Urge to improve business environment to attract foreign investment

Emphasis should be placed on accelerating infrastructure, trade, investment flows and sustainable financing in the country. There is an opportunity to improve the business environment to attract foreign investors. The speakers said these things in the dialogue titled ‘Thrive in Bangladesh: Actionable Insights and Solutions for Korean Business’.

The recently organized dialogue program at a hotel in the capital was organized by Standard Chartered, one of the country’s private banks, Embassy of the Republic of Korea in Bangladesh, Bangladesh Investment Development Authority (BIDA), Bangladesh Bank and Korea Bangladesh Chamber of Commerce and Industries (KBCCI).

The event discussed the business and investment potential of Korea in the country. The speakers emphasized on accelerating infrastructure, trade, investment flows and sustainable financing. Encouraging Korean investors by improving the country’s business environment was discussed. Important discussions of the dialogue will be conveyed to policy makers and stakeholders.

Nasser Ejaz Vijay, CEO of Standard Chartered Bank expressed his sincere gratitude to South Korea for its continuous cooperation in the growing prosperity of Bangladesh.

He said, ‘As the fourth largest source of foreign investment in Bangladesh, Korea is making a significant contribution to various sectors including trade, investment, infrastructure and production. Standard Chartered acts as an important partner in the bilateral trade relations between the two countries. There is further scope for diversification of Korean investment in Bangladesh. We strongly believe that despite the existing challenges, it is possible to strengthen the economic potential between Bangladesh and Korea through effective exchange rate control and opportunities to resolve outstanding issues.

Park Yong-sik, Ambassador of South Korea appointed in Dhaka, said, ‘Korea is working to establish a long-term strategic relationship with Bangladesh based on sustainable achievements and realistic commitments.

Economic development, cooperation, funded projects, loans from the Korean government, and public-private joint ventures were discussed.

Although labor costs are low in Bangladesh, the country has opportunities for capacity building in other areas in the age of increasing technology. Bangladesh must improve its business environment to attract foreign investors. Achieving qualitative economic growth requires transparency, accountability and cooperation between the government and the private sector.

BIDA Executive Member (International Investment Promotion) Mohsina Yasmin said, ‘We aim to make Bangladesh one of the investment hubs by coordinating with Standard Chartered Bank’s strong networking and BIDA’s investment growth efforts.

Bangladesh Bank foreign exchange investment department director Abu Saleh Muhammad Sahab Uddin said, Korea is the fourth largest investor in Bangladesh. Several Korean companies have expressed interest in large infrastructure projects. I express my gratitude to Standard Chartered Bank for organizing this seminar.

Enamul Haque, Head of Corporate Coverage, Standard Chartered Bangladesh, said this joint effort aims to build a knowledge-based economy with the support of BIDA’s one-stop platform, the World Bank’s policy framework reform agenda and respected customers. Our aim is to catalyze the necessary change for the sector to increase opportunities for Korean investment in Bangladesh.

As a major foreign investor in the country, Standard Chartered has played an important role in increasing foreign trade and investment.

Standard Chartered Bangladesh has established the Korea Desk to help Korean businessmen invest in the country and conduct business smoothly. The bank has launched a guidebook titled ‘Doing Business in Bangladesh’ written in both Korean and English languages ​​to assist Korean investors in doing business. Standard Chartered ensures a strong presence in South Korea as well as creating a vast network with other international banks in Bangladesh for Korean customers. To this end, the bank provides extensive assistance in dealing with challenges related to cash management, trade services, securities services, digital banking, financial risk management, project financing and other specialized financing.