The Nordic Chamber of Commerce and Industry (NCCI) in Bangladesh hosted the online launch of its white paper titled "FDI in Logistics Sector", a follow-up to the daylong event on the same topic hosted by the chamber in May of 2022.
The event was attended by business leaders, foreign dignitaries, government stakeholders, regulatory bodies, policymakers, and advocacy coalitions, said a statement.
The chief guest at the event, Mr Salman F Rahman, M.P., Private Industry and Investment Advisor to the Honorable Prime Minister, said that the government has recognised 'Logistics' as a thrust sector and "In this difficult time of massive global distribution, we remain committed to being an integral part of the global supply chain."
"The government has been in the process of formulating a National Logistics Policy, which will aid investment and cater to the need of the economy in the long run," he further added.
While expressing his delight for the whitepaper at the launch of the White Paper, brought out by NCCI, he remarked, "It will benefit all the stakeholders in contributing to the policy formulation and its proper implementation as well."
Winnie Estrup Petersen, Ambassador of Denmark, speaking on behalf of the Embassies of Denmark, Norway and Sweden, said, "As Bangladesh focuses on the development of infrastructure, policies and guidelines need to be in place to get the most effective output from such infrastructural investments. Thus, inputs from all quarters are essential for providing the best to the country."
While talking about the economy of Bangladesh, she highlighted that the Bangladesh economy has proven to be strong and resilient, boasting growth even during the pandemic when most economies of the world contracted. This uninterrupted economic growth trajectory will see Bangladesh graduating from the LDC group in 2026.
She added, "To be able to be at par with the global standards, Foreign Direct Investments (FDI) in the logistics sector is a good start. It can readily bring in the technology, skill set and dynamism that will elevate the country to a more developed arena."
The ambassador also mentioned, "To maintain and enhance the tempo of growth, the logistics sector needs to be strengthened through global connectivity, effective and efficient services guided through the long-term vision of the government."
However, according to her, to attract such investments, it is important that "Bangladesh further enhances a conducive business environment for foreign companies so that they are motivated to invest and do business here. A conducive general framework and a well-developed logistical infrastructure are closely connected, and it is important not to lose sight of this connection."
Ambassador Petersen applauded the effort of the NCCI in publishing the whitepaper focused on the logistics sector terming it a timely and necessary discussion.
Speaking as the Special Guest, Ms Mohsina Yasmin, Executive Member, Bangladesh Investment Development Authority (BIDA), said, "White papers are a major asset when it comes to improving business strategy, understanding the current state, and identifying potential growth areas. It can also act as an influential document to advocate for policy changes and assist policymakers in supporting business and investment-friendly environment."
She further remarked that BIDA praises the effort and initiative of the NCCI to publish this sector-focused white paper.
NCCI President Tahrin Aman, in his welcome remark, highlighted that the logistics sector is a crucial component of the whole trading ecosystem, and major industries heavily rely on it. So much so that without logistics, the whole economy will come to a standstill. Therefore, even though the demand for logistics is derived, this industry plays a pivotal role in turning and improving the economic indicators, both at the micro and macro levels of the economy.
He explained, "As we plan to grow our economy, it is imperative that we also focus on infrastructural development to support this economic expansion."
He added that the White Paper has concrete recommendations for the policymakers and hoped that the policy makers and stakeholders at the higher echelon of government would consider the humble effort of the NCCI to inform policy decisions in the future. He reaffirmed the commitment of NCCI to assist the government in all its effort to increase investment and make Bangladesh an economic power, not just regionally but also globally.
Riaz A Choudhury, Acting Head of Wholesale Banking, HSBC, said, "The publication of a white paper on 'FDI in Logistics Sector' is a very timely initiative from the NCCI. Digitisation and modernisation are inevitable game changers for the future of the logistics industry. Leveraging our global expertise and digital platform, HSBC is willing to be a part of this transformation journey."
Asif Khan, Managing Partner of Edge Research and Consulting, in his address, shared highlights from the whitepaper and key policy recommendations suggested in it.
Edge Research and Consulting was the research partner of the NCCI for this publication. The 'Vote of Thanks' was delivered by Angshuman Mitra Mustafi, Country Manager, Maersk Bangladesh Ltd and Treasurer of NCCI, on behalf of the organisers. Mashur Rahman, Executive Director of NCCI, moderated the event.
The whitepaper will be available for download from the website of the Nordic Chamber- www.nccib.com/resources.
The NCCI previously hosted a day-long event with the participation of all private and government stakeholders, including BIDA, PPPA, 3 Port Authorities, NBR, Bangladesh Bank, Ministry of Foreign Affairs and Ministry of Commerce. Additionally, representation from Think Tanks, Academia and Research, as well as a wide cross-section of private sector actors, including service providers and users, attended the event.
The program emphasised Bangladesh's diverse range of opportunities, which are based on the country's economic progress since its independence. While highlighting Bangladesh as an attractive investment hub, speakers at the event discussed the need for overall logistics sector development, considering Bangladesh's projected increase in trade volume in the coming decades.