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Endless business opportunities for Bangladesh in Africa
Imtiaz Ahmed
Clothes from 46664 Apparel hang from a rack during the brand's launch in a shop in Johannesburg, South Africa AFP
'After Asia, African countries will be enjoying tremendous growth during this century'
As the Covid-19 pandemic has slowed economic growth in the European Union and North America, many suggest Bangladesh should be exploring the continent of Africa as the next export market.
Abul Hossain, honorary consul of Uganda in Bangladesh and vice-president of Consular Corps in Bangladesh, expressed this view while talking to Dhaka Tribune in the capital recently.
“After Asia, African countries will be enjoying tremendous growth during this century.
Bangladeshi businessmen should tap the growing African markets that have a population of 100 crore,” said Hossain.
After years of civil war, political instability, famines and economic corruption, political stability has returned to a number of African countries.
Countries like Botswana, Namibia, Malawi, Ghana, Morocco, Kenya, Tanzania and Uganda enjoy political stability and possess a better business environment opening a new window of trade opportunities with other countries, said Hossain, also managing director and CEO of Fazila Group.
Countries like India, China and Nepal have invested in different projects eyeing the growing markets in the African markets.
Bangladesh should explore the market of plastic goods, pharmaceuticals, jute goods, readymade garments and IT products over there, he added.
"Agro producers want to invest in Africa thanks to the availability of vast areas suitable for cultivation of vegetables and rice and the presence of a potential market to sell the produce. We need a guideline from the banking watchdog which can ensure protection of the money Bangladeshi businesses invested abroad.
No less than 300 local organizations, particularly from agriculture and garment sectors, are looking to invest in African nations to avail the advantages of the rising economies of the continent," said the honorary Ugandan consul.
Economic competition will intensify in the post -Covid period and Bangladesh should prepare itself to face a new environment, he said.
Abul Hossain, vice-president at Consular Corps in Bangladesh, also said that exporters in Africa can enjoy special trade privileges in EU, US, Canadian and Australian markets.
Bangladesh should explore new markets and diversify its export basket as Covid-19 pandemic is causing economic slowdown in European countries and the USA, trade analysts say.
Amin Helali, secretary of Bangladesh- Africa Investment Forum, said: "They contacted us to invest in Africa. Many Bangladeshi investors have already poured money into different projects in Africa. Most of these investors belong to the group of people who left the country years ago for jobs and are now residing in African countries. They did not make investment in Africa by remitting money from Bangladesh."
Bangladesh Bank also pondering
Bangladesh Bank has so far got more than 100 applications looking for consent to invest in Africa and given proceeds to six of them.
The central bank is currently looking at the recommendations on a case-by-case basis to offer endorsement to the organizations interested to invest in Africa.
The interest for prepackaged agro-items and readymade food is high in Africa.
For example, the food prepared in Bangladesh by Brac, Pran and Square has huge demand in African nations.
Apparel manufacturers need to put resources in Africa to take advantage of the tax-free entry in the US for items made in Africa under the African Growth and Opportunity Act (AGOA).
Authorities have given the green light to DBL Group to put resources in the African article of clothing segment.
MA Jabbar, managing director of DBL Group, a Bangladeshi garment exporter, said they have relocated their production unit to an African country.
"We have started production in our Ethiopian factory this year. We will make the first shipment this month. We have a target to export $38 million worth of garment items from the Ethiopian plant every year," Jabbar added.
Helali, also director of Dosh Disha Group, consented to an arrangement with the Ugandan horticultural service to get 20,000 hectares of land for cultivating paddy and other agrarian items in 2011.
The task is yet to be executed as the administration is deferring endorsement for remote speculation.
Bangladeshi organizations looked for administrative help to invest in African countries before other Asian nations, yet they are lagging a long way behind, say trade analysts
According to the World Bank, the International Monetary Fund and the Asian Development Bank predict global economic growth will be slow in the developed countries, resulting in poor consumption of consumer goods.
Sources in the FBCCI and BGMEA said Bangladesh should explore new markets to export readymade garments, pharmaceuticals, jute and jute goods, plastic goods, ceramics.
Against the backdrop of economic slowdown in middle-eastern countries, Bangladesh Association of International Recruiting Agencies (BAIRA) leaders can also visit African countries to explore new labour-recruiting countries.
