French businessmen to get benefited if they invest in Bangladesh, says Tipu

| Updated: February 23, 2023 08:50:31

French businessmen to get benefited if they invest in Bangladesh, says Tipu

Commerce Minister Tipu Munshi has said that French businessmen would be benefited more if they invest in Bangladesh capitalizing on the excellent business-friendly environment in the country.

Tipu also said that the government of Bangladesh has been providing a good number of facilities to foreign investors while French investors can avail of such facilities.

The commerce minister said this while addressing a view-exchange meeting with the French businessmen organised by MEDEF International, the apex body of French enterprises at their office, reports BSS citing a press release.

Tipu attended the 2nd OECD Ministerial meeting on Responsible Business Conduct (RBC) at the OECD Headquarters in Paris held on February 14-15.

The two-day event was organised by OECD to provide a strategic reflection on the role of RBC as the foundation of the international rule-based trade and investment system.

The ministerial meeting is co-chaired by France and the United States with Canada, Chile, Japan, Morocco and the United Kingdom as the vice-chairs. The meeting was attended by Ministers from 25 countries, mostly from the OECD member states, UN bodies, EU, International Organisations, academicians, trade union bodies and civil society members.

The chairman of the France Bangladesh Business Council of MEDEF, Pierre-Jean Malguyres and several French companies participated in the meeting.

Highlighting the time-tested bilateral ties and the importance of expanding business relations between the two countries, the Commerce Minister invited French companies to invest in Bangladesh.

He further illustrated the rapid transformation and growth in the industrial and manufacturing sectors, massive public investment in infrastructure and the opportunity of taking advantage of regional markets that French companies might avail.

Tipu mentioned that the investors can take advantage of the attractive package of incentives offered by the government in the sectors like readymade garments, textiles, leather products, pharmaceuticals, ceramics, energy, power and infrastructure development and also set up industries in special economic zones and high-tech parks.

Finally, he invited French CEOs and representatives to participate in the upcoming Bangladesh Business Summit which will be held in Dhaka from March 11-13, 2023 and also to send a business delegation from France. The Ambassador of Bangladesh to France Khondker M Talha and the Commercial Counsellor Dilara Begum were also present at the meeting.

The Ministers at the meeting underlined their commitment to market-based economic principles, open, free, fair, inclusive and rule-based multilateral trading systems and the transparency and accountability of governments, the protection of human rights and equality. The importance of harmonization and coherence of global standards was also reiterated.

In order to face the challenges of globalisation and to cope with the changed global context, the meeting decided to update the RBC Guidelines and increase the outreach of RBC-adherent countries.

The Commerce Minister led a three-member delegation including former FBCCI President Shafiul Islam and Mostafa Jamal Haider, deputy secretary of the Ministry of Commerce.

On the sidelines of the event, Tipu attended a bilateral meeting with Hungarian Minister of Foreign Affairs and Trade P,ter Szijj rt›. The Hungarian Minister mentioned that the visas of Bangladeshi students going to different universities in Hungary are now issued from Dhaka and that each year over 1,500 students are going to Hungary for higher studies of whom 140 students receive scholarships.

The meeting also discussed the possibility of signing agreements on economic cooperation and avoidance of double taxation agreements. The two ministers committed to further strengthen the long-standing friendly relations between the two countries and to reinforce joint efforts for promoting bilateral trade and investment relations.

The Commerce Minister also met the expatriate Bangladeshi business community at the Embassy. Leaders from Euro-Bangla Business Association and France-Bangladesh Business Forum were present at the meeting.

He appreciated the Bangladesh-origin entrepreneurs for their endeavours and encouraged them to penetrate the mainstream business sector of France.

Inviting them to invest in Bangladesh, Tipu stressed on utilisation of the formal banking channels for all transactions with Bangladesh, including sending remittances.

The businessmen also appraised the Minister about the challenges they face in Bangladesh including the hassles of the expatriates at the airport.

In response, the Minister assured them of looking into the matter.

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