Bangladesh can utilise $20.8b investment opportunity with CACCI
CACCI is a network of national chambers of commerce and industry from 27 countries in Asia and the Western Pacific
The Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) has expressed its interest in several investment opportunities in Bangladesh, which will have the country tap into investments worth $20.8 billion.
The organisation has sought a Special Economic Zone to invest in industries such as computer chip manufacturing and backward linkage industries for motorcycles and bicycles, and in the tourism and hospitality sector.
The CACCI is a network of national chambers of commerce and industry from 27 countries in Asia and the Western Pacific.
"We have found tremendous business and investment opportunities in Bangladesh, and local companies have the opportunity to do business with our member countries," said CACCI President Samir Modi while addressing a press briefing following the conclusion of the 33rd CACCI conference in Dhaka on Thursday.
Agreeing with Samir Modi, FBCCI President Sheikh Fazle Fahim said, "We have identified a $20.8 billion investment pool within the CACCI network, which Bangladesh has the potential to utilise.
"We have already discussed the possibility of a Special Economic Zone for CACCI with different stakeholders. The proposed zone will be similar to any other country-specific economic zones. Privately owned economic zones in Bangladesh are also looking for more foreign investment."
Samir Modi, who also serves as the managing director of the Modi Group, said that his company has plans to invest in Bangladesh.
In India, the Modi group currently has investments of $2.8 billion in such sectors as the tobacco industry, education, agrochemical, personal care, tea and beverages, entertainment, consumer products, multi-level marketing and gourmet restaurants.
Samir Modi said at the event, "Bangladesh is ready for more foreign investment, but many of the country's sectors are not properly explored by the rest of the world. There are no barriers to attracting foreign direct investment (FDI), but such investments require a little clarity for better understanding on the part of investors."
Modi added, "We also have plans of launching a marketing network in Dhaka in the next few months."
Noting that the FBCCI had signed memoranda of understanding (MoU) at the two-day CACCI conference, Sheikh Fazle Fahim said, "The FBCCI signed an MoU with a global e-network platform to expand the organisation's connectivity with the world.
"Russia is also a member of that platform. Members of the FBCCI will be able to showcase their goods and services at the platform free of cost."
He continued, "We have signed another MoU with International College of Advance Education Australia. The institution will share its training module with the FBCCI and offer accreditation on the hospitality and tourism industry.
"The training will be helpful in creating more employment in Bangladesh under the upcoming foreign investment."
Sheikh Fazle Fahim added that the FBCCI plans to organise the Bangladesh Investment Summit 2020 in Taipei in collaboration with the CACCI as part of the Bangabandhu Sheikh Mujibur Rahman birth centenary celebrations.
"We will try to include the Bangladesh Economic Zones Authority and Bangladesh Export Processing Zones Authority as partners in the event," he stated.
A total of 55 participants from 27 countries, engaged in such sectors as education, marketing, tourism, hospitality and infrastructure, attended the 33rd CACCI conference in Dhaka.
