Foreign investments

StanChart Partners with BIDA to Attract Foreign Investment

| Update:
January 07, 2021 5:00:16 PM

The Bangladesh Investment Development Authority (BIDA) and Standard Chartered Bangladesh (SCB) have teamed up to try to attract more foreign investment to the country.

The partnership, as the first initiative, will hold a Bangladesh-China virtual investment summit on January 25 to strengthen bilateral trade relations between the two countries and promote investment.

In addition, the two organizations will continue to implement a wide range of programs to encourage more foreign investment in Bangladesh in the coming days as part of the deal.

To this end, the two parties signed a memorandum of understanding (MoU) on Tuesday at BIDA headquarters in the Agargaon district.

Dr Abdul Hamid, Secretary of BIDA, and Enamul Huque, Managing Director and Client Coverage Officer for Investment, Commercial and Institutional Banks for Bangladesh, SCB, signed the agreement on behalf of their respective parties.

BIDA Executive Chairman Md Sirazul Islam, SCB Director General Naser Ezaz Bijoy and BIDA Executive Member Md Mosharraf Hossain, among others, attended the ceremony.

The partnership is expected to leverage SCB’s networks at home and abroad to target high-value, high-tech, high-impact investments covering key priority sectors including agriculture, ICT, electronics, light engineering, renewable energies, electricity and health care.

As part of this partnership, the first virtual investment summit on January 25 will showcase the potential for Bangladesh-China collaboration and highlight emerging strategic opportunities.

Policymakers, bureaucrats, entrepreneurs and other professionals from both countries will join the virtual event.

Addressing the ceremony, the President of BIDA said Bangladesh’s vision to become a middle-income country by 2024 and a developed country by 2041 largely depends on foreign investment.

Several government investment promotion agencies like BIDA are working to attract and facilitate investment here, he said.

“I expect the partnership between BIDA and SCB to play an important role in attracting more foreign investment,” he said.

“Public and private sector collaboration is now more important as we aim to overcome the challenges of Covid-19 and take advantage of the opportunities of the new normal,” he said.

SCB CEO Naser Ezaz Bijoy said the changes across the world caused by the pandemic underscore the importance of building resilience through diversification.

“With companies looking to invest in various markets to build their resilience and take advantage of available resources and opportunities, we have a unique window of opportunity to expand our pool of FDI,” said Bijoy.

Previously, SCB had organized six investment summits in Singapore, Hong Kong and the UK as part of its flagship event known as the “Bangladesh Investment Summit”.

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