Chinese investment can be game changer for Bangladesh economy: CA

Highlights

• A Chinese textile company announced a $100M investment in Bangladesh
• Bangladesh has a young, ready workforce — over 50% under age 26
• Sectors open for investment: textiles, pharma, agro, IT, jute, fisheries

Calling upon Chinese companies to invest in Bangladesh, Chief Adviser Muhammad Yunus today (1 June) said robust Chinese investment can be a game changer for the Bangladesh economy.

"I urge Chinese investors to make Bangladesh their home and their production hub...the young people are ready to accept that challenge," he said.

The chief adviser made the call while addressing the China-Bangladesh Conference on Investment and Trade in the Bangladesh Investment Development Authority (BIDA) office, Agargaon.

The Bangladesh and Chinese governments jointly organised the conference.

Recalling the longstanding Dhaka-Beijing relations, he said a couple of months ago, during his visit to Beijing, he requested Chinese President Xi Jinping to encourage Chinese companies to invest in Bangladesh as it aims to be a manufacturing and economic hub of the region. 

Yunus said he was honoured that President Xi Jinping had pursued his words, sending a high-powered Chinese business delegation to Bangladesh so quickly.

Claiming that Chinese companies are the master of manufacturing in the globe and Bangladesh wants to be their partner, he said: "Your largest scale investment can be a game changer for our economy."

Yunus mentioned that tens of millions of Bangladesh's young workforce would desperately need good jobs. 

About the initiatives that Bangladesh has taken to attract investment, he said the interim government has been steadfast in implementing reforms, enhancing the investment climate, streamlining regulatory frameworks and ensuring a conducive environment for business operations.  

The chief adviser said Bangladesh continues efforts to attract direct foreign investment, stimulating economic growth and creating employment opportunities for the youth.

Mentioning that half of the Bangladesh population is under the age of 26, he said they are the amazing power of Bangladesh, while they are very creative and dedicated.

He said the Bangladesh Investment Summit was arranged in April last where companies from all over world joined it.

During the summit, Yunus said a top Chinese textile firm alone announced investment of $100 million in spinning sector in Bangladesh. 

For many years, Bangladesh is in a strategic location in the heart of South Asia and the country's dynamic workforce has made it as an ideal destination for investment, he said.

"Yet, for decade, we have failed to attract foreign direct investment. Scores of economic zones were developed but they remain empty," Yunus said.

He said widespread corruption, misrule and brutal dictatorship drove away the potential investors.

The chief adviser said the July Uprising, led by hundreds of thousands of young people, brought an end to these days and they are committed to creating a new Bangladesh.

"And that is opportunity that we got right now in history. So, please be part of our history. Make a history for this nation with us," he added.  

Yunus invited the Chinese investors to explore the extensive opportunities that Bangladesh offers from textile and garments to pharmaceuticals, agro-processing, fisheries, jute and information technology.   

Chinese Commerce Minister Wang Went and Chinese Ambassador to Bangladesh Yao Wen also spoke at the conference, among others.

About 250 investors and businessmen from 100 Chinese firms participated in the conference.