Bangladesh has scope for raising global business thru Hong Kong: businesses

Black_cats · Sep 14, 2022

Bangladesh has scope for raising global business thru Hong Kong: businesses

Staff Correspondent | Published: 22:37, Sep 13,2022

Businesses have said that Bangladesh has a huge potential to increase its investment and trade with major economies through Hong Kong as the global business hub is the ideal channel for mainland Chinese outbound investments.

They made the observation at a seminar organised by the Dhaka Chamber of Commerce and Industry and the Hong Kong Trade Development Council at the Lakeshore Hotel in the capital Dhaka on Monday.

The title of the seminar was ‘exploring business and investment opportunities for Bangladesh via Hong Kong’. Rizwan Rahman, president of the DCCI, said that Hong Kong, a market-oriented free economy, was predominantly an ideal and important centre for international finance and trade for the Asia-Pacific region and mainland, which enabled businesses to tap massive opportunities.

He said that Hong Kong was the gateway between businesses in China and the outside world and the Asia’s trade-fair and convention hub attracting many international businesses through various timely exhibitions, events and other trade-related events.

‘Taking the investment success instance and economic tie of Bangladesh and Hong Kong into account, 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, vice versa in the changing economic context,’ Rizwan said.

Hong Kong has become one of the trusted top 10 foreign investors in Bangladesh with $1.8 billion investment mainly in the textile and energy sector, DCCI president said.

Rajesh Bhagat, consultant of Hong Kong Trade Development Council, presented the keynote paper in the seminar that said there were wide-ranging manufacturing and service sectors in Bangladesh for investment with a huge potential.

Considering the local and international market demand, other potential and relevant investment factors, readymade garments, shipbuilding, pharmaceuticals, agriculture, leather and footwear, ICT, light engineering, logistics and infrastructure sectors are the highly potential and rewarding for foreign investment, he said.

Rajesh said that about 66 per cent of mainland’s outward FDI went to or via Hong Kong.

According to the presentation, in 2020 total trade between Bangladesh and Hong Kong was $1.41 billion where Bangladesh’s import was $1.28 billion and export was $126.7 million.

Commerce minister Tipu Munshi said that Bangladesh needed foreign investment especially in the infrastructure, financial, service and manufacturing sector as the country was going to be graduated from LDC status.

‘Not only the reforms the government has made, but it is a continuous process. If any reform is needed to expedite trade and business, the government will do it immediately,’ he said.

The commerce minster hoped that more Hong Kong companies would come to Bangladesh in future.

Finance ministry economic relations division secretary Sharifa Khan said that if more Hong Kong companies came to Bangladesh, it would help the country for technology transfer.

‘We are developing ports and logistic sector and Hong Kong companies may come to invest as PPP basis as well,’ she said.

Industries ministry additional secretary Janendra Nath Sarker and executive member of Bangladesh Economic Zones Authority Mohammed Erfan Sharif, among others, spoke at the event.