Prime Minister Sheikh Hasina has extended an invitation for investment from Commonwealth countries and others into Bangladesh, emphasizing the nation’s strategic location as a gateway to a market of three billion people. During the inauguration of the two-day Commonwealth Trade and Investment Forum-2023, she highlighted Bangladesh’s position at the heart of this expansive market and its own population of 170 million. Sheikh Hasina also projected that, by 2030, Bangladesh’s affluent population would reach 35 million, making it the world’s third-largest market, surpassing Germany and the United Kingdom.
Sheikh Hasina expressed her government’s readiness to establish enduring partnerships with nations and investors willing to contribute to Bangladesh’s development and that of other Commonwealth countries through this forum. She underlined the need for high-quality and sustainable investments to accelerate Bangladesh’s economic advancement.
The Prime Minister pointed out that her government had prioritized organizational reforms and established entities such as the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA) to facilitate investors with attractive incentives and post-investment services. She emphasized that almost all sectors in Bangladesh are open for investment, with a particular emphasis on encouraging investments in agriculture, food processing, leather, medical equipment, automobiles, shipbuilding, and ICT.
Furthermore, Sheikh Hasina highlighted Bangladesh’s leadership in the Commonwealth Business to Business (B2B) Connectivity Cluster and its goal to achieve the Intra-Commonwealth trade target of US$2 trillion. She proposed the formation of a “Legal Reform and Digitization Working Group” among Commonwealth members to promote trade and business while maintaining a balance with climate concerns.
She underscored that a significant portion of Bangladesh’s foreign direct investment stems from reinvestment, indicating the favorable investment environment. BIDA’s one-stop fast-track delivery service, providing access to 78 services from 26 government departments through a single platform, was also noted.
Regarding infrastructure development, Sheikh Hasina highlighted the establishment of economic zones, hi-tech and software technology parks, and IT training centers across Bangladesh. She mentioned ongoing efforts to improve land, rail, and air connectivity, including the Padma Bridge, the first underwater tunnel in South Asia in Chattogram, and the development of Matarbari Deep Sea port.
To bolster logistics capabilities, the government has set up a “Floating LNG” terminal and is constructing the Payra Sea Port and Chattogram Bay Terminal. Infrastructure enhancements, such as the Hazrat Shahjalal International Airport’s Third Terminal and Cox’s Bazar Airport’s upgrade, are poised to enhance business prospects.
The Prime Minister outlined Bangladesh’s socio-economic progress, transitioning from a “digital Bangladesh” to a “Smart Bangladesh” by building a smart government, smart citizens, a smart economy, and a smart society. The nation’s goal is to become a knowledge-based and developed smart country by 2041 and a prosperous delta by 2100.
The Commonwealth Trade and Investment Forum-2023 was organized by the Commonwealth Enterprise and Investment Council (CWEIC) in collaboration with the Bangladesh Investment Development Authority (BIDA), the Ministry of Foreign Affairs, and ZI Foundation. The event featured the presentation of the “Commonwealth-Bangladesh Bangabandhu Green Investment Award,” with Eco Brixs of Uganda as the recipient.
In the two-day forum, participants from various countries engaged in over 12 sessions, reflecting the Commonwealth’s role as a voluntary association of 56 countries sharing common values, with Bangladesh as its 34th member since 1972.
