Missed the boat in Vietnam? Go to Bangladesh, says KOTRA’s top official

TBS report

Mar 12, 2023 1:55 p.m

Last modified: March 12, 2023, 3:36 pm

Jong Won Kim, Director General of Green Growth Department at Korea Trade-Investment Promotion Agency. Photo: Collected


Jong Won Kim, Director General of Green Growth Department at Korea Trade-Investment Promotion Agency. Photo: Collected

Businesses that have missed investment opportunities in Vietnam and are looking to relocate factories out of China should consider investing in Bangladesh, which is currently welcoming $100 billion in investments and has numerous benefits to support a trillion-dollar economy and… to become a developed nation, said Jong Won Kim. the director-general of the Green Growth Department at the Korea Trade-Investment Promotion Agency.

Kim made this statement as a panelist in a plenary session titled “Bangladesh $100 Billion Investment Opportunities in Key Sectors for Investors to Leverage” on the second day of the Bangladesh Investment Summit 2023 convened by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) was organized. in the capital.

During his keynote address, Salman F. Rahman, Private Sector and Investment Advisor to the Prime Minister, presented the strengths of the country’s economic journey, the tremendous development of social indicators and the opportunities for global investors.

The country’s GDP has grown fivefold over the past 14 years at a compound annual rate of more than 6% and has a decades-long track record of increasing compound annual GDP growth by at least 100 basis points every decade. This growth has already helped Bangladesh capture the attention of investors, especially as it aims to become the ninth largest consumer market in less than a decade. In addition, its advantageous geographical position allows it to serve well the most populous markets in the region.

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Presenting Bangladesh’s cost competitiveness, Rahman stressed that investors can save 47-84% on wages, 41-69% on manager salaries, up to 89% on water bills and up to 55% on electricity bills compared to the major rival economies with which it competes to attract investment.

According to Shahriar Alam, Minister of State for Foreign Affairs, Bangladesh’s trade and tax agreements and openness to global conventions on best practices are additional strengths. The session was chaired by Mohammad Tofazzel Hossain Miah, Chief Secretary to the Prime Minister, and moderated by FBCCI President Md Jashim Uddin.

The government itself, in partnership with the private sector, is investing heavily in infrastructure to facilitate business. As the country reaps its much-discussed demographic dividends, it is already transforming into a digital nation and aspires to become a smart nation by leveraging technology and its ICT talent, which already has the second largest ICT outsourcing workforce in the world make up, said the speakers at the event.

The summit was attended by local business leaders, representatives of global investors, trade associations and ministers from home and abroad.