Friday, 12th April, 2024
Friday, 12th April, 2024
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BIDA, StanChart announce partnership to increase FDI

Bangladesh Investment Development Authority
(BIDA) and Standard Chartered Bank today announced a partnership to jointly
promote Bangladesh as a preferred investment destination and work together to
bring in targeted global investments to the country.

The first initiative to be undertaken through this partnership will be the
China-Bangladesh Investment Summit, scheduled to be held on January 25, said
a press release.

The virtual event will showcase the partnership potential between
Bangladesh and China and highlight the emerging strategic opportunities in
the highly promising Bangladesh-China trade and investment corridor.

Over 300 delegates representing Chinese public and private sectors,
policymakers, investors, bankers and economists, along with prominent leaders
from Bangladesh’s private and public sectors are expected to be in
attendance.

BIDA, the country apex investment promotion body, and Standard Chartered,
Bangladesh’s largest global bank, will collaborate on marketing and trade
exchange initiatives that will help companies invest in Bangladesh.

The partnership will also extend to knowledge exchange on policies,
regulations and procedures on investment issues and potential investment
opportunities in Bangladesh.

The partnership will leverage Standard Chartered’s banking networks both at
home and abroad to target high value, high technology and high impact
investments, covering key priority sectors such as agri-business, ICT,
electronics, plastics, light engineering, shipbuilding, tourism, renewable
energy, power and healthcare, along with a host of other growth areas.

Sirazul Islam, Executive Chairman of BIDA, said, “Foreign direct investment
(FDI) will be a key enabler for Bangladesh to achieve sustained double-digit
growth and the Sustainable Development Goals by 2030, and become a higher
income country by 2041. While we continue to work to improve ease of doing
business and create a business-friendly environment to accelerate FDI flow,
we must at the same time take the story of a rising Bangladesh to the world.
Public and private sector collaboration is now more important, as we look to
overcome challenges of Covid-19 and leverage the opportunities of the new
normal.”

Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh, said, “Shifting
patterns of globalization and the system shock caused by the pandemic
highlights the importance of building resilience through diversification.
With companies looking to invest in diverse markets to build resilience and
leverage available resources and prospects, we have a unique window of
opportunity to expand our FDI.”

Md Musharraf Hossain, Additional Secretary of BIDA, delivered the welcome
speech on the occasion. Enamul Huque, Managing Director of the Standard
Chartered Bank and other senior officials of the bank were also present on
the occasion.

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