Commerce Minister Tipu Munshi has urged investors from Hong Kong to try Bangladesh for investment, in order to get benefits from the country's demographic dividend, skilled workforce and congenial investment environment.
"Bangladesh has a good demographic dividend, skilled workforce and congenial investment environment, please try Bangladesh for investment," he said, while speaking at a seminar on Monday night.
Dhaka Chamber of Commerce and Industry (DCCI) and Hong Kong Trade Development Council jointly organised the seminar on 'Exploring business and investment opportunities for Bangladesh via Hong Kong' at a city hotel.
Speaking as the chief guest, Commerce Minister Tipu Munshi said Bangladesh is going to be graduated from LDC status and for that "we need foreign investment, especially in the infrastructure, financial, service and manufacturing sectors."
"If any reforms are needed to expedite trade and business, the government will do it immediately," he assured.
Mentioning that Hong Kong is a trusted partner for Bangladesh, the minister expressed hope that more Hong Kong companies will come to Bangladesh in future.
The seminar was arranged with a view to discussing issues on investment and trade potential for Bangladesh and major economies through the Hong Kong channel for a deeper global economic fraternity.
DCCI President Rizwan Rahman, in his opening remarks, said Hong Kong, a market-oriented free economy, is predominantly an ideal and important centre for international finance and trade for the Asia-Pacific region, enabling businesses to tap massive opportunities.
Hong Kong has been the gateway between businesses in China and the outside world, he further said.
As a trade hub of Asia, Mr Rahman said, Hong Kong attracts many international businesses through various exhibitions and other trade-related events.
Hong Kong has become one of the top 10 trusted foreign investors in Bangladesh with $1.8 billion investment mainly in textile and energy sectors, said the DCCI president, adding that trade between the two entities had already reached over $1 billion.
Taking the investment success instance and economic tie of Bangladesh and Hong Kong into account, Mr Rahman said Bangladeshi and foreign investors can explore mutual investment and trade opportunities in promising industries via Hong Kong in different parts of the world, including China, and vice versa.
Sharifa Khan, secretary of the Economic Relations Division at the Ministry of Finance, said that the existing trade gap between Bangladesh and Hong Kong is also a great opportunity for future business.
Hong Kong is good in the financial sector, she commented, inviting the Hong Kong investors to operate in Bangladesh as its market is a big one in this region.
If more Hong Kong companies come to Bangladesh, it will help Bangladesh in areas of technology transfer, Ms Khan noted.
"We are developing the port and logistics sector; Hong Kong companies may invest here under PPP (public-private partnership) arrangement too," she added.
Rajesh Bhagat, South Asia consultant for Hong Kong Trade Development Council, presented a keynote paper at the seminar.
He highlighted that Hong Kong has very simple tax and customs procedures - there are no sales tax and no customs tariff.
About 66 per cent of the mainland's outward FDI goes to or via Hong Kong, he said.
In 2020, total trade between Bangladesh and Hong Kong was $1.41 billion where Bangladesh's import was $1.28 billion and export $126.7 million.
Bangladesh is offering good incentive packages to foreign investors and various reforms by the government will be helpful in attracting foreign investors, he observed.
Additional Secretary of the Ministry of Industries Janendra Nath Sarker and Additional Secretary of BEZA Mohammad Erfan Sharif also spoke as discussants.
