Standard Chartered and Bangladesh Investment Development Authority (BIDA) on Tuesday announced a partnership to jointly promote Bangladesh as a preferred investment destination and will work together to bring in targeted global investments to the country.
The first initiative to be undertaken through this partnership will be the China-Bangladesh Investment Summit, scheduled to be held on January 25.
The virtual event will showcase the partnership potential between Bangladesh and China and highlight the emerging strategic opportunities in the highly promising Bangladesh-China trade and investment corridor.
Over 300 delegates representing Chinese public and private sectors, policymakers, investors, bankers and economists, along with prominent leaders from Bangladesh's private and public sectors are expected to be in attendance.
BIDA, the country apex investment promotion body, and Standard Chartered, Bangladesh's largest global bank, will collaborate on marketing and trade exchange initiatives that will help companies invest in Bangladesh.
The partnership will also extend to knowledge exchange on policies, regulations and procedures on investment issues and potential investment opportunities in Bangladesh.
The partnership will leverage Standard Chartered's banking networks both at home and abroad to target high value, high technology and high impact investments, covering key priority sectors such as agri-business, ICT, electronics, plastics, light engineering, shipbuilding, tourism, renewable energy, power and healthcare, along with a host of other growth areas.
"FDI will be a key enabler for Bangladesh to achieve sustained double-digit growth and the Sustainable Development Goals by 2030, and become a higher income country by 2041.," said Sirazul Islam, executive chairman of BIDA.
"While we continue to work to improve ease of doing business and create a business-friendly environment to accelerate FDI flow, we must at the same time take the story of a rising Bangladesh to the world," he added.
Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh said: "With companies looking to invest in diverse markets to build resilience and leverage available resources and prospects, we have a unique window of opportunity to expand our FDI pool."
"Through this timely partnership, we hope to amplify BIDA's efforts, by harnessing our global footprint and capabilities, and coordinating our own initiatives to attract targeted foreign investments to Bangladesh," he added.
Md Musharraf Hossain, additional secretary of BIDA delivered the welcome speech on the occasion. Enamul Huque, managing director, head, Client Coverage (Bangladesh) Corporate, Commercial and Institutional Banking, Standard Chartered Bank along with other high officials from Standard Chartered Bank and BIDA were also present on the occasion.