Bangladesh lures investments across lucrative sectors

The Bangladesh Investment Development Authority, Embassy of Bangladesh and Korean public institutions jointly held the first Bangladesh Investment Seminar in Seoul on Friday, with the aim of attracting global capital to the booming, lucrative South Asian market.

The three-hour event was attended by BIDA executive chairman, Kazi M. Aminul Islam, Bangladeshi Ambassador to Korea Abida Islam, and senior officials from Bangladesh’s Ministry of Power, Energy and Mineral Resources as well as the Bangladesh Special Economic Zones Authority.

Also present were Kim Jun-dong, executive vice chairman of the Korea Chamber of Commerce and Industry; Kim Hyun-myoung, vice chairman of the Korean Importers Association; and representatives from Korean business organizations.

In their introductory remarks, Kazi M. Aminul Islam and Abida Islam highlighted Bangladesh’s social and economic development, untapped investment opportunities and government incentives. 

Their remarks were followed by three presentations on investment opportunities in the country’s gas and power sector. Business representatives from both sides also held one-on-one meetings and participated in a question-and-answer session.

“We are looking forward to creating an additional 12.9 million jobs by 2020, including 1.3 million professionals and 10,000 entrepreneurs in the information and communication technology sector for our $600 million ICT market,” according to the envoy.

Bangladesh’s economy is the 44th largest in the world at $273 billion, and it experienced 7.3 percent growth last year, according to Trading Economics. It aims to become the 23rd-largest economy by 2050 as envisioned in the “Vision 2041” national development plan.

Bangladesh is the world’s fourth-largest rice producer and fifth-largest producer of fish. It is the second-largest exporter of readymade garments in the world after China. Its pharmaceutical products are exported to more than 100 destinations worldwide, including the United States and European Union. It also produces and exports large quantities of leather products, frozen fish, ocean-going vessels, bicycles and ceramic products.

According to the ambassador, the country is playing an active role in curbing global warming, as it faces rising sea levels.

“Bangladesh has successfully implemented the Millennium Development Goals and is progressing rapidly toward achieving the Sustainable Development Goals,” she said in April.

Kim Jun-dong expressed keen interest in investing in Bangladesh, adding the Korea Chamber of Commerce would send a trade delegation to Bangladesh in the near future.

By Bak Se-hwan (sh@heraldcorp.com)