Special Correspondent:Bangladesh Investment Development Authority (BIDA) Executive Chairman Chowdhury Ashiq Mahmud Bin Harun has urged China-based businesses to invest in Bangladesh in the wake of the US election.
In an ‘open letter’, Chowdhury Ashiq Mahmud said that Bangladesh is poised to become a potential destination for China-based businesses who are interested in relocating or diversifying their manufacturing facilities.
Ashiq Chowdhury, a former senior banker at Singapore-based multinational The Hong Kong and Shanghai Banking Corporation (HSBC), added, “There are indications that tariffs and duties will increase significantly for China-based businesses in the wake of the US election. In this context, we call on our Chinese investment friends. We are committed to supporting them in the changing situation.
We see potential in industries such as garments, electronics, solar value chain and automotive. We are committed to creating a conducive environment for investment with attractive incentive programs and facilities for investors,” said Chowdhury Ashiq Mahmud.
Last month, BIDA Executive Chairman Ashiq Chowdhury met with at least 200 CEOs of multinational and local companies. He expressed hope that Bangladesh’s economy will benefit significantly under the new Donald Trump administration.
“We have already heard from China-based businessmen that they are very keen to diversify their risks and production,” said Ashiq Chowdhury.
China is a long-standing partner of Bangladesh and in 2022, Bangladesh will become the largest source of foreign direct investment (FDI). Ashiq expects this trend to increase after the new Trump administration takes office in January 2025.
“As an investment banker, I have been observing the regional expansion of Chinese businessmen for the past decade. I have had the privilege of supporting them before. The new US political landscape is likely to increase the trend of Chinese businessmen expanding regionally,” said Ashiq Chowdhury.
Bangladesh is keen to “welcome” these investors with appropriate commitments, he said.
