Swiss investment in Bangladesh to reach $1.3b

Switzerland has invested over 1.3 billion US dollars (CHF 1.2 billion) in development assistance in Bangladesh,  with significant additional contributions channelled through international financial institutions, said Swiss President Ignazio Cassis in a message on Sunday.

He sent the message on the occasion of the 50th anniversary of diplomatic relations between the Swiss Confederation and Bangladesh, reads an official press release.

Switzerland and Bangladesh celebrate 50 years of friendship on Sunday (13 March 2022) as the day marks the 50th anniversary of diplomatic relations between the two countries.

On this day five decades ago, Switzerland officially recognised Bangladesh as an independent state.

To commemorate this very significant milestone, the President of the Swiss Confederation Ignazio Cassis, extended his greetings to the President of the People's Republic of Bangladesh Md. Abdul Hamid, and Prime Minister Sheikh Hasina.

In his congratulatory message, the President of Switzerland Ignazio Cassis emphasised the longstanding collaboration between the two countries in many domains as well as the continuous broadening and deepening of bilateral ties.

Highlighting the 'stronger than ever partnership' between the two countries, Ignazio Cassis underlined key areas of future collaboration, including Covid-19 recovery, peace and prosperity, climate change, and sustainable development.

Over the last five decades, Switzerland has been a reliable development and economic partner of the people and the government of Bangladesh.

Switzerland's development cooperation focuses on innovative projects benefitting the most vulnerable, he said.

Bilateral trade has increased rapidly and today, traded goods amount to over CHF 1.0 billion ($1.1 billion) per year, the Swiss President said adding that most of the Swiss multinational companies are present in the country and provide critical products, technologies, and services in various key socio-economic sectors.

"Being a candidate for a non-permanent seat on the UN Security Council, Switzerland aims at further broadening its engagement with Bangladesh also in multilateral fora to tackle global peace and security challenges."