Visit Bangladesh, explore business opportunities: PM Hasina tells investors in Beijing

Prime Minister Sheikh Hasina has invited Chinese investors to visit Bangladesh to explore investment and business opportunities. 

"Bangladesh is the most favourable investment destination in the world. Bangladesh is committed to ensuring your business is profitable," she said today (9 July) in her speech as the chief guest at a summit on trade, business, and investment opportunities between Bangladesh and China in Beijing.

The Embassy of Bangladesh in Beijing, BIDA, BSEC and CCPIT organised the summit at China World Summit Wing, Shangri-La Circle, Beijing.

Hasina said that the partnership between Bangladesh and China holds unbound promise as both countries are looking to the future.

"Our shared vision for economic growth, technological advancement, and sustainable development forms the cornerstone of our bilateral relations," she said.

"You will find in us all the support and assistance you need. Let us work together to build a stronger, more prosperous, and more connected world. It is time to invest in Bangladesh, and I am confident that with our hands joined together, we can achieve great things," she said.

Potentials to expand trade ties remain

The prime minister said that China is Bangladesh's largest partner, with trade volumes increasing yearly.

However, she said immense potential remains to expand the trade ties further.

"We are committed to addressing trade imbalances and creating a more equitable trade relationship," she said.

She mentioned that Bangladesh is keen to export more products to China, such as textiles, garments, leather goods, jute products, and agricultural produce.

"We welcome Chinese investments in our export-oriented industries, which will help us diversify our export basket and reduce trade deficits," she said.

'Form joint venture'

To enhance business cooperation, Sheikh Hasina encouraged Chinese companies to form joint ventures with Bangladeshi firms.

"This collaboration will facilitate technology transfer, skill development, and market access for both parties. Investment in research and development is crucial for fostering innovation and competitiveness," she added.

She invited Chinese companies to establish R&D centres in Bangladesh, leveraging Bangladesh's skilled workforce and academic ingenuity.

The prime minister encouraged the Chinese business community to consider key sectors in Bangladesh and welcomed investments in infrastructure, energy, and logistics sectors.

"We believe there is significant potential for Chinese investment, particularly in the energy sector, including renewable energy," she said.

She mentioned that Climate-resilient smart farming opens opportunities for collaboration in agro-processing industries, with buy-back arrangements with China.

"We plan to establish three special tourism zones where China can invest in the real estate and hospitality sectors," she said.

Capital markets

Prime Minister Sheikh Hasina also urged Chinese investors to explore portfolio investments in Bangladesh as the Bangladesh Securities and Exchange Commission (BSEC) is actively working to further develop our capital markets.

"The aim is to make them more attractive to foreign investors. We have made significant progress in developing a robust bond market. We are on the brink of introducing derivative products, which will further diversify and widen our financial markets," she said.

"I encourage the Chinese business community to consider key sectors in Bangladesh. We welcome investments in our infrastructure, energy, and logistics sectors," she said.

Bangladesh embracing digital age

Hasina, who is now on a four-day official visit to China, said that as Bangladesh is embracing the digital age with open arms, the government is actively promoting the growth of the ICT sector, offering incentives for startups, investing in tech parks, and fostering an ecosystem that encourages innovation and entrepreneurship.

"Our young entrepreneurs are making their mark on the global stage, and we invite you to be a part of this exciting journey," she said.

She stated that sustainability is at the heart of Bangladesh's development agenda and the government believes that economic growth and environmental sustainability are interlinked.

"We offer numerous opportunities in renewable energy, waste management, and green technologies," she told the gathering.

As investors, she said, you will discover that Bangladesh is committed to ensuring your business operations are profitable.

"At the same time, being environmentally responsible and sustainable," she said.

She said that Bangladesh and China have a long tradition of bilateral cooperation and mutual support. "China has been significantly contributing to our infrastructure projects, technological advancements, and overall growth of our economy."

The prime minister said Bangladesh is one of very few economies that have continued to grow during the pandemic and the country is now set to graduate from the UN's Least Developed Countries in 2026.

"This transition showcases Bangladesh's resilience and ability to overcome challenges," she said.

