Time to show our capability to the world: FBCCI president

It is the right time to show the world the achievements and capabilities of Bangladesh, especially on the economic front, said Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI).

"In the past fifty-plus years since we achieved independence, the country has created ample investment opportunities after winning export targets as well as local consumers. Thus, it is time to highlight our capabilities and showcase our achievements to foreigners," the FBCCI president told a press conference on Thursday ahead of the Bangladesh Business Summit, one of the largest business events in Bangladesh's history.

Referring to the reports by Boston Consulting Group and HSBC Global Research, which have claimed that Bangladesh will be a $1 trillion economy by 2040 and 9th largest market in the world by 2030, Jashim Uddin asserted that the country is now a land of economic opportunities.

The country is prepared for foreign investments, he stressed, noting that it is time for companies like Walmart and Zara to expand their businesses in Bangladesh as the local consumer market in the country is growing alongside the country's export potential.

"We have now 100 economic zones visible across the country and this capacity needs to be highlighted," he said. The business summit will get underway at the Bangabandhu International Conference Centre on Saturday, marking the 50th anniversary of the FBCCI. Prime Minister Sheikh Hasina is expected to inaugurate the three-day summit.

More than 200 delegates from 16 countries, including representatives of public and private sectors, will take part in the summit, according to the FBCCI.

Among the participants will be CEOs and top level representatives of 12 globally reputed companies and the deputy director general of the World Trade Organization.

Ministers from China, Saudi Arabia, Japan, the United Kingdom, the UAE, and some other countries will come along with a large number of delegates to explore business opportunities in Bangladesh.

The summit has been organised around 17 seminars and three plenary sessions on different sectors of Bangladesh.

Business summits boost country branding, Jasim Uddin mentioned, adding, "Bangladesh offers immense opportunities for investment. Some 750 people have already registered to attend the summit. Apart from this, many people will attend the summit without getting registered.

"The business representatives from home and abroad who are going to participate in the summit have to pay a good amount of registration fee. From this, it can be understood that people are very interested in the business environment of Bangladesh. They want to do business here. We have to make use of this opportunity."

The FBCCI president noted that Bangladesh has many success stories apart from readymade garments.

"Medicines were once import-dependent, but now 98% of medicines are produced by local pharmaceutical industries. Hundred percent capacity has been achieved in meeting demand for plastic products through local production. Self-sufficiency has been attained in the ceramics sector as well. Other countries do not know these stories."

Bangladesh has the potential to become the business hub of the region, the FBCCI president said.

FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, vice presidents MA Momen, Amin Helali, and Habib Ullah Dawn, technical adviser of the Bangladesh Business Summit ‍and Chairman of Policy Exchange Bangladesh Dr M Masrur Reaz, among others, were present at the media briefing.