Commerce Minister Tipu Munshi today urged entrepreneurs of the European Union (EU) to invest more in Bangladesh as the country has turned into the best favourable destination for it.
"Bangladesh wants to work with the EU hand in hand and we are committed to remove existing problems that hinder inbound investment," he said while speaking as the chief guest at a seminar on "Unlocking Trade and Investment for European Companies in Bangladesh" at a hotel in the city.
Dhaka Chamber of Commerce and Industry (DCCI) and the EU Delegation to Bangladesh organized the seminar.
Tipu said that if the foreign investors come here and invest, they will be benefited a lot.
He requested the investors of EU who already invested here and successfully operating their businesses to advocate for Bangladesh's competitiveness in the global arena.
Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Lokman Hossain Miah was present as the special guest while DCCI President Barrister Md Sameer Sattar and Ambassador and Head of EU Delegation to Bangladesh Charles Whiteley, among others, spoke on the occasion.
Lokman Hossain Miah said the government is working for reforms to attract more Foreign Direct Investment (FDI) from the EU member countries.
"BIDA is committed to provide faster and investment friendly services," he added.
He informed that all services of BIDA will be available in OSS by the end of this year.
He later invited more direct or joint venture EU investment in Bangladesh enjoying various fiscal and non-fiscal incentives given to the foreign investors.
Md Sameer Sattar said readiness of Bangladeshi industries coupled with sustainable regulatory framework, favourable tax regime, positive image branding, technologically skilled workforce, export competitiveness, conducive environment and diversification of products are key to attract more investment from the European Union countries in Bangladesh.
"The five-decade-long Bangladesh and EU partnership had truly become unprecedented and remarkable journey that turned the EU into one of the most reliable trading partners of Bangladesh. Our total export to the EU has surged to US$25.23 billion in FY2023 having 93 percent RMG share which has positioned Bangladesh as one of the popular sourcing destinations," he added.
Charles Whiteley said for decades, the EU has been the main destination for "made in Bangladesh" goods.
"The graduation of Bangladesh to a developing country will reinvigorate EU-Bangladesh ties," he added.
He also said that it is time to explore new areas of cooperation from ICT to infrastructure, aviation, renewable energy, agriculture and pharmaceuticals.
The EU is keen to boost bilateral trade and investment ties in the days to come, he added.