BIDA chief invites China-based manufacturers to invest in Bangladesh
"The post-election developments in the US signal big increases in tariffs and duties for China-based manufacturers. In this context, we extend an open invitation to our investor friends in China and are committed to supporting them in navigating the evolving landscape," says Chowdhury Ashik Mahmud Bin Harun
The executive chairman of the Bangladesh Investment Development Authority (BIDA), Chowdhury Ashik Mahmud Bin Harun, has invited China-based manufacturers to invest in Bangladesh following the developments after the 2024 US presidential election.
He wrote an "open letter" today (24 November) to investors in China, saying that Bangladesh is now ready to emerge as a potential destination for manufacturers planning to relocate or diversify their footprint, according to a statement of the Chief Adviser's Press Wing.
"The post-election developments in the US signal big increases in tariffs and duties for China-based manufacturers," he wrote. "In this context, we extend an open invitation to our investor friends in China and are committed to supporting them in navigating the evolving landscape."
"We see potential in industries like garments, electronics, solar value chain and automotive. We are committed to tailoring a favourable investment environment for the investors with attractive incentive programs and benefits," he said.
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The BIDA chief, who in the past month met at least 200 CEOs of multinational and local companies, said contrary to what some political experts were predicting, Bangladesh's economy is set to benefit hugely in the new Trump presidency.
"We are already witnessing quite a lot of interest from China-based manufacturers seeking to diversify their risks and manufacturing bases," he said.
China has been a long-standing partner of Bangladesh and in 2022 became Bangladesh's largest source of Foreign Direct Investment (FDI), reads the CA's Press Wing statement.
Ashik Mahmud said this trend will accelerate once the new Trump administration takes over in January 2025.
He said he has been following the regional expansion of Chinese manufacturers in the last decade and was fortunate to support them in his previous capacity as an investment banker.
"With the new US political landscape, the trend is likely to grow," the BIDA chief said, adding Bangladesh is keen to "welcome" these investors with tailored solutions.