Steady economic growth

During her speech, Prime Minister Sheikh Hasina said Bangladesh had achieved steady economic growth, averaging 6.7% over the past one and half decades.

"The country has expanded its economy from $102 billion in 2009 to over $460 billion in 2023. Just before the pandemic, its economy reached a growth rate of 8.15%."

She mentioned that Bangladesh offers one of the most liberal investment regimes in the world, and the Bangladesh Investment Development Authority (Bida) provides a number of services to foreign investors under one roof.

"In line with our commitment to economic development, we are establishing 100 Special Economic Zones (SEZs), each equipped with state-of-the-art facilities," she said.

EPZs to foster closer economic ties

Additionally, Sheikh Hasina said, "We are developing five country-specific economic zones to foster closer economic ties with key partner nations."

"Moreover, the government has undertaken significant measures to enhance the ease of doing business. The government has embarked on a series of reforms to create a more business-friendly atmosphere and offer investors a secure and predictable environment."

In this connection, she mentioned that the government has enacted necessary legislation, simplified steps and procedures, ensured transparency and improved infrastructure to facilitate smoother and more efficient business operations.

"Our aim is to position Bangladesh as one of the most attractive investment destinations in the world," she said.

Sustainable economic growth

The prime minister said the government had formulated a maiden logistics policy to achieve sustainable economic growth by increasing domestic and international trade and investment capacity by constructing a world-class technology-based, time and cost-efficient, and environmentally friendly logistics system.

She said the policy emphasises encouraging private sector investment in infrastructure development of roadways, railways, and seaports through public-private partnerships.

"We are also making significant investments in digital and physical infrastructures to turn Bangladesh into a vibrant logistics hub with connectivity in the region and beyond," she said.

Sheikh Hasina said that Bangladesh has a large pool of skilled workers available at competitive wages. Moreover, Bangladesh has the world's second-largest community of registered IT freelancers.

"We have made significant strides in developing our telecommunications infrastructure, reaching out to even the farthest areas. We are progressively establishing 38 high-tech parks, inviting foreign investment in some promising sectors."

The Prime Minister stated that Bangladesh is situated in an important geo-strategic location with direct connectivity to all major international trading and shipment routes.

Upgraded ports

During her speech, the Bangladeshi premier said, "We are also at the crossroads of the South Asian, Southeast Asian, and East Asian growth circuits."

In this regard, she said that the seaports, airports, and land routes are being continuously upgraded to meet international standards, ensuring efficient and seamless logistics.

"Our huge domestic market and the markets that are adjacent to us hold endless opportunities for the entire region."

She also pointed out that one of Bangladesh's greatest assets is its young and dynamic workforce.

"We are continuously working to enhance the capabilities of our workforce through vocational training and higher education initiatives. Our youths are gearing up to participate in the Fourth Industrial Revolution," she said.

Thus, she said, investing in Bangladesh means gaining access to a large pool of skilled and semi-skilled labour, which is both cost-effective and capable.

She also welcomed Chinese investors to invest in Bangladesh to narrow the trade gap.

What others said

Alongside PM Hasina, a dozen ministers, and private sector leaders were present at the summit. Chinese Vice Commerce Minister Li Fei was present at the summit as a special guest.

Salman F Rahman, the private sector advisor to Prime Minister Sheikh Hasina, urged Chinese investors to invest more in Bangladesh. 

He said, "Bangladesh's investment environment is easier, and the government is developing 100 special economic zones. Chinese investors can invest there."

Shibli Rubayet ul Islam, chairman of the Bangladesh Securities and Exchange Commission, said apart from the Chinese companies that signed 16 MoUs, officials from some other companies met Prime Minister Sheikh Hasina and expressed their interest in investing in the private sector. 

He hoped the overall investment figure, including these new companies, may cross $5 billion. 

The companies that have already signed MoUs are currently having one-on-one discussions with each other to discuss the sizes of investments. 

"We hope through this summit, with the prime minister's presence, more Chinese investment will come to Bangladesh," he said.

Ahsan Khan, chairman of the Pran-RFL group, said it's a good day for Bangladesh to organise such a successful summit with Chinese investors.

"Chinese investors are very much interested in investing in Bangladesh. I have seen this earnestness in investing more in Bangladesh and China," he said.

