Salman F Rahman, Private Advisor to the Prime Minister on Industry and Investment, has said that the government has recognized logistics as an important sector and in these difficult times of major global disruption, they are poised to become an integral part of supply chains across the globe. are committed to.
He also said that the government is in the process of formulating a ‘National Logistics Policy’, which will help in investments and meet the needs of the economy in the long run.
Appreciating the white paper on ‘FDI in Logistics Sector’ launched by the Nordic Chamber of Commerce and Industry (NCCI) on Sunday, Salman F Rahman said it would benefit all stakeholders in policy formulation and its due contribution. execution.
NCCI in Bangladesh hosted the online launch of its White Paper, which is a follow-up to the day-long event organized by the Chamber in May, 2022 on the same topic.
The event was attended by business leaders, foreign dignitaries, government stakeholders, regulatory bodies, policy makers and advocacy coalitions.
Danish Ambassador to Bangladesh Winnie Astrup Petersen said that as Bangladesh focuses on infrastructure development, there is a need for policies and guidelines to get the most effective output from such infrastructure investments.
Thus, inputs from all quarters are necessary to provide the best to the country, he said, speaking on behalf of the embassies of Denmark, Norway and Sweden.
Talking about Bangladesh’s economy, the ambassador highlighted that Bangladesh’s economy has proved to be strong and resilient, with growth even during the pandemic when most of the world’s economies contracted.
This smooth trajectory of economic development will see Bangladesh move out of the LDC group in 2026.
“To be able to be at par with global standards, Foreign Direct Investment (FDI) in the logistics sector is a good start. It can easily bring technology, skill sets and dynamism which will uplift the country into a more developed sector,” said the Danish envoy.
The ambassador also mentioned that in order to sustain and enhance the growth momentum, the logistics sector needs to be strengthened through global connectivity, effective and efficient services through the long-term vision of the government.
However, to attract such investments, it is important that Bangladesh further enhances the favorable business environment for foreign companies, so that they are motivated to invest and do business here, he said.
“A favorable common framework and a well-developed logistics infrastructure are closely linked, and it is important not to lose sight of this connection,” the Danish envoy said.
Ambassador Peterson commended the NCCI’s effort in publishing a white paper focused on the logistics sector, terming it a “timely and necessary discussion”.
Speaking as the special guest, Mohsina Yasmin, Executive Member, Bangladesh Investment Development Authority (BIDA) said that the White Paper is a key tool when it comes to improving business strategy, understanding the current situation and identifying potential growth areas. Have property.
“It can also act as an influential document to advocate for policy changes and support policy makers to create a business and investment friendly environment,” Yasmin said.
NCCI President Tehreen Aman highlighted that the logistics sector is an important component of the entire business ecosystem, and major industries are heavily dependent on it.
“So much so, that without logistics, the entire economy would come to a standstill. Therefore, regardless of where the demand for logistics arises, this industry plays an important role in changing and improving economic indicators at both the micro and macro levels of the economy,” said Aman.
He explained, “As we plan to grow our economy, it is imperative that we also focus on infrastructural development to support this economic expansion.”
He said the white paper has concrete recommendations for policy makers and hoped that policy makers and stakeholders at higher levels of government would consider NCCI’s effort to inform future policy decisions.
He reaffirmed NCCI’s commitment to increase investment and assist the government in all efforts to make Bangladesh an economic power not only regionally but globally.
Riaz A Choudhary, Acting Head, Wholesale Banking, HSBC, said, “The publication of the White Paper on ‘FDI in Logistics Sector’ is a very timely initiative from NCCI. Digitization and modernization are inevitable game changers for the future of the logistics industry. Leveraging our global expertise and digital platform, HSBC is ready to be a part of this transformational journey.”
Asif Khan, Managing Partner, Edge Research & Consulting, in his address shared the highlights of the white paper and the key policy recommendations suggested in it.
Edge Research & Consulting was NCCI’s research partner for this publication.
Angshuman Mitra Mustafi, Country Manager, Maersk Bangladesh Limited and Treasurer, NCCI, on behalf of the organisers, gave the vote of thanks. Mashoor Rahman, Executive Director, NCCI conducted the programme. The whitepaper will be available for download from the Nordic Chamber’s website – www.nccib.com/resources.
NCCI had earlier hosted the one-day event with the participation of both private and government stakeholders including BIDA, PPPA, 3 Port Authorities, NBR, Bangladesh Bank, Ministry of External Affairs and Ministry of Commerce.
Additionally, a wide cross section of private sector actors including think tanks, representation from academia and research, as well as service providers and users, attended the event.
The program emphasized Bangladesh’s diverse range of opportunities, which are based on the country’s economic progress since independence.
Highlighting Bangladesh as an attractive investment destination, the speakers at the event discussed the need for development of the overall logistics sector considering the projected growth in Bangladesh’s trade volume in the coming decades.