Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority (BIDA), has extended an invitation to China-based manufacturers to invest in Bangladesh following recent developments in the post-US election landscape.
In an "open letter" to Chinese investors, Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority (BIDA), highlighted that Bangladesh is now poised to become a prime destination for manufacturers seeking to relocate or expand their operations. This was confirmed in a statement issued by the Chief Adviser's Press Wing.
Chowdhury Ashik Mahmud Bin Harun, a former senior banker with HSBC, wrote, "The post-election developments in the US signal big increases in tariffs and duties for China-based manufacturers."
He continued, "In this context, we extend an open invitation to our investor friends in China and are committed to supporting them in navigating the evolving landscape."
Highlighting potential sectors for investment, he added, "We see potential in industries like garments, electronics, solar value chain, and automotive. We are committed to tailoring a favorable investment environment for the investors with attractive incentive programs and benefits."
The BIDA chief, who recently met with at least 200 CEOs of multinational and local companies, expressed confidence that, contrary to predictions by some political experts, Bangladesh's economy is poised to benefit significantly under the new Trump administration.
"We are already witnessing quite a lot of interest from China-based manufacturers seeking to diversify their risks and manufacturing bases," he noted.
China has long been a key partner for Bangladesh, and in 2022, it became the largest source of Foreign Direct Investment (FDI) for the country.
Chowdhury further stated that this trend is expected to accelerate once the new Trump administration takes office in January 2025.
Chowdhury mentioned that he has been closely following the regional expansion of Chinese manufacturers over the past decade and was fortunate to have supported them in his previous role as an investment banker.
"With the new US political landscape, the trend is likely to grow," the BIDA executive chairman stated.
He emphasized that Bangladesh is eager to "welcome" these investors with customized solutions. "That's my commitment as the chief marketing officer of Bangladesh," he added.
(Source: BSS)
BD-Pratidin English/Mazdud
