Citibank, N.A., Bangladesh recently hosted the “Belt and Road Forum Bangladesh 2018”underlining Citi’s commitment to support Bangladesh, global clients and investors with the opportunities offered by the Belt and Road Initiative (“BRI”).
The event was attended by M. Abul Kalam Azad, Principal Coordinator, SDGs Affairs, Prime Minister’s Office, Zhang Zuo, Ambassador, Embassy of People’s Republic of China in Bangladesh and key stakeholders from the government and private enterprises, said a statement.
Mr. M. Abul Kalam Azad in his key note presentation provided a detailed overview of the economy and the investment opportunities in Bangladesh.
Delivering the opening remarks, James Morrow, Citi Sub-Cluster Head, for Bangladesh & Sri Lanka , outlined why Citi is focusing on “One Belt One Road” (BRI) initiative.
The BRI is an attempt to foster trade and investment with an inter-continental scope. Citi has banking franchises in most of the BRI countries including Bangladesh and seeks to support our clients through a full range of banking solutions as they participate in the BRI initiative. Bangladesh with its excellent growth track-record and prospects offers good opportunities to foreign investors.
During the forum Mr. Zhang Zuo added ‘The business and industrial communities are the major player for BRI. Their contributions and wisdom are vital to the win-win cooperation between China and Bangladesh. Working together, we shall usher in a more prosperous era for China-Bangladesh cooperation’.
Rajashekaran, Managing Director and Citi Country Officer, Bangladesh, said: “We are banking with clients in 58 BRI markets, more than any other bank globally and we have over 100 years of history of operating across the countries along the Belt and Road.We look forward to continuing our tradition of serving our clients by enhancing connectivity and facilitating the entry and operations of foreign investors in Bangladesh.”
In his remarks on financing solutions Shams Zaman, Bangladesh Head of Corporate and Investment Banking talked about the need for creating access to long-term financing to support BRI projects in the most competitive and structurally efficient fashion keeping in view their long term viability. Developing capital market solutions in each country in addition to overseas financing should create more sources of liquidity.
Johnson Yuan, Head of Corporate and Investment Banking, Citi China, added “With our local expertise and long-standing relationships with clients and regulators along the Belt & Road, it places Citi in an excellent position to be the partner of choice for clients as they move forward on the BRI. Citi commenced operations in China in 1902 and is best placed to support the investors from Bangladesh and Other BRI Countries”
Supporting and facilitating global trade is at the core of Citi. In the 1860s the bank supported the laying of the first transatlantic cable, in the 1900s the opening of the Panama Canal that brought trading nations closer together. The BRI is similarly as ambitious and is not just about helping Citi’s clients with their trade but also areas ranging from capital markets, lending, securities services, advisory, foreign exchange and managing your cash management needs.
Also covered during the event was an overview of Citi’s capabilities across the Belt and Road from areas such as Corporate and Investment Banking, Treasury and Trade and FX Solutions.
-rmc//