Dhaka: Calling upon Chinese companies to invest in Bangladesh, Chief Adviser Professor Muhammad Yunus today said Chinese robust investment can be a game changer for Bangladesh economy. “I urge Chinese investors to make Bangladesh their home and their production hub…the young people are ready to accept that challenge,” he said.
According to Bangladesh Sangbad Sangstha, the chief adviser made the call while addressing the China-Bangladesh Conference on Investment and Trade in the Bangladesh Investment Development Authority (BIDA) office, Agargaon, here. The Bangladesh and Chinese governments jointly organised the conference. Recalling the longstanding Dhaka-Beijing relations, he said a couple of months ago, during his visit to Beijing, he requested Chinese President Xi Jinping to encourage Chinese companies to invest in Bangladesh as it aims to be a manufacturing and economic hub of the region.
Prof Yunus expressed honor that President Xi Jinping has acted swiftly by sending a high-powered Chinese business delegation to Bangladesh. Claiming that Chinese companies are the master of manufacturing globally and Bangladesh wants to be their partner, he said: “Your largest scale investment can be a game changer for our economy.” Prof Yunus mentioned that tens of millions of Bangladesh’s young workforce would desperately need good jobs.
Regarding the initiatives that Bangladesh has taken to attract investment, he said the interim government has been steadfast in implementing reforms, enhancing investment climate, streamlining regulatory frameworks and ensuring a conducive environment for business operations. The chief adviser stated Bangladesh continues efforts to attract direct foreign investment, stimulating economic growth and creating employment opportunities for the youths.
Highlighting that half of the Bangladesh population is under the age of 26, Prof Yunus emphasized their potential, calling them the amazing power of Bangladesh, while they are very creative and dedicated. He also recalled the Bangladesh Investment Summit arranged in April where companies from all over the world participated. During the summit, a top Chinese textile firm alone announced an investment of US$ 100 million in the spinning sector in Bangladesh.
Prof Yunus noted that for many years, Bangladesh has held a strategic location in the heart of South Asia and the country’s dynamic workforce has made it an ideal destination for investment. However, he acknowledged failures in attracting foreign direct investment due to issues such as corruption, misrules, and dictatorship that previously deterred potential investors. He credited the July Uprising, led by hundreds of thousands of young people, for bringing an end to those days and committing to creating a new Bangladesh.
Prof Yunus invited Chinese investors to explore extensive opportunities in Bangladesh across various sectors including textile and garments, pharmaceuticals, agro-processing, fisheries, jute, and information technology. Chinese Commerce Minister Wang Went and Chinese Ambassador to Bangladesh Yao Wen also spoke at the conference, among others. About 250 investors and businessmen from 100 Chinese firms participated in the conference.