It is excessive time to spend money on Bangladesh: PM to Chinese language businessmen – Bd24live

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Prime Minister Sheikh Hasina at this time urged the Chinese language enterprise neighborhood to spend money on Bangladesh’s major sectors for mutual advantages taking the benefits of the world’s most liberal funding regimes.

“It’s time to spend money on Bangladesh, and I’m assured that with our arms joined, collectively we will obtain nice issues,” she mentioned whereas addressing a Summit on “Commerce, Enterprise and Funding Alternatives between Bangladesh and China” right here.

The prime minister inspired the Chinese language enterprise neighborhood to contemplate key sectors in Bangladesh, saying, “We welcome investments in our infrastructure, vitality, and logistics sectors”.

Becoming a member of the summit on the second day of her four-day bilateral go to to China, she has urged the Chinese language entrepreneurs, and buyers to spend money on bigger volumes in Bangladesh’s potential sectors ICT, tourism, agro-processing industries and improvement sectors.

The summit was organized by the Embassy of Bangladesh in Beijing, BIDA, BSEC and CCPIT at China World Summit Wing, Shangri-La Circle, Beijing.

“We imagine there may be vital potential for Chinese language funding, notably within the vitality sector, together with renewable vitality,” she mentioned.

She additionally mentioned that climate-resilient good farming opens alternatives for collaboration in agro-processing industries, with buy-back preparations with China.

She went on saying that they plan to determine three particular tourism zones the place China can spend money on the true property and hospitality sectors.

“I additionally urge Chinese language buyers to discover portfolio investments in Bangladesh,” she added.

The premier mentioned the Bangladesh Securities and Alternate Fee is actively working to additional develop its capital markets aimed toward making them extra enticing to overseas buyers.

“We’ve made vital progress in creating a sturdy bond market. We’re getting ready to introducing by-product merchandise, which can additional diversify and widen our monetary markets,” she mentioned.

Mentioning that Bangladesh is embracing the digital age with open arms, she mentioned her authorities is actively selling the expansion of the ICT sector, providing incentives for startups, investing in tech parks, and fostering an ecosystem that encourages innovation and entrepreneurship.

“Our younger entrepreneurs are making their mark on the worldwide stage, and we invite you to be part of this thrilling journey,” she mentioned.

“We provide quite a few alternatives in renewable vitality, waste administration, and inexperienced applied sciences,” she added.

Within the summit, 16 Memorandums of Understanding (MoUs) have been exchanged between a number of firms of Bangladesh and China.

Chinese language Vice Minister of Commerce Li Fei, Chairman of China Communications Development Group Firm Ltd Wang Tongzhou, President and CEO of HSBC China Mark Wang, Senior Vice President of Huawei Simon Lin, Chinese language Ambassador to Bangladesh Yao Wen, Bangladesh Ambassador to China Md Jashim Uddin and Government Chairman of Bangladesh Funding Growth Authority (BIDA) Lokman Hossain Miah spoke on the event.

Chairman of Bangladesh Securities and Alternate Fee Prof Shibli Rubayat-Ul Islam delivered the welcome speech.

A number of hundred enterprise leaders, buyers and entrepreneurs from Bangladesh and China joined the summit.

Elaborating the logic to spend money on Bangladesh, Sheikh Hasina mentioned the nation is located in an essential geo-strategic location with direct connectivity to all main worldwide buying and selling and cargo routes.

“We’re additionally on the crossroads of the South Asian, Southeast Asian, and East Asian development circuits. Our seaports, airports, and land routes are being repeatedly upgraded to satisfy worldwide requirements, guaranteeing environment friendly and seamless logistics,” she mentioned.

She additionally mentioned that Bangladesh’s enormous home market and the markets which might be adjoining to it maintain infinite alternatives for the whole area.

As buyers, she mentioned, “You’ll uncover that Bangladesh is dedicated to making sure what you are promoting operations worthwhile”.

The premier mentioned Bangladesh gives one of the liberal funding regimes on this planet.

The Bangladesh Funding Growth Authority (BIDA) gives a variety of companies to overseas buyers underneath one roof, she mentioned.

She added that Bangladesh is establishing 100 Particular Financial Zones (SEZs), every geared up with state-of-the-art services.

Moreover, the premier mentioned Bangladesh is creating 5 country-specific Financial Zones to foster nearer financial ties with key companion nations.

Furthermore, the federal government has undertaken vital measures to reinforce the benefit of doing enterprise, she mentioned.

She continued that the federal government has launched into a sequence of reforms to create a extra business-friendly ambiance and supply a safe and predictable setting for buyers.

She mentioned they’ve enacted essential laws, simplified steps, and procedures, ensured transparency, and improved infrastructure to facilitate smoother and extra environment friendly enterprise operations.

“Our intention is to place Bangladesh as one of the enticing funding locations on this planet,” she added.

Bangladesh has, subsequently, formulated a maiden logistics coverage to realize sustainable financial development by rising home and worldwide commerce and funding capability by the development of a world-class technology-based, time and value environment friendly, and environmentally pleasant logistics system, she continued.

