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Story of the development in Bangladesh amazing and yet to be fully told.It is still unfolding.The main source of this upbeat performance of Bangladesh can be traced back to the fighting spirit of its creative people born out of its birth pangs of 1971. Despite huge challenges Bangladesh continues to move on and is destined to become the preferred destination of foreign direct investment both from the region and the world at large.
Eminent economist and former Governor of Bangladesh Bank said these as the chief guest at an investment colloquium in Kolkata on Saturday organized by Merchants’ Chamber of Commerce and Industries (MCCI). Presided over by Vishal Jhajharia, President of MCCI, the program was also graced by Deputy High Commissioner of Bangladesh in Kolkata. A number of local entrepreneurs, academics and media personalities were present in this event.
Dr Rahman further emphasized that Indian investors and entrepreneurs should especially focus on Bangladesh as the economy of the country has demonstrated commendable resilience in the face of the last global financial crisis and is currently attracting significant amount foreign direct investment from all around the world.
He also said that due to broad-based inclusive and business-friendly policies of the government coupled with a strong financial sector led by the central bank of the country, Bangladesh has already achieved stunning performance in terms of macro-economic transformation over the last decade or so.
Hence, foreign investors especially those from neighboring countries should take this opportunity to invest in Bangladesh and ensure positive gains for all stakeholders involved.In fact, Bangladesh’s focused attention on development of mega infrastructures including a huge number of special economic zones, improved energy management, enhanced ease of doing business should be seen as added advantages by potential investors.
The on-going regulatory reforms in the above policy arenas will further improve the investment climate of Bangladesh, emphasized Dr. Rahman. He also said that Bangladesh’s success in inclusive development owes a lot to its innovative policy strategies of collaboration between state and private actors, fast digitalization of the commerce and finance and improving skills of its abundant young population.
In his presentation, Dr Rahman also pointed out that Bangladesh has the potential to become a regional trade hub if land and waterways connectivity with the neighboring countries can be enhanced.
Along with RMG, Bangladesh also has a lot of potential to grow as exporter of other commodities, especially leather and jute products,agro-processing industries,pharmaceuticals, ceramic and ICT. Additionally, it also has a burgeoning domestic consumer base.
He opined that Indian investors and entrepreneurs should come forward and work in these sectors of Bangladesh which is now exhibiting signs of one of the fastest growing economies of the world. Given the cost advantage of Bangladesh and a huge potential market size, the investors including those from the nearest neighbors should ideally move faster for win-win outcomes.
Finally Dr Rahman made an appeal to the MCCI officials to join hands with Bangladesh Deputy High Commission to celebrate birth centenary of Bangabandhu who spent best part of his political life in Kolkata.
The President of MCCI said Bangabandhu is equally theirs and would certainly join hands with Deputy High Commission of Bangladesh in Kolkata to chalk out an elaborate program on this occasion to showcase the best of the economic cooperation between the two countries which has already reached a new height.
(AA)
