Bangladesh eyes taking advantage of post-Covid world trade situation

Post-Covid world trade

Commerce Minister Tipu Munshi yesterday (Wednesday) said the government is intensifying its efforts to take advantage of the post-Covid world trade situation.

“Investors around the world are looking for new places to invest,” he told the seventh meeting of the ‘Trade Support Advisory Committee’ at the ministry conference room.

“In the current global situation, Japan is planning to relocate its investment from China to other countries,” he pointed out, stressing the need for taking an approach to sustain the world trade competition in the post-Covid world trade situation.

Tipu mentioned that many countries and companies across the world have already come forward to invest in the 100 special economic zones, according to an official release.

Industries Minister Nurul Majid Mahmud Humayun attended the meeting while Foreign minister Dr AK Abdul Momen, Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman, Former President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Shafiul Islam Mohiuddin and Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Dr Rubana Huq, among others, joined the meeting online.

“If timely steps are taken, investment will come to Bangladesh and exports will also increase a lot,” Abdul Momen said.

He said that Bangladesh’s two foreign exchange earning sectors are exports and remittances.

“In the current situation, the garment buyers have been requested not to cancel the purchase order from Bangladesh. Many countries have already promised not to cancel purchase orders. The United States has expressed interest in importing medicines from Bangladesh,” he added.

The foreign minister added that a request has been made so that Bangladeshi workers in different countries do not have any problem in staying, eating and medical treatment. “The countries concerned have assured to fulfill this responsibility.”

Nurul Majid Mahmud Humayn said a suitable environment is prevailing in the country for setting up industrial factories. “We need to inform our investment policy to foreign investors. We are ready to cooperate in any way. Employment will increase if alternative factories are built in the country,” he added.

Salman Fazlur Rahman said Bangladesh has an opportunity to attract foreign investment. “We have to use this opportunity without wasting time. We need to make a quick list and contact with the investors to highlight the investment policies and opportunities of Bangladesh. If necessary, a task force can be formed for this purpose,” he added.

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