The coverage emphasizes encouraging personal sector funding for infrastructure improvement of roadways, railways, and seaports by public-private partnerships, she opined.

She went on saying that also they are making vital investments in each digital and bodily infrastructures to show Bangladesh right into a vibrant logistics hub with connectivity within the area and past.

“To display our goal, we proceeded and accomplished mega-projects, such because the Padma Multi-purpose Bridge, the Karnaphuli River Tunnel, the Matarbari Deep Sea Port, the expanded Third Terminal at Dhaka Worldwide Airport, the Rooppur Nuclear Energy Plant, and the Dhaka Metro-Rail system,” she mentioned.

Sheikh Hasina mentioned they’ve additionally achieved nationwide protection of electrical energy and web entry.

Bangladesh’s first communication satellite tv for pc, Bangabandhu-I has opened new frontiers in technological development, she mentioned.

Notably, Bangladesh has a big pool of expert staff obtainable at aggressive wages, she added.

Furthermore, she mentioned Bangladesh has the world’s second-largest neighborhood of registered IT freelancers.

“We’ve made vital strides in creating our telecommunications infrastructure, reaching out to even the farthest areas,” she mentioned.

The premier mentioned they’re progressively establishing 38 high-tech parks, inviting overseas funding in some promising sectors.

“Our imaginative and prescient is to construct a ‘Sensible Bangladesh’ by 2041,” she mentioned.

Certainly one of Bangladesh’s best property is its younger and dynamic workforce, she added.

With a median age of round 27 years, Bangladesh’s inhabitants is characterised by vitality, dedication, sincerity, and a robust work ethic, she continued.

“We’re repeatedly working to reinforce the capabilities of our workforce by vocational coaching and better schooling initiatives. Our youths are gearing as much as take part within the Fourth Industrial Revolution,” she mentioned.

Thus, investing in Bangladesh means getting access to a big pool of expert and semi-skilled labour, which is each cost-effective and succesful, she added.

The premier mentioned China is our largest companion, with commerce volumes rising yr by yr.

Nevertheless, there stays immense potential to additional broaden our commerce ties, she mentioned.

“We’re dedicated to addressing commerce imbalances and making a extra equitable commerce relationship,” she mentioned.

Bangladesh is eager to export extra merchandise to China, comparable to textiles, clothes, leather-based items, jute merchandise, and agricultural produce, she added.

“We welcome Chinese language investments in our export-oriented industries, which can assist us diversify our export basket and cut back commerce deficits,” she remarked.

To boost enterprise cooperation, she mentioned Bangladesh encourages Chinese language firms to kind joint ventures with Bangladeshi corporations.

This collaboration will facilitate know-how switch, talent improvement, and market entry for each events, she mentioned.

She got here up with the opinion that funding in analysis and improvement is essential for fostering innovation and competitiveness.

“We invite Chinese language firms to determine R&D facilities in Bangladesh, leveraging our expert workforce and educational ingenuity,” she mentioned.

“As we glance to the longer term, the partnership between Bangladesh and China holds unbound promise. Our shared imaginative and prescient for financial development, technological development, and sustainable improvement kinds the cornerstone of our bilateral relations,” she mentioned.

The prime minister mentioned collectively, the 2 international locations can create a affluent future that advantages each our international locations and other people.

“Allow us to work collectively to construct a stronger, extra affluent, and extra related world,” she mentioned.

Appreciating curiosity of Chinese language enterprise neighborhood in exploring the alternatives for enterprise and funding in Bangladesh, Sheikh Hasina mentioned, “This occasion reveals the robust and enduring friendship between Bangladesh and China.”

Bangladesh and China have an extended custom of bilateral cooperation and mutual help, she mentioned.

“China has been considerably contributing to our infrastructure initiatives, technological developments, and general development of our economic system,” she added.

She talked about that it’s time for Bangladesh and China to discover new areas of additional collaboration in commerce and funding.

The premier advised the Chinese language enterprise neighborhood that Bangladesh is certainly one of only a few economies which have continued to develop throughout the pandemic.

The nation is now set to graduate from the UN’s Least Developed International locations in 2026, she continued.

This transition showcases Bangladesh’s resilience and talent to beat challenges, she mentioned.

Over the previous one and half many years, Bangladesh has achieved regular financial development, averaging 6.7 %, she advised the summit.

She additionally mentioned that Bangladesh has expanded its economic system from US$ 102 billion in 2009 to over US$ 460 billion in 2023.

Simply earlier than the pandemic, its economic system reached a development charge of 8.15 %, she mentioned.

Bangladesh’s per capita earnings has now reached USD 2,784, a 5-fold enhance over the previous twenty years and its export quantity has surpassed the $50 billion mark, and it acquired internet FDI of $2.8 billion in 2022, she added.

She mentioned that Bangladesh is among the many world’s high remittance-earning international locations and is now the world’s thirty third largest economic system.

The world’s famend assume tanks projected that Bangladesh might turn into the twenty fourth largest economic system by the primary half of the 2030s, she knowledgeable.

“My authorities is intently collaborating with the personal sector to comprehend this aim,” she mentioned.