Largest biz summit in Mar to showcase trade opportunities

Bangladesh will showcase trade and investment opportunities in the country to the world at a business summit – the largest as claimed by businesses – in March this year in Dhaka.

"We want to let the world know about the potential products other than our main export garment," Mostofa Azad Chowdhury Babu, senior vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), told The Business Standard.

He said there are many companies that do not know about business or investment opportunities in Bangladesh. Many may not even know about Bangladesh properly, about the new special economic zones here, or about tax-free investment opportunities for foreigners.

"We hope that the CEOs of various companies will see the possibilities and create a positive perception about doing business with Bangladesh, thereby increasing business and investment," added the FBCCI leader.

Along with representatives of the world's leading companies, ambassadors and high commissioners from 28 countries are also being invited to the summit slated for 11 March.

The FBCCI is playing a key role in organising the summit with the support of two ministries and the Bangladesh Investment Development Authority (Bida).

At least three top level representatives of major companies have already confirmed their participation in the summit.

According to sources at the FBCCI, it is scheduled to meet with the envoys of about 30 countries today to outline the details of the three-day summit.

Prime Minister Sheikh Hasina is expected to inaugurate the summit.

Economist M Masrur Reaz, chairman of Policy Exchange Bangladesh, who is working as a technical advisor for the summit planning and execution committee, told TBS, "We hope this summit will be the biggest ever. We hope it will have the highest impact. This will showcase the potential of the Bangladeshi economy and why Bangladesh is one of the most attractive destinations for business."

"The deputy CEO of Axiata Group and the CEO for the Asia Pacific region of CMA CGM, the world's 3rd largest French shipping company, have confirmed their participation in the summit," he added.

Another source at the FBCCI said that the CEOs of seven companies or their representatives have already informed the organisers of their interest in participating in the summit.

A study, released by Boston Consulting Group (BCG) in November last year, stated that Bangladesh is on course to emerge as a $1.0 trillion economy by 2040.

Sources at the FBCCI said the summit will also highlight a track to achieve the target.

Earlier, a two-day Bangladesh Investment Summit was held in Dhaka in November 2021 under the initiative of Bida, where it received $2.7 billion in investment proposals mainly from Saudi Arabia, Turkey, China, and US companies.

Among the proposals, the Saudi company Engineering Dimensions alone offered an investment of $1.75 billion.

But Bangladesh has not yet received much investment from the proposals. The Saudi $1.75 billion investment, in particular, has yet to begin.

According to the central bank, Bangladesh received $2.58 billion in foreign direct investment in fiscal 2017-18, $3.89 billion in fiscal 2018-19, $2.37 billion in fiscal 2019-20, $2.51 billion in fiscal 2020-21 and $2.65 billion in fiscal 2021-22.

According to sources at the FBCCI, this year's business summit is going to be held in continuation of that investment summit. This summit has been organised as part of support for the government through the private sector.