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BOOSTING EXPORT:
Foreign Investment SOURCING FAIR 2021

is borne by the Government of Bangladesh. An interactive virtual platform
Private investment, especially foreign The event was inaugurated by Commerce Minister Tipu
investment, has been mostly concentrated in Munshi at the EPB office. The website worked like a virtual
the Ready Made Garments (RMG) industry lobby with separate booths and information desk. Registered
because Bangladesh is a very attractive site guests could log in to engage in real time conversations,
for the proliferation of the sector due to the video calls and even spectate the discussions on public
availability of cheap labor. It is not surprising forums. Through this, buyers could connect among
to see a ‘Made in Bangladesh’ tag on a very themselves, much like an in-person event. Side by side,
expensive article of clothing these days. companies arranged webinars to display prospective export
However, the onset of the COVID-19 pandemic products, investment opportunities and benefits to attract
exposed a loophole in this setting. As many foreign investment. Buyers could set online appointments
foreign buyers cancelled their orders to curb with sellers to organize a time schedule to communicate
the spread of the virus, we were left with very matters in detail. This can provide a strong link of lead
little choice in our hands. The high generating activities. A database will store public
concentration of ready made garments in the information of both parties (buyers and sellers) for the next
export basket proved fatal as we did not have six months.
other means to divert the loss. In this The participating companies from Bangladesh belonged to a
situation, organizing a trade fair was timely wide range of sectors including
and just. readymade garments, leather
and leather products, jute and
Sourcing At the same jute products, agro and
Bangladesh 2021 time, capital agro-processed products,
The Export Promotion Bureau of Bangladesh fisheries, home textile and
has recently organized a virtual event titled formation in home decor, pharmaceuticals,
ceramics, ICT, plastic, electric
Sourcing Bangladesh 2021, between the 15th the country is
to 21st of November, to regain the trade and electronic products, light
engineering products, furniture
momentum of the country in the face of still at a dire
suspended trade fairs all around the world. level which and handicrafts.
Originally the event was scheduled to take
place between October 18 to 24, but Foreign makes us Why export from
Trade Promotion Organization (TPO) and increasingly Bangladesh?
potential buyers recurrently requested the The Government of Bangladesh
event to be rescheduled to a later date. The dependent on is actively seeking to attract
key focus of this event was to connect the foreign foreign investment. Many
export oriented companies of Bangladesh with incentives have been
foreign investors as well as other companies investment implemented through industrial
In the highly globalized world that we live in, every Trade in Bangladesh to facilitate trade relationships through
nation is interconnected in the sense that no one In order for the country to prosper, there is holding Business to Business (B2B) meetings. policy, growth strategy by
produces all of anything. Countries only produce the no alternatives to attracting foreigners The participating companies showed audio exports and public-private
goods or services in which they have comparative through trade fairs and seminars whereby visuals and provided digital brochures on the partnership (PPP) programs. In
advantage and trade those in exchange for goods they we uphold the benefits of investing in our virtual platform. addition to that, the Foreign Private Investment (Promotion
are better off not producing. The notion of comparative country. The events work as a gateway for The expo received a great deal of international and Protection) Act, 1980, provides protection for investment
advantage is one of the fundamental basics of the study us to sneak into the global stage and attention as a total of around 1,395 buyers made in Bangladesh against expropriation & nationalization,
of International Trade and has been widely analyzed to highlight Bangladesh as one of the Next from 52 countries registered for the event. The equitable treatment, exit and profit & capital repatriation,
understand the bilateral or multilateral trade Eleven developing nations. The latter database of the participating visitors showed making it the most liberal FDI regime in South Asia.
relationships. statement is indeed true. With a recorded that a good deal of the visitors were from
Bangladesh is a developing nation and is tainted by growth of 8.14% during the second quarter North America, Latin America, South East Considering this, Sourcing Fair 2021 was a success. The fair
political unrest, upheavals, and a vast population with of fiscal year 2019-2020, Bangladesh has Asia, Middle East, Central Asia, and Africa. On was attended by EPB Vice-Chairman AHM Ahsan, Commerce
limited access to technology. As such, we lag far behind become a role model for development for the sellers’ end, 60 different exporters from 13 Secretary Tapan Kant Ghosh, Federation of Bangladesh
many other nations in terms of boosting production and other countries. Bangladesh exports to different sectors participated in the event. Chambers of Commerce and Industries (FBCCI) President
capacity. At the same time, capital formation in the 202 countries and territories of the world, This brings a light of hope as potential sectors Jasim Uddin, Bangladesh Garment Manufacturers and
country is still at a dire level which makes us and the number of products with an HS like leather, jute, and fisheries may draw Exporters Association (BGMEA) President Faruque Hassan.
increasingly dependent on foreign investment. But code is 766 (Seven Hundred Sixty-Six). international attention alongside apparel To boost the export scenario of Bangladesh, the government
investors find it hard to make a profitable site out of the Most of the 8.14% growth has come from industry and diversify the export basket. should consider organizing more events such as this.
country owing to limited opportunity and internal issues. the service sector, a large portion of which

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