Finland keen to invest in digital solutions

Finnish investors have expressed interest in making their investment in digital solutions including education, health and banking sectors.

The country sees investment potential as Bangladesh's economic progress as well as its use of information technology is on the rise.

This was revealed at a webinar jointly hosted by the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) and the Finnish Chambers of Commerce (FINNCHAM) on Wednesday.

Proposals have also been made to form a bilateral business council or joint working group to boost investment and trade between the two countries.

In her paper presentation, Sonia Bashir Kabir, adviser to the FBCCI, said Bangladesh has not seen the digital transformation in the last three years that it saw in the last three months during Covid.

The education, health and banking sectors in particular have undergone a major transformation, she added.

Finland wants to take advantage of the opportunity of digital transformation, FINNCHAM President and CEO Juho Romakkaniemi said, adding that his country is keen on investing in digital solutions in the service sector, ICT, education, health and logistics.

Juho proposed formation of a bilateral business council to boost trade and investment.

In his address, FBCCI president Sheikh Fazle Fahim emphasised the importance of forming a bilateral business council.

He said FBCCI, an apex organisation of traders, is working with the country's policymakers to overcome Covid shock.

Taking part in the discussion, Finnish businessman Jaakko Eskola said the demand for renewable energy in Bangladesh will increase in the future and so they are interested in putting fund into the sector.

Highlighting the investment potential in Bangladesh, Finland Minister for Development Cooperation and Foreign Trade Ville Skinnari said Finnish companies would be able to invest in digital technology and clean industry.

He mentioned that Finland is currently investing in power, telecom, infrastructure and engineering sectors of Bangladesh.

Ville Skinnari stressed the need for increasing communications between government and business people in the best interest of trade and investment.

Joining the webinar as the chief guest, Commerce Minister Tipu Munshi said all types of infrastructural facilities are being developed for investment in 100 special economic zones.

Besides, it has been made easy for foreign investors to take their profit money back home with tax exemption, he told the webinar.

Investment in Bangladesh is safe and profitable, he said, adding that Finnish entrepreneurs should make the best use of this opportunity.

Noting that Bangladeshi products are cheaper than those in many other countries including China, the commerce minister said Finnish importers can also benefit from this.

The minister also proposed forming a joint working group to boost trade between the two countries.

According to the webinar, the trade volume between Bangladesh and Finland stood at $165 million in 2019.

Bangladesh mainly exports readymade garments. Besides, a small quantity of ceramic and light engineering products is also exported to Finland.

In contrast, Bangladesh imports electronic machinery, iron and steel from Finland.