Mr. Tipu Munshi, Minister, Ministry of Commerce

Mr. Salman Fazlur Rahman, MP, Private Industry and Investment Advisor to the Hon’ble Prime Minister

Mr. President, FBCCI

Ambassadors, High Commissioners and Excellencies

Colleagues from the Government

Distinguished Representatives from Business, Industry, Academia and the Press

Ladies and Gentlemen

I am very happy that the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is going to organize Bangladesh Business Summit 2023 from March 11-13 to celebrate the 50 years of establishment of this apex trade body. This is a very timely initiative in the backdrop of the world going through the new Covid wave and Russia-Ukraine war and a desperate attempt to restart the global economy. Today we are here to listen from the FBCCI about their plans and aims during the Business Summit.  I am particularly happy that my Ministry – the Ministry of Foreign Affairs is also a key partner for this event.

At the outset, I pay my deepest respect to the greatest Bengali of all times, the architect of independent Bangladesh & Father of Nation Bangabandhu Sheikh Mujibur Rahman. I pay my grateful homage to the three million martyrs, two hundred thousand of our mothers and sisters and all our valiant freedom fighters who made the supreme sacrifices for giving us the red-green flag in 1971.   

Ladies and Gentlemen,

We are working with our best possible calculations to stabilize our production ecosystems and keep trade and investment flowing. Bangladesh is doing what the Hon’ble Prime Minister Sheikh Hasina very correctly described as ‘striking a balance between life & livelihood’. I am highly optimistic that this event will help us to reach out to international business communities and uphold our efforts in strengthening our global connections for finding win-win paradigms for the economic prospect of Bangladesh. Under the visionary leadership of Hon’ble Prime Minister Sheikh Hasina, Bangladesh has become a middle income country already and is making robust strides to become a developed nation by 2041. Recent IMF data shows that in terms of nominal GDP, Bangladesh’s economy is the 35^th largest economy. This is a big achievement for us, and it shows that we are moving towards the right direction to become a trillion-dollar economy by 2035. We have a demonstrably huge potential to become an international hub for business and manufacturing and it is time we started creating the narratives which allow Bangladesh platforms to become global incubators for innovation and entrepreneurship.

Distinguished Friends,

Bangladesh is a “development miracle” in terms of sustainable GDP growth and socio-economic parameters achieved under the bold and visionary leadership of Hon’ble Prime Minister Sheikh Hasina. In terms of identity, Bangladesh is a secular, sovereign, neo-liberal state system with firm constitutional mandates to uphold the cardinals of nationalism, socialism, democracy and secularism. As we strive to keep the freedom of speech, expression and the right to exercise franchise of the people in an environment of justice and equality, Bangladesh is also one of the most lucrative and profitable destinations for foreign investments anywhere in the world.

This has been possible for the pro-business and incentive-rich initiatives and measures and relentless efforts being made by the Government while creating social safety nets to allow the individuals on the fringe for securing a stable income and other livelihood supports. Bangladesh Government is a government of the people in spirit and actions. For the Prime Minister, keeping every citizen well-fed, well-sheltered, well-treated, well-educated and well-connected to the mainframe administration and productive capabilities of the country, is an article of her political faith. Even for the 1.1 million Rohingyas that we have sheltered, we have provided with access to the basic needs which we provide for our own citizens.

Ladies and Gentlemen,

Keeping the economy stable, and a reduction in the poverty as well as income disparity remain our foremost priority. We intend to accelerate this mammoth task with greater depths in external trading – coupled with a larger inflow of foreign investment and remittance. During next few years, we expect to gain –First - an equitable market access; Second - expansion of our export basket; Third - significant amount of FDI inflow; Fourth - transfer of critical technologies and Fifth – greater and better employment of our professionals and workers in foreign countries. I call it our “Economic Diplomacy Package”.

The present day ‘economic diplomacy’ is not practiced only by the professional diplomats working in the Ministry of Foreign Affairs & Bangladesh missions abroad, but also by the domestic political and economic stakeholders and individuals. That means, the players in economic diplomacy that we are envisaging from the Foreign Office are- (a) all government agencies that are involved in international economic mandates - including trade, investment and transfer of technologies, (b) non-state actors, such as non-government organizations (NGOs) engaged in international economic activities and (c) businesspersons, entrepreneurs and investors involved or affected by the international trade regime.

Distinguished guests

My Ministry, the Foreign Ministry, is playing its due part in this challenging but exciting journey of economic diplomacy. We have strengthened our capacity and intensified our efforts in this regard pursuant to the vision of the Hon’ble Prime Minister. I have directed officers in the Ministry to redouble our 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. We have established International Trade, Investment and Technology Wing to deal and coordinate all trade and investment issues with all relevant national authorities and ministries, including BIDA, BEZA, BEPZA, PPP Authority and High-Tech Park Authority and local and international business bodies.

Bangladesh’s current economic and social growth has been possible through our resilience, determination and innovative and indomitable spirit. The steady growth trajectory needs to be taken to another height to graduate to be upper middle-income country by 2030 and a developed nation by 2041.  A sustained GDP growth of 8% or more would enable us to fulfill the dream of the Father of the Nation to build the ‘Golden Bengal’-‘Sonar Bangla’. Sonar Bengal will be a developed, stable, non-communal economy; where food, clothing, housing, health, education services will be guaranteed for all. Our Hon'ble Prime Minister Sheikh Hasina followed Bangabandhu’s footsteps and established Bangladesh as a “Vibrant Economy” and a “Land of Opportunity” today. In fact, Hon’ble Prime Minister Sheikh Hasina has launched a new vision for today’s world. Its core is ensuring food, clothing, shelter, education, health services, welfare of the people and right to vote by maintaining friendship, peace and stability with all. I call this philosophy ‘Hasinanomics’. She introduced four driving forces to achieve Hasinanomics – (1) Digital Bangladesh, (2) Innovation and Creativity Development, (3) Entrepreneurship and Individual Initiative, and (4) Free market liberal enterprise. As a result, our economy stands on a solid foundation. 

To conclude, my Ministry is and will always be ready to work closely and coordinate our national efforts with all the national investment authorities, ministries and business bodies– such as yours - to make it happen. I wish the Bangladesh Business Summit will be a successful event and me and my Ministry will work closely with the FBCCI in this regard. Thank you all! 

Joi Bangla!

Joi Bangabandhu!