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FBCCI seeks investment from Australia

FBCCI seeks investment from Australia

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has sought investment from Australian entrepreneurs and enterprises. FBCCI also proposed to establish a Comprehensive Economic Partnership Agreement (CEPA) or a Regional Trade Agreement (RTA) between Bangladesh and Australia to bolster market access and stimulate investment between the two countries. FBCCI, the country's apex trade body, also stressed the importance of creating a direct shipping route between Chattogram and Sydney to reduce logistical costs and enhance competitiveness. FBCCI also reaffirmed its commitment to providing all kinds of support to Australian investors to set up their businesses in Bangladesh. FBCCI Vice-President Dr. Joshoda Jibon Deb Nath made this call during a seminar titled, "Strengthening Bilateral Trade and Investment between Bangladesh and Australia," held on Wednesday (May 29) at the Four Seasons Hotel in Sydney, Australia. The seminar was hosted by FBCCI in association with the High Commission of Bangladesh in Canberra, Australia. The seminar was supported by the Consulate General of Bangladesh in Sydney, Australia, said a press release.

While addressing the seminar, FBCCI Vice-President Dr. Joshoda Jibon Deb Nath emphasized the potential for enhanced Bangladesh-Australia cooperation across key sectors, including pharmaceuticals, IT services, agricultural technology, renewable energy, and education. He added that vast untapped potential remains in the economic and business relations.

Highlighting the wealth of opportunities for Australian investors in Bangladesh, the Vice-President of FBCCI warmly invited the Australian counterparts to enhance trade and investment between both countries, including skill, technology, and knowledge sharing.

Dr. Joshoda Jibon Deb Nath proposed a joint research and development fund for biotechnology, ICT, and renewable energy, as well as vocational training programs and education to drive innovation and economic growth.  Collaboration in mining technology will enable Bangladesh to utilize its untapped mineral resources more efficiently and safely with Australian expertise. Enhanced higher education partnerships, including scholarships, joint degrees, and vocational training centers, will elevate skills in mining, IT, and agriculture, he added.

While giving the keynote presentation, FBCCI Secretary General Md. Alamgir highlighted the business environment in Bangladesh and the opportunities and incentives provided by the government for foreign investors.

In his speech, the Minister for Small Business, Land, and Property of New South Wales (Australia), Stephen Kamper, stressed the advantages of doing business in Australia. He highlighted the opportunities and potential for setting up businesses in NSW and encouraged Bangladeshi investors to invest in Australia.

The speakers highlighted several prospective sectors in Bangladesh which hold significant potential for Australian enterprises. Presentations on sectors such as Garments & Textile, Plastic, Leather and Leather Goods, Jute and Jute Goods, and Pharmaceuticals were made by Bangladeshi business leaders.

Sophie Cotsis, MP, Minister for Industrial Relations of New South Wales (TBC), M Allama Siddiki, High Commissioner of Bangladesh to Australia, New Zealand, and Fiji, Sarah Storey, First Assistant Secretary of South and Central Asia Division, Department of Foreign Affairs and Trade (TBC), FBCCI Director Md. Rakibul Alam (Dipu), Mir Nizam Uddin Ahamed, Priti Chakraborty, Hafez Hazi Harun Or Rashid, Kausar Ahmed, Syed Md. Bakhtiar, Mohammad Aftab Jabed, and other business dignitaries of Bangladesh and Australia attended the seminar, among others.