‘Bangladesh now an attractive destination for Chinese investors’

DHAKA, Bangladesh has improved its investment environment significantly over the last one decade that has been encouraging many Chinese investors to expand their business here, said a Chinese diplomat.

In the last one decade, Bangladesh has attained massive progress in socio economic indicators due to implementation of different reforms. The government is offering various incentives for foreign investors and Chinese business people are showing their interest to invest in Bangladesh, Li Guangjun, the economic and commercial counsellor at the Chinese embassy in Dhaka, told BSS.

Chinese diplomat sees the improvement in creating a smooth business environment will also attract more Foreign Direct Investment (FDI).

He said China is a big trade and investment partner of Bangladesh and the partnership will increase further in future.

According to Bangladesh Investment Development Authority (BIDA), Bangladesh received a record US$3.61 billion in 2018 as Foreign Direct Investment (FDI), up by around 68 percent more than in 2017.

While China became the leading investor in the country with $1.03 billion, the United States, traditionally the top investor, dropped to fourth with only $174 million in FDI for 2018 in Bangladesh.

The highest amount of investment from China came to power sector with $834 million while NBFI and financial institution is in the second position with $113 million.

Li Guangjun said Bangladesh is going to launch One Stop Service (OSS) for providing quick services to the investors, including foreign investors.

Massive works are going on for developing the country's infrastructure with a view to attracting the foreign investors, he added.

Actually, reform is a long process. Though lots of improvement has taken place in the country, but, you need to reform in different sectors, including software, for improving the business environment, he added.

The diplomat said Bangladesh import from China is more than its exports. But, Chinese government is providing efforts through taking different initiatives, including 97 percent goods to China with zero tariff, to reduce the trade gap between the two friendly nations, he added.

Li Guangjun said the Chinese government arranges different trade exhibitions and forums, including Canton Fair, ChinaSouth Asia Business Forum and China International Import Expo for expanding trade and investment relations among the SouthAsian nations, including Bangladesh.

Responding to a question, the Chinese economic and commercial counsellor said the security level in the country is getting better as the law enforcement agencies are putting their highest efforts to ensure safety and security for all people, including foreigners.

Source: Bangladesh Sangbad Sangstha (BSS)