, which is not to the level that our people want and our leaders want. It’s the objective of this trip to enhance this target.” Speaking to reporters at the summit’s venue he shared: “We have explored a lot of areas of investment, especially in power, agriculture and logistics.”

“None other than China and India and western world is as good as Bangladesh in pharmaceuticals. So, Bangladesh has tremendous opportunity here,” pointed out Abdul Muktadir, chairman and managing director of Incepta Pharmaceuticals Ltd during a session at the Bangladesh Business Summit 2023. . “The potential for agribusiness is tremendous,” said Ahsan Khan Chowdhury, chairman and CEO of Pran-RFL Group, the country’s largest agro-processor, who firmly believes in the investment opportunities that could accrue from the country’s high ranking in the global scenario for producing items such as rice, potato, mangoes and fish.

According to Robert Simpson, country representative of the Food and Agriculture Organisation, Bangladesh has become a food surplus country from a food deficit country. “The production of high value crops is growing and agribusiness is poised to continue to be a growth industry,” he added. As observed by Pierre Failler, a professor of economics at the University of Portsmouth, UK, Bangladesh has potential in seaweed cultivation.

Post the Summit FBCCI President Md Jashim Uddin pointed out the aim of the event was to highlight Bangladesh’s economic potentials and said, “Bangladesh will become a trillion-dollar economy much before 2040 because of infrastructural developments, economic growth momentum and confidence and indomitable spirit of local entrepreneurs.”

The Bangladesh Business Summit showcase ended on high note with the signing of several MoUs and the interest generated for foreign investments in potentially lucrative sectors such as infrastructure, healthcare, education, ICT and apparel – both at the government level and business venturers. Md Jashim Uddin, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on the concluding day of the Summit shared 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.

Source – Sun Media Magazine ” Why Bangladesh “
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