Dhaka, 29 August 2021: The Nordic Chamber of Commerce and Industry (NCCI) in Bangladesh, organized the launch of “Bangladesh Investor Booklet 2021″ in cooperation with the Royal Norwegian Embassy, the Embassy of Denmark and the Embassy of Sweden. The program emphasized on the broad range of opportunities in Bangladesh, based on the solid economic progress the country has made since its independence. While highlighting Bangladesh as an attractive destination for Nordic investment, speakers at the event discussed on the development of overall business environment to attract Nordic investment in the country. Business leaders, foreign dignitaries, government regulatory bodies, policy makers and advocacy coalitions also joined in the virtual launch event.
NCCI President, Tahrin Aman, in his welcome remark highlighted that the Nordic companies can contribute largely to the long-term sustainable growth of Bangladesh though FDI in infrastructure, sustainable agriculture, power, healthcare, telecommunication, manufacturing and finance, with a particular focus on innovation, green transition and climate sustainability. He commended the work of the Government of Bangladesh to implement the “Digital Bangladesh” of the honorable Prime Minister which will take the country forward to achieve the middle-income status by 2024. Furthermore, he welcomed the initiatives taken at various levels of government to create a more inclusive, open and dynamic Bangladesh economy. He emphasized that the government of Bangladesh has taken several critical reform initiatives to build a sustainable environment for the private sector, including foreign direct investment.
As chief guest, Salman F Rahman, Private Sector Industry and Investment Adviser to the Prime Minister said, “The government realize that the country’s ranking in the Ease of Doing Business can be better. In the past year, Bangladesh has been among the 10 top reformers in the world in the Ease of Doing Business Ranking done by the Work Bank. We are targeting that by 2022, we will have substantial and significant improvement in the ranking.” He further added that the ‘One Stop Service’ introduced by BIDA has been popular and more services are being onboarded onto the platform. Additionally, NBR is working towards digitalization of its systems to ensure ease of payments for stakeholders. Furthermore, the private sector growth will play an instrumental part in the growth of Bangladesh and the government will work towards facilitating investment. He also highlighted that the achievement of the government is maintaining steady exchange rate, inflation and interest rate which are important economic indicators for foreign investment. Updating of the Company Act, Bankruptcy Act and Insurance Act, amongst others will also positively impact FDI in the country.
As special guest, Md. Sirazul Islam, Executive Chairman, BIDA congratulated NCCI on the publication of the Bangladesh Investment Booklet and remarked that it “effectively highlights the attractiveness of our economy, liberal investment regime, and unique sectoral opportunities. As the country’s apex Investment Promotion Authority, BIDA will work closely with NCCI to attract more Nordic investments. We will also continue to ensure the smooth entry, operation, and growth of Nordic businesses in Bangladesh.”
Abu Hena Md Rahmatul Muneem, Chairman, National Board of Revenue, speaking as the Special Guest said “The National Board of Revenue is working tirelessly to assist all stakeholders, including foreign investors in Bangladesh. We are constantly updating and adopting digitization to cater to the business community. The economy of the country is robust and stable, which makes it an attractive destination for Nordic investments. Additionally, the government has provided various incentives to promote investment and growth in the economy.”
Speaking on behalf of the Nordic Embassies in Bangladesh, the Norwegian Ambassador Espen Rikter-Svendsen said, “The numerous foreign investment success stories demonstrate that Bangladesh is indeed a land of business opportunities that can be seized with the right guidance. It is my hope that this booklet will contribute towards minimizing the gap and promote Bangladesh as an attractive investment destination for Nordic companies.”
Nordic businesses in Bangladesh are leading the way on issues of sustainability, innovation, human rights, and climate action. We believe that Nordic companies can further contribute to the long-term growth of Bangladesh though Foreign Direct Investment. Moreover, they will be able to assist Bangladesh in the Green Transformation that is underway, and which will be a fundamental condition for future access to global markets”, Ambassador Rikter-Svenden added.
H.E. Md. Nazmul Islam, Bangladesh Ambassador to Sweden, Norway and Finland also spoke at the launching event. Additionally, Asif Khan, CEO, Edge Research and Consulting, Barrister Omar H Khan, Managing Partner, Legal Counsel and Snehasish Barua, Founding Partner, Snehasish Mahmud & Co., who all contributed to the Investors Booklet, spoke on behalf of their respective organizations.
