A Free trade agreement with China, Bangladesh's largest partner in international trade, will aid to tackle the challenges after LDC graduation.
Besides, this agreement will reduce the huge trade deficit with the country.
FBCCI President Md Jashim Uddin made the remarks on Tuesday, according to a press release.
Mr Jashim said these at the China-Bangladesh Economic and Trade Co-operation Forum 2021 and the Inauguration Ceremony of 7th Council of Chinese Enterprises Association in Bangladesh (CEAB).
Speaking on the occasion through a virtual platform, the FBCCI chief said “Bangladesh's imports from China in the 2019-20 fiscal year were $11.49 billion, while the country exported only $0.60 billion”.
The Dhaka-Beijing Free Trade Agreement is needed to reduce this huge trade gap, he added.
Informing about the Chinese investment of $1.02 billion in Bangladesh the FBCCI chief said, “The FTA will boost up the confidence of Chinese entrepreneurs in investment and trade in Bangladesh”.
He highlighted a number of incentives provided by the government of Bangladesh, including tax holidays, reduced income tax for 5 to 10 years, tax exemption for on export income tax, reduced import duty on capital machineries and raw material imports.
The establishment of 100 specialised economic zones is underway, which has made Bangladesh has become one of the most attractive investment destinations for global entrepreneurs in this region, he cited.
Jashim Uddin called for undertaking research projects to find opportunities for investment and trade expansion in Bangladesh.
The FBCCI boss called on Chinese entrepreneurs to invest in industries such as skills development, knowledge and technology exchange, power and energy, transport, leather, plastics, information and communication technology, agriculture and biotechnology.
Praising China's Belt and Road project, Md. Jashim Uddin said, "This initiative has brought important opportunities for Bangladesh to become a developed country by 2041."
Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister was present as the Chief Guest.
Chinese Ambassador to Bangladesh Li Jimming was the special guest.
Md. Sirajul Islam, Executive Chairman, Bangladesh Investment Development Authority, Maj Gen. Md. Nazrul Islam, Executive Chairman, Bangladesh Export Processing Zones Authority and Md Sheikh Yusuf Harun, Executive Chairman, Bangladesh Economic Zones Authority also spoke at the occasion.
Among others, Rizwan Rahman, President of DCCI, Gazi Golam Mortuza, President of Bangladesh-China Chamber of Commerce and Industry, K Changliang, President of CEAB, Lin Weiqiang, Honorary Life President of the organisation and other representatives spoke.
