Momen plans virtual platform connecting all missions to increase FDI

Foreign Minister Dr AK Abdul Momen Thursday said that his ministry is planning on hosting a virtual business and investment platform connecting all 80 Bangladesh missions abroad to expedite the government's efforts in increasing Foreign Direct Investment (FDI).   

"We would be happy to host you (foreign investors) at our premises so that you may find your partners from the Bangladesh business and innovation ecosystem," he said while speaking as the chief guest at the Bangladesh Economic Forum 2022 in Dubai, according to a message received. 

The foreign minister said Bangladesh's current economic and social growth have been possible through 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 needs to be taken to another height to graduate to be a developing country by 2024 and a developed nation by 2041.

The foreign minister said his ministry is playing its due part in the Bangladesh's journey of attracting foreign investment in the country. 

"We have strengthened our capacity and intensified our efforts in this regard following the vision of the Hon'ble Prime Minister on pursuing and emphasizing on economic and trade diplomacy," he said. 

After assuming office as the foreign minister, Dr Momen said, he had directed all the officers in the ministry to redouble their efforts on trade and investment. 

"I also wrote to our Ambassadors abroad to intensify their efforts in this regard as well as sought their views on how we can do better and deliver better and most effectively to promote our trade and investment among foreigners," he added. 

He said the foreign ministry has established a new Wing - the International Trade, Investment and Technology Wing to deal and coordinate all trade and investment issues for supporting all relevant national authorities and ministries, including BIDA, BEZA, BSEC and High-Tech Park Authority and to closely work with them as "One-Government".

The Foreign Office 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 that we may expect to have," he said. 

Bangladesh Government has already deployed a host of complimentary asset portfolios across the full length and breadth of the economy in general and productive capabilities in particular. 

"We are also planning to augment our skill sets to SME level configurations in the short run and accessing skills and expertise markets in the medium-term future," he said adding that Bangladesh wants to use the existing market forces and leveraging our potential using digital technologies. 

"I urge upon all of you to participate in our SME enterprises and augment their capabilities to fulfill your business needs. I can assure you that you will find nimble hands who can scale up faster than anyone else anywhere in the world," said the minister. 

He said Father of the Nation Bangabandhu Sheikh Mujibur Rahman recognized the need to identify and focus on economic and social development components in the context of expanding Bangladesh foreign relations. "Following in his (Bangabandhu) footsteps, keeping the economy stable and a reduction in the poverty and inequality ratios remain our foremost priority," Dr Momen said. 

He said Bangladesh became a "development miracle" in terms of GDP growth and socio-economic parameters achieved under the bold and dynamic leadership of Prime Minister Sheikh Hasina. 

During next few years, the foreign minister said, Dhaka expects to gain equitable market access, export basket expansion, significant amount of FDI inflow, transfer of critical technologies and employment of professionals and workers in foreign countries.  "I call it our 'Economic Diplomacy Package'," the foreign minister added. 

Adviser to the Prime Minister Salman Fazlur Rahman, Chairman of Bangladesh Economic Zone Authority Sheikh Yousuf Harun, Chairman of FBCCI Md Jashim Uddin, Representatives from the Public and the Private Sectors of both Bangladesh and the United Arab Emirates(UAE) were present in the event, among others.