CCC discusses investment promotion meeting with Bangladesh business
View(s):With the nation of Bangladesh poised to become an economic powerhouse in the South Asian region, the Ceylon Chamber of Commerce recently hosted a meeting with a high-level delegation representing the Bangladesh Export Processing Zones Authority (BEPZA) aimed at enhancing trade relations between Sri Lanka and Bangladesh.
Welcoming the delegation from BEPZA, Chairman of the Ceylon Chamber of Commerce Vish Govindasamy drew reference to the significant increase in bilateral trade volumes in 2020/21, noting that business promotion delegations such as that from BEPZA, contribute positively to the local chamber’s efforts to enhance bilateral trade and investment and explore the untapped potential for economic growth, the chamber said in a media release.
Executive Chairman of BEPZA, Major General A.K.M. Ziaur Rahman welcomed Sri Lankan firms to explore investment opportunities in Bangladesh, highlighting attractive and comprehensive investment facilities, and a stable economic climate promising rapid growth.
Strategically located as the geopolitical gateway to India and China offering access to millions of consumers and exports amounting to over $ 44 billion dollars in 2021, Bangladesh is one of the fastest growing economies in Asia, Tanvir Hossain, Executive Director – Investment Promotion, BEPZA, added.
BEPZA is the official government agency charged with promoting, attracting and facilitating foreign investment in the EPZs, as well as managing the EPZs, thereby executing the Government of Bangladesh’s mandate to implement an ‘open door’ policy in order to attract more foreign investment to the country. With 38 countries across Europe, Asia and North America invested in eight EPZs across the country, there are currently 454 enterprises in operation and 78 industries under implementation, contributing to over 17% ($6.64 billion) to national exports last year. In addition to fiscal and non-fiscal incentives, investments in BEPZA also benefit from preferential market access with GSP facilities from 38 countries across the globe, an increasing number of bilateral treaties and duty free access.
Boosted by the presence of established global brands, the country is currently the largest exporter of denim to the EU market, second largest exporter of jute and eighth largest exporter of leather products, opportunities in the manufacture of diversified products such as luggage, furniture, LED products, camera lenses and automobile parts abound.
Sri Lanka’s private sector was well represented at the meeting, with companies in diverse industries ranging from renewable energy, warehousing and logistics to food processing, wellness and FMCG taking the opportunity to meet and further discuss investment opportunities with the BEPZA representatives.
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