"Pran-RFL group exports its product to China and imports raw materials. If the Belt Road initiative succeeds, connecting by road and train will be possible. Then we will get a chance to export and import by rail and road, which will be cheaper. It will make us more competitive in the global market," Ahsan Khan added.

Al Mamun Mridha, secretary general of Bangladesh China chamber of commerce and industry (BCCCI), said, "The prime minister urged to invest more in Bangladesh. We expect more Chinese investment in Bangladesh's potential sector.

"More than 1000 Chinese investors wanted to invest in Bangladesh in the last years and we invited all of them to today's summit," he added. 

"We expect our bilateral trade gaps to narrow if Chinese investors invest in Bangladesh export sectors," Mridha added. 

The BCCCI secretary general said, "Chinese investment in Bangladesh boosted in the last two years. Our chamber is always ready to serve all the quarries of the investor without any cost. 

"We are planning to arrange a Chinese trade and investment summit in Dhaka this year," he added.

At the summit, Bangladeshi and Chinese companies signed 16 MoUs to boost investment in Bangladesh, where Bangladesh will receive $490 million under four MoUs. 

Chinese companies will invest in Bangladesh's textile, electric vehicle, solar power, fintech and technology sectors.

The signed MoUs between Bangladeshi and Chinese companies are—

• MoU between Nagad and Huawei Technologies (Bangladesh) Ltd. A $50 million investment will come under the MoU on a strategic partnership to build a next-generation digital financial platform towards Smart Bangladesh. 
• A $20 million investment will come under the MoU on the 'Bangladesh Capital Market Digital Transformation Project' signed between Dex Bangladesh Tech Ltd and Huawei Technologies (Bangladesh).
• $400 million investment will come from China to Bangladesh under an MoU signed between Deshbondhu Group, Chemtex and China Chemical CNCC. Both parties will establish the largest PSF, PET bottle, and Textile grade factory at 33 acres of land in the Mongla Economic Zone. 
• China Road and Bridge Corporation (CRBC) and Ningbo Cixing Company Limited signed an MoU on the investment framework agreement in Bangladesh's Chinese Economic and Industrial Zone. 
• Billion10 Communications Ltd and CHTC (HengYang) Intelligent EV Company Ltd signed an MoU on manufacturing electric vehicles. 
• Billion10 Communications Ltd and Ningbo Sun East Solar Co Ltd signed an MoU to set up a Solar Park in Sylhet. 
• Billion10 Communications Ltd and HeSheng (Hoshine) Silicon Industry Co Ltd signed an MoU to invest in the renewable energy industry.
• Billion10 Communications Ltd and Zhongke Guorui (Zhuhai) New Material Technology Co Ltd signed an MoU to invest in Bangladesh's waste lubricant oil recovery and refining industry.
• EB Solution Ltd and Hongji Intelligent Transport Co Ltd signed an MoU to invest in the Dhaka City Mobile Project.
• EB Solution Ltd and Ningbo Shering New Energy Technology Ltd signed an MoU to invest in Bangladesh's Smart Cold Chain Logistic Solutions sector.
• A $20 million investment will come in Bangladesh for the CNG transportation by river and road under the MoU on technical and financial investment collaboration. The MoU has been signed between Intraco Refueling Station PLC and Shijiazhuang Enric Gas Equipment Co Ltd. 
• Zibo Jinhuateng Paper Machinery Co Ltd will invest in the paper machinery sector in Bangladesh jointly with Nitol Niloy Group. Both the parties signed an MoU on it. 
• Chinese company Zhengzhou Dongfeng Mid-South Enterprise Company will invest in TBR Tyre Projects in Bangladesh in collaboration with Nitol Niloy Group.
• Chinese company Shandong Sunite Machinery and Nitol Niloy Group signed an MoU to invest in Bangladesh's Aerated Autoclave Concrete (AAC) Block. 
• Chinese company Daliam Huahan Rubber & Plastic Machinery will invest in Bangladesh's rubber machinery with Nitol Niloy group. 
• Chinese company ZP Technology (Anhui) Co Ltd will invest in lithium batteries and electric vehicles in Bangladesh jointly with Nitol Niloy group.