In honor of the Golden Jubilee of the country’s apex business body FBCCI, Prime Minister Sheikh Hasina on saturday inaugurated the “Bangladesh Business Summit 2023,” which intends to create new prospects for trade and investment by highlighting Bangladesh’s economic potential in front of the worldwide audience.
Starting from Saturday (March 11, 2023), the Bangladesh Business Summit 2023 is a global forum for promoting business and investment in Bangladesh. The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is hosting the three-day summit at the Bangabandhu International Convention Centre (BICC) in the nation’s capital.
The summit aims to become Bangladesh’s flagship business event by bringing together national and international business executives, investors, policymakers, practitioners, policy and market analysts, academics, and innovators to discuss the country’s economic and market strengths and concrete trade and investment prospects in Bangladesh.
Who are attending the summit?
FBCCI collaborated with the Ministry of Foreign Affairs, the Ministry of Trade, and the Bangladesh Investment Development Authority (BIDA) for the summit. Ministers from seven countries, including the United Kingdom (UK), the Kingdom of Saudi Arabia (KSA), China, Bhutan, and the United Arab Emirates, CEOs of 12 global corporations, and more than 200 international investors and business leaders from 17 nations are participating in the summit. There are 17 foreign government dignitaries and 40 Bangladesh government dignitaries attending the summit.
What happened on Day 1?
The summit featured the “CNN Experience,” a series of thought-leadership seminars centered on the country’s business climate, investment prospects, and future sustainable momentum on day one.
A video presentation on “what the new Bangladesh is going to be” was shown. In addition, the Prime Minister unveiled a book commemorating the FBCCI’s 50th anniversary of establishment.
HPM’s speech reflects the vision to build smart Bangladesh
On saturday, Prime Minister Sheikh Hasina has urged global businesspeople and investors to invest in Bangladesh as part of a coordinated effort to transform the country into a developed, prosperous, and “Smart Bangladesh” by 2041.
“You people (world business community) come. Bangladesh is always ready to welcome you here—invest in Bangladesh thinking it as your country,” she said while inaugurating a three-day “Bangladesh Business Summit 2023”, she stated.
Sheikh Hasina urged the local business leaders to begin preparations immediately to capitalize on the advantages and meet the challenges that would arise upon Bangladesh’s transition to a developed nation in 2026. “Don’t be hopeless. You have to be prepared from now on to face any challenges and Insha’Allah we will be able to do it,” she said. Moreover, she reassured the business community of the nation that they would be supported in all their endeavors after the country graduates from LDC (Least Developed Country).
The Prime Minister reminded the domestic and international business community that her government has given top priority to enhancing the investment climate in Bangladesh to attract both domestic and foreign direct investments. In this context, she explained that the BIDA is primarily undertaking the Bangladesh Investment Climate Improvement Project to eliminate red tape. “Decisions will be implemented once they are taken,” she added.
The Premier stated, 100 economic zones are being established nationwide and the government is offering significant incentives for foreign and local investments. She remarked that the global population had been suffering owing to the global economic slump caused by the COVID-19 epidemic, Russia-Ukraine war, economic sanctions, and countersanctions.
“Bangladesh, like many other developing countries, is now facing serious trouble due to the global economic recession. Even the developed countries have been rattled because of it,” she said. Acknowledging the plight of the common people, the prime minister urged local business leaders to find measures to reduce commodities costs to normal levels, stating, “Otherwise they would have to lose the local market.”
HPM Sheikh Hasina highlighted that Bangladesh was advancing towards wealth and growth despite all obstacles, including as the Covid-19 pandemic and the conflict. “We’re advancing towards prosperity overcoming all the hurdles and we have to make the current efforts more vibrant to continue the journey of progress,” she said.
In a brief description of her government’s efforts to transform Bangladesh into a developing nation, she stated that the country has undergone a radical transformation in the 14 years since the Awami League government took office in 2009.
“Bangladesh has become one of the quickest economically progressed countries across the globe. Once upon a time Bangladesh was considered as the country of natural calamity and poverty. But, the situation has changed now. Bangladesh has now become the world’s 35th largest economy and “role model” for the development,” HPM Sheikh Hasina added.
What to expect from the day 2 and day 3 of BBS 2023?
The summit would highlight the achievements that have paved the way for Bangladesh’s sustainable development. This conference will play a crucial role in maximizing Bangladesh’s economic potential, developing trade, and luring investments.
On the second and third day of the summit, there will be three plenary sessions on strategic themes, thirteen parallel sessions, business-to-business meetings, networking sessions, an open house reception, and guided tours for international participants.
The plenary sessions are- investment opportunities in key sectors, long term finance and digital economy.
The parallel sessions are- consumer goods, infrastructure, apparel and textile, energy security, Japan Bangladesh business, agri business, circular economy, public private partnership, hi-tech and automobile, SMEs development, Pharmaceuticals and health care, special economic zone, women’s participation, tourism and blue economy.
The summit will promote dynamic corporate investment prospects and enhancements to the local business climate, while also shedding light on the investment goals of global investors in order to enhance policymaking. The summit will also promote the exchange of investment success stories and industry standards.