FM plans a virtual platform linking all missions to increase FDI

Foreign Minister AK Abdul Momen said on Thursday that his ministry plans to host a virtual business and investment platform linking Bangladesh’s 80 overseas missions to speed up the government’s efforts to increase foreign direct investment.

“We would be happy to welcome you (foreign investors) to our premises so that you can find your partners in the business and innovation ecosystem of Bangladesh,” he said speaking as chief guest of the Bangladesh Economic Forum 2022 in Dubai, according to a message.

The Foreign Minister said Bangladesh’s current economic and social growth has been possible because of our resilience and determination.

“Our progress is rooted in the innovative and indomitable spirit that we possess,” he said, adding that the steady growth trajectory must be taken to another level to become a developing country by 2024 and a developed nation by 2041.

The foreign minister said his ministry was playing its part in Bangladesh’s journey to attract foreign investment to the country.

“We have strengthened our capacity and intensified our efforts in this regard in line with the Honorable Prime Minister’s vision of pursuing and emphasizing economic and trade diplomacy,” he said.

After taking office as foreign minister, Momen said, he ordered all officers in the ministry to step up their efforts on trade and investment.

“I have also written to our ambassadors abroad to step up their efforts in this regard and seek their views on how we can do better and deliver better and more efficiently to promote our trade and investment to foreigners” , he added.

He said the Ministry of Foreign Affairs has established a new wing – the International Trade, Investment and Technology Wing to handle and coordinate all trade and investment matters to support all authorities and relevant national ministries including BIDA, BEZA, BSEC and High-Tech Park Authority and work closely with them as “one government”.

The Ministry of Foreign Affairs is already experimenting with prototypes of MVIEs (Minimum Viable Innovation Engines) and “Complementary Asset Portfolios”, he added.

“We would be happy to share our findings in the conversations we can expect to have,” he said.

The Government of Bangladesh has already deployed a host of complementary asset portfolios across the length and breadth of the economy in general and productive capacities in particular.

“We also plan to increase our skills to SME-level setups in the short term and access the skills and expertise markets in the medium term,” he said, adding that Bangladesh is keen to utilize the existing market forces and leverage our potential using digital. technologies.

“I urge you all to participate in our SMEs and increase their capabilities to meet your business needs. I can assure you that you will find nimble hands that can scale faster than anyone else anywhere in the world” , said the minister.

He said Sheikh Mujibur Rahman recognized the need to identify and focus on the components of economic and social development in the context of expanding Bangladesh’s external relations.

“Following in his (Bangabandhu) footsteps, keeping the economy stable and reducing poverty and inequality rates remain our top priority,” Momen said.

He said that Bangladesh had become a “development miracle” in terms of GDP growth and socio-economic metrics achieved under the bold and dynamic leadership of Prime Minister Sheikh Hasina.

Over the next few years, the foreign minister said, Dhaka expects to achieve fair market access, expansion of the export basket, large volume of FDI inflows, transfer of essential technologies and the employment of professionals and workers in foreign countries.

“I call it our ‘economic diplomacy package’,” added the foreign minister.

Prime Minister’s Advisor Salman Fazlur Rahman, Bangladesh Economic Zone Authority Chairman Sheikh Yousuf Harun, FBCCI Chairman Md Jashim Uddin, public and private sector representatives from Bangladesh and UAE were present at the event, among others.