PM asks global investors to join 'Smart Bangladesh' journey

Prime Minister Sheikh Hasina has called upon global business leaders and entrepreneurs to invest in Bangladesh, highlighting the country's potential for trade and business, as well as the facilities available for investment.

"The goal is to transform Bangladesh into a developed, prosperous, and Smart Bangladesh by 2041," said the premier while inaugurating "Bangladesh Business Summit-2023" at Bangabandhu International Conference Centre in the city.

"If Bangladesh continues to grow at an average of 5% a year, it can become a trillion-dollar economy by 2040," she said.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), in partnership with the Ministry of Foreign Affairs, the Ministry of Commerce, and the Bangladesh Investment Development Authority (Bida), organised the three-day summit to mark the 50th anniversary of its establishment.

The opening function featured speeches from the PM's Private Industry and Investment Affairs Adviser Salman Fazlur Rahman, Saudi Arabia's Minister of Commerce Dr Majid bin Abdullah Al-kassabi, Bhutan's Minister of Commerce and Employment Karma Dorji, and WTO Deputy Director-General Xiangchen Zhang. 

FBCCI President Md Jashim Uddin delivered the welcome speech.

Ministers, CEOs, and investors from seven countries, including the UK, the KSA, China, Bhutan, and the UAE, along with business leaders from 17 other countries, are participating in the summit. 

Foreign Minister AK Abdul Momen, and Commerce Minister Tipu Munshi were also present at the inauguration ceremony.

On the inaugural day of the summit, Bangladesh signed one agreement and three memoranda of understanding (MoU) with Saudi Arabia and China

Prime Minister Sheikh Hasina said Bangladesh is marching towards economic prosperity despite all odds and needs to redouble its efforts to speed up the current pace. 

She said the Awami League government has successfully implemented several mega projects, including the Padma Bridge and metro rail, and is now aspiring to be an upper middle-income country by 2031 and a developed country by 2041, as outlined in the government's Vision 2041. The Perspective Plan of Bangladesh 2021-2041 and the Eighth Five-Year Plan (2021-2025) have been formulated and implemented to achieve this vision.

These plans provide a strategic roadmap to increase private investment, Foreign Direct Investment (FDI), and production capacity, accelerate inclusive growth, and build an innovation-driven Smart Bangladesh, mentioned the prime minister.

"Private investments, including FDI, have been made a prime strategy to attain high growth rates in line with Vision 2041," she said.

She said the government aims to increase the private investment-to-GDP ratio to 31.43% by 2031. 

Bangladesh has a $350 billion infrastructure opportunity in the energy, water, logistics, and transport sectors, with the logistics sector being projected to become a $90 billion market by 2025.

The premier said Bangladesh's 170 million population presents a big domestic market, and the country hopes to become the 9th largest consumer market by 2030, overtaking established markets such as the United Kingdom and Germany and surpassing high-growth peers including Vietnam and Thailand.

"The growing middle and affluent classes, which are expected to be 34 million by 2025, will have incomes significantly higher than the estimated per capita GDP of $5,880 by 2040. Due to its strategic geographical location, Bangladesh can also be a hub of a regional market of 300 billion people," she told the prospective foreign investors.

The prime minister emphasised that Bangladesh is a land of business opportunities, with 68.4% of the population in the working age category, making it a demographic dividend. The country is determined to achieve its vision of becoming a developed and prosperous country by 2041, and the government is committed to providing a favourable environment for investment and business.

PM urges local businesses to maintain affordable prices

Prime Minister Sheikh Hasina warned business leaders that failure to control commodity prices and alleviate the sufferings of the common people would result in a loss of markets.

"High prices of essentials are causing great suffering to the common people. Business leaders must find ways to bring down prices to affordable levels, or risk losing their own markets," she said.

PM Hasina acknowledged that developing countries like Bangladesh face severe problems due to commodity price hikes and high inflation caused by global economic crises. 

She said the global economy has been severely impacted by various factors such as the Russia-Ukraine war, economic sanctions, counter-sanctions, and the Covid-19 pandemic, resulting in price hikes and high inflation even in developed countries.

The summit, held as part of the FBCCI's 50th founding anniversary celebrations, is aimed at highlighting the economic potential of Bangladesh and creating new opportunities for trade and investment on a global scale.

The event will focus on the investment priorities of global investors to improve policy-making and showcase dynamic business investment opportunities and improvements to the local business climate. The Prime Minister assured businesses of her government's support in overcoming challenges. 

One deal, 3 MoUs signed

On the first day of the summit, Bangladesh signed one agreement with a Saudi company to establish gas pipelines in India and Bangladesh under a public-private partnership (PPP) basis. 

In addition, two MoUs were signed with Saudi Arabia for the development of Rangpur Sugar Mills and Patenga Container Terminal, and another was signed with China for infrastructure development.

Also, the FBCCI signed an MoU with the China Council for the promotion of international trade.