On Tuesday, August 22nd, Prime Minister Sheikh Hasina left Dhaka to attend the BRICS summit taking place from August 22nd to 24th, 2023, in South Africa. She was invited to the Johannesburg summit by Matamela Cyril Ramaphosa, the current leader of the coalition consisting of Brazil, Russia, India, China, and South Africa. Leading a delegation of 12 to 14 representatives from Bangladesh, she is actively exploring Bangladesh’s opportunity to build connections with African countries.
PM seeks South African Investment
Prime Minister Sheikh Hasina delivered a speech at the “Bangladesh Trade and Business Summit” at 10:00 a.m. at the Radisson Blu Hotel and Convention Center, organized by the Security and Exchange Commission and Bangladesh Investment Development Authority (BIDA). She asked for economic collaboration and invited South African entrepreneurs to invest in Bangladesh.
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“Bangladesh is on a path towards prosperity, and we invite you to be a part of our developmental voyage. Your investment in Bangladesh is an opportunity to thrive together. We have unwavering faith that your investment will flourish, we stand ready for a lasting and sustainable partnership”, she emphasized.
She further added: “I envision a future. Within the hearts of the 170 million population in Bangladesh, lie dreams. Dreams that revolve around the achievement of a trillion-dollar economy and the evolution into a fully developed intelligent nation by the year 2041”.
Presently, within South Asia, Bangladesh boasts the most expansive Foreign Direct Investment regulations. Among its offerings are a permissible industrial policy, a unified service point, complete foreign ownership, a straightforward exit strategy, a 15-year tax reprieve, import tax exception for machinery, efficient services, and additional advantages, she included.
The stability of returns makes investing in Bangladesh a secure choice. Furthermore, Bangladesh is committed to fostering a conducive and steady business climate, solidifying the prosperity of its investments.
Nevertheless, even with considerable possibilities, the bilateral trade between Bangladesh and South Africa was a mere $316.83 million last year, failing to reach its maximum potential, as stated by the PM. Bangladeshi population in South Africa holds a strong base, she added.
“We extend our invitation to global investors, with a special emphasis on those hailing from South Africa, to delve into the abundant investment opportunities present in Bangladesh. The present moment presents an ideal juncture for you to familiarize yourself with what Bangladesh brings to the table. Now is the correct time to deepen your understanding of Bangladesh and sow the seeds of investment in its future”, she further expressed in her speech.
The premier said organizations like- Bangladesh Investment Development Authority, Bangladesh Export Processing Zones Authority, Bangladesh Economic Zone Authority, and Bangladesh Securities and Exchange Commission stated that the fourth industrial revolution gives Bangladesh a favorable opening to grow its exports, particularly in areas like textiles, ready-made garments, pharmaceuticals, and agriculture.
Sheikh Hasina concluded the speech by appreciating the expatriates and acknowledging their significant contribution to the nation’s economy. She noted that Africa’s expanding middle class, surging population, and escalating consumer demands collectively establish it as an appealing market for exports from Bangladesh.
Bangladesh Envoy Conference focuses on stronger African Connection
Next, the PM addressed the “Bangladesh Envoys Conference”, an event organized by Bangladeshi ambassadors serving in African countries. This event was scheduled at 12:30 p.m. in the Rivonia 7th Floor of the Palace of Residence.
She said “Give priority to economic diplomacy, recognizing the significance of the economy in conjunction with politics. Uncover the potential for trade, business, and investment within the countries you are dedicated to”.
In addition, she requested that Bangladeshi envoys concentrate their efforts on encouraging the transfer of skilled workers to African nations, implementing strategies to boost remittance flow, and ensuring the well-being of Bangladeshi peacekeepers contributing to United Nations (UN) missions across Africa, given their role in elevating Bangladesh’s global standing.
The Prime Minister urged the Bangladeshi envoys to stay vigilant, preventing the entry of individuals with counterfeit credentials into their host countries. She highlighted the risk those who venture abroad with fake certificates, lacking qualifications as physicians, engineers, agriculturalists, or ICT experts face. Their actions hinder genuinely skilled professionals from pursuing opportunities abroad.
She has uplifted Bangladesh to a respected status in the global arena, steering it towards development despite confronting numerous natural and human-induced challenges. In achieving this goal, she highlighted the destructive arson campaigns by the BNP-Jamaat group between 2013-2015, during which they targeted and set fire to passenger buses, boats, trains, and CNG-powered auto-rickshaws, resulting in the tragic loss of lives.
Moreover, the premier also emphasized the importance of precise planning and its successful implementation in driving the impressive development that has positioned Bangladesh as a benchmark for progress.
Once again, the PM reiterated her appeal to the citizens, urging them to be watchful of any actions that might undermine democracy, and adding “The ongoing democratic progression of our country is paramount and should face no barriers”.
Later in the evening, Prime Minister Sheikh Hasina attended a cultural program followed by a formal “State Banquet”. These gatherings were being arranged by the current Chair of BRICS and the President of South Africa at Gallagher Estate, Johannesburg.