Imtiaz Ahmed
- Published at 08:50 pm November 4th, 2021
Clothes from 46664 Apparel hang from a rack during the brand's launch in a shop in Johannesburg, South Africa AFP
'After Asia, African countries will be enjoying tremendous growth during this century'
As the Covid-19 pandemic has slowed economic growth in the European Union and North America, many suggest Bangladesh should be exploring the continent of Africa as the next export market.
Abul Hossain, honorary consul of Uganda in Bangladesh and vice-president of Consular Corps in Bangladesh, expressed this view while talking to Dhaka Tribune in the capital recently.
“After Asia, African countries will be enjoying tremendous growth during this century.
Bangladeshi businessmen should tap the growing African markets that have a population of 100 crore,” said Hossain.
After years of civil war, political instability, famines and economic corruption, political stability has returned to a number of African countries.
Countries like Botswana, Namibia, Malawi, Ghana, Morocco, Kenya, Tanzania and Uganda enjoy political stability and possess a better business environment opening a new window of trade opportunities with other countries, said Hossain, also managing director and CEO of Fazila Group.
Countries like India, China and Nepal have invested in different projects eyeing the growing markets in the African markets.
Bangladesh should explore the market of plastic goods, pharmaceuticals, jute goods, readymade garments and IT products over there, he added.
"Agro producers want to invest in Africa thanks to the availability of vast areas suitable for cultivation of vegetables and rice and the presence of a potential market to sell the produce. We need a guideline from the banking watchdog which can ensure protection of the money Bangladeshi businesses invested abroad.
No less than 300 local organizations, particularly from agriculture and garment sectors, are looking to invest in African nations to avail the advantages of the rising economies of the continent," said the honorary Ugandan consul.
Economic competition will intensify in the post -Covid period and Bangladesh should prepare itself to face a new environment, he said.
Abul Hossain, vice-president at Consular Corps in Bangladesh, also said that exporters in Africa can enjoy special trade privileges in EU, US, Canadian and Australian markets.
Bangladesh should explore new markets and diversify its export basket as Covid-19 pandemic is causing economic slowdown in European countries and the USA, trade analysts say.
Amin Helali, secretary of Bangladesh- Africa Investment Forum, said: "They contacted us to invest in Africa. Many Bangladeshi investors have already poured money into different projects in Africa. Most of these investors belong to the group of people who left the country years ago for jobs and are now residing in African countries. They did not make investment in Africa by remitting money from Bangladesh."
Bangladesh Bank also pondering
Bangladesh Bank has so far got more than 100 applications looking for consent to invest in Africa and given proceeds to six of them.
The central bank is currently looking at the recommendations on a case-by-case basis to offer endorsement to the organizations interested to invest in Africa.
The interest for prepackaged agro-items and readymade food is high in Africa.
For example, the food prepared in Bangladesh by Brac, Pran and Square has huge demand in African nations.
Apparel manufacturers need to put resources in Africa to take advantage of the tax-free entry in the US for items made in Africa under the African Growth and Opportunity Act (AGOA).
Authorities have given the green light to DBL Group to put resources in the African article of clothing segment.
MA Jabbar, managing director of DBL Group, a Bangladeshi garment exporter, said they have relocated their production unit to an African country.
"We have started production in our Ethiopian factory this year. We will make the first shipment this month. We have a target to export $38 million worth of garment items from the Ethiopian plant every year," Jabbar added.
Helali, also director of Dosh Disha Group, consented to an arrangement with the Ugandan horticultural service to get 20,000 hectares of land for cultivating paddy and other agrarian items in 2011.
The task is yet to be executed as the administration is deferring endorsement for remote speculation.
Bangladeshi organizations looked for administrative help to invest in African countries before other Asian nations, yet they are lagging a long way behind, say trade analysts
According to the World Bank, the International Monetary Fund and the Asian Development Bank predict global economic growth will be slow in the developed countries, resulting in poor consumption of consumer goods.
Sources in the FBCCI and BGMEA said Bangladesh should explore new markets to export readymade garments, pharmaceuticals, jute and jute goods, plastic goods, ceramics.
Against the backdrop of economic slowdown in middle-eastern countries, Bangladesh Association of International Recruiting Agencies (BAIRA) leaders can also visit African countries to explore new labour-recruiting countries.
