An FTA will play a supporting role in addressing the post-LDC economic challenges for Bangladesh, thereby facilitating the reduction of the trade deficit, said the president of the FBCCI.
Md Jasim Uddin. Photo: Collected
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Md Jasim Uddin. Photo: Collected
Bangladesh Federation of Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin urged the government to conclude a free trade agreement (FTA) with China to face new challenges after the ‘obtaining the status of least developed country (LDC).
“An FTA with China, Bangladesh’s largest partner in international trade, will play a supporting role for Bangladesh in solving new challenges once it graduates from LDCs and will make it easier to minimize the problem. trade deficit, ”he said.
The president of FBCCI was speaking at the 2021 China-Bangladesh Economic and Trade Cooperation Forum and the inauguration ceremony of the seventh council of the Association of Chinese Businesses in Bangladesh (CEAB), on a virtual platform on Tuesday.
Mr Jashim Uddin said that Bangladesh’s imports from China in fiscal year 2019-2020 amounted to $ 11.49 billion, while the country exported goods worth only 0, $ 6 billion to China. A Dhaka-Beijing free trade agreement is needed to reduce this huge trade deficit.
The president of the FBCCI said that with a free trade agreement, the confidence of Chinese entrepreneurs will increase for investment and trade in Bangladesh.
Mr Jashim Uddin appreciated the government’s initiatives to improve the investment environment with tax advantages, income tax reduction for 5-10 years, tax-exempt export earnings and reduction import duties on machinery equipment and imports of raw materials.
“The establishment of 100 specialized economic zones is underway,” he said, adding that Bangladesh has become one of the most attractive investment destinations for global entrepreneurs in the region.
The president of FBCCI called for undertaking research projects to seek further investment and business expansion opportunities in Bangladesh.
Mr Jashim Uddin called on Chinese businessmen to invest in skills development and technological exchanges in industries, electricity and energy, transport, leather, plastics, information technology and communication, agriculture and biotechnology.
Welcoming China’s Belt and Road Initiative (BRI), the FBCCI President said, “This initiative has created unhindered opportunities for Bangladesh to become a developed country by 2041.”
Salman F Rahman, Prime Minister’s Advisor for Private Industry and Investment, honored the event as the main guest, and Chinese Ambassador to Bangladesh Li Jiming was the special guest.
Md Sirazul Islam, Executive Chairman of the Bangladesh Investment Development Authority, Md Nazrul Islam, Executive Chairman of the Bangladesh Export Processing Zones Authority, Shaikh Yusuf Harun, Executive Chairman of the Bangladesh Economic Zones Authority and Ke Changliang, Chairman of CEAB, also spoke to the program.