Terming Bangladesh-Canada relations very strong, Foreign Minister AK Abdul Momen on Sunday night urged Canada to invest more in Bangladesh taking advantage of the facilities it offers.
“It is time to invest in Bangladesh. It’s a good time,” Momen said, inviting Canadian investors to invest in Bangladesh.
The foreign minister was speaking as the chief guest at an event marking 50 years of bilateral relations between Bangladesh and Canada.
He said Prime Minister Sheikh Hasina also attaches high importance to Bangladesh’s relations with Canada.
Momen urged Canada to put pressure on Myanmar so that the country takes back its nationals as early as possible.
Read more: Momen ‘not worried’ about Japanese Ambassador’s remarks, calls him a ‘simple, good person’
He also urged Canada to come forward for the resettlement of some of the Rohingyas as “Canada has plenty of space.”
At the event, Canada Bangladesh Chamber of Commerce and Industry (CanCham) President Masud Rahman emphasised the signing of a bilateral foreign investment protection agreement (FIPA) to facilitate the inflow of foreign direct investment (FDI) from Canada to Bangladesh.
He also highlighted the importance of signing a bilateral free trade agreement (FTA) for the promotion and expansion of trade.
Canadian High Commissioner to Bangladesh Lilly Nicholls, Federation of Bangladesh Chambers of Commerce and Industries President Md Jashim Uddin and Bangladesh High Commissioner to Canada Khalilur Rahman also spoke at the event.
In 2019, FDI to Bangladesh reached $3.61 billion. FDI inflows to Bangladesh raised by 37 percent year-on-year to $3.43 billion in 2021-2022, a positive development for the economy.
The CanCham president said Bangladesh is situated at a geographically advantageous position in close proximity to India and China, both key commercial partners of Canada.
“All these have made Bangladesh a very prospective destination of FDI, especially for Canada which has been looking for a profitable, secure investment hub for possible relocation, particularly in Bangladesh,” he said.
Bangladesh Investment Development Authority (BIDA) has also established a country desk for Canada.
Read more: Several countries, including Afghanistan, suffered due to foreigners’ role: Momen
The main objectives of the Canada Desk are to extend end-to-end support throughout the investment life cycle to address issues relating to FDI from Canada.
High Commissioner Lilly Nicholls said this is a very special time for both Canada and Bangladesh.
Canada was the first country among the G7 nations which recognised Bangladesh and also supplied food aid after its independence.
Nicholls lauded Bangladesh’s poverty reduction from 90 percent to nine percent.
“We have a lot in common,” the high commissioner also said.
Canada is a great friend of Bangladesh which supplied a lot of wheat in the early time of independence in 1971, Momen said.
Bangladesh needs the Canadian general trade preference facility for Bangladesh even after the graduation to a developing country from the least developed country in 2026, he said.
Jashim Uddin said FBCCI is playing a critical role under a joint working group for improving the bilateral trade and investment between the two countries.
There is an immense opportunity for business between the two countries in leather, agro foods, and blue economy apart from garment items, he also said.
Source: United News of Bangladesh