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The Financial Express

CanCham requests signing FIPA to facilitate FDI from Canada to Bangladesh

| Updated: November 29, 2022 14:12:32


CanCham requests signing FIPA to facilitate FDI from Canada to Bangladesh

CanCham Bangladesh on Sunday requested the signing of a bilateral foreign investment protection agreement (FIPA) to facilitate the inflow of FDI from Canada to Bangladesh.

Canada Bangladesh Chamber of Commerce and Industry (CanCham Bangladesh) also sought a plot from 100 acres of land in Bangabandhu Special Economic Zone (SEZ) for establishing Canadian Industrial Zone.

CanCham Bangladesh president Masud Rahman made the demands at a programme organised to celebrate 50 Years of Bilateral Relations between Canada and Bangladesh at a city hotel.

The main objectives of the event are to promote and further strengthen our bilateral relations with Canada.

Foreign Minister AK Abdul Momen was the Chief Guest while Canadian High Commissioner to Bangladesh Lilly Nicholis and FBCCI president were present as special guests.

"In 2019, Foreign Direct Investment (FDI) to Bangladesh reached US$3.61 billion. FDI inflows to Bangladesh raised by 37 per cent year-on-year to US$3.43 billion in 2021-2022," Mr Rahman said.

Bangladesh is situated at a geographically advantageous position in close proximity to India and China, both key commercial partners for Canada.

"All these have made Bangladesh a very prospective destination of FDI, especially for Canada which has been looking for a profitable, secure investment hub for possible relocation, particularly in Bangladesh," Mr Rahman said.

He also stressed the signing of a bilateral Free Trade Agreement (FTA) for the promotion and expansion of trade, exploring all the potential provinces of Canada to brand Bangladesh to create new business opportunities, for example, branding Bangla Cuisine, snacks and sweets.

He also recommended prioritising exports of IT and ITES, footwear and leather products, pharmaceuticals, light engineering goods, sustainable plastic products and jute goods from Bangladesh.

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