Islamic Development Bank (IDB) planning meeting in Dhaka in Jan to discuss cross-border investment, trade

| Updated: October 24, 2017 23:07:46

IDB planning meeting in Dhaka in Jan to discuss cross-border investment, trade

Islamic Development Bank (IDB) is planning to host an international investment conference in Dhaka in January next to boost cross-border investment among its members.

The event is expected to bring potential investors from IDB's 57 member countries as well as its non-borrowing members like the United States, China and Japan.

IDB Business Forum (THIQAH), a newly formed business and investment platform of the Jeddah-based multilateral development agency, will organise the conference.

Finance Minister AMA Muhith has already given his consent to organise the conference while the final date of the event will be fixed depending on the schedule of the Prime Minister, according to sources at the Economic Relations Division of the government.

A high-level IDB delegation recently met with the chairman of Bangladesh Investment Development Authority (BIDA) to discuss issues related to the timing and nature of the event.

Earlier, IDB was interested to organise the event in October of this year, but deferred due to the UN General Assembly in New York and the World Bank's annual meeting in Washington DC.

Insiders said the conference will be organised especially for attracting potential foreign investment and boosting trade in areas like readymade garments, pharmaceuticals and shipbuilding.

"For example, there are ample opportunities for boosting our trade relations with IDB's African members when it comes to RMG," said an official at the BIDA.

"Currently, Bangladesh is highly dependent on India and China for raw materials like cottons for its RMG industries," he said. "African countries produce high-quality cotton at much lower cost and can be an alternative source of cotton for the local garments industries."

Earlier, in April this year, IDB's autonomous body International Islamic Trade Financing Corporation (ITFC) organised the first-ever African-Asian Cotton B2B Meeting in Dhaka, where the potentials of Africa as a source of cotton for local RMG was highlighted.

In addition to regular sessions, the IDB seminar will also feature technical sessions highlighting the investment regulations, incentives, sectors, projects and opportunities as well as success stories of Bangladesh and other IDB member countries while providing opportunities for B2B meetings.

Apart from coordinating with local business chambers and trade bodies, BIDA will be responsible for identifying the potential sectors and sharing the investment opportunities that will be promoted during the conference.

Launched in 2009, THIQAH works on promoting cross-border investment among the IDB members and sharing investment best practices among its business leaders.

Up until now, THIQAH has organised some 33 such investment seminars in different member countries as well as in Johannesburg, Beijing, Paris and Washington DC.

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