Bangladesh seeks stronger trade and investment ties with Hong Kong

Since Bangladesh joined the Belt and Road Initiative in 2016, China has emerged as one of Bangladesh’s key economic partners.

700802_375557_800_auto_jpg.jpg

Consul General of Bangladesh in Hong Kong Israt Ara tells investors and other businesses of her country’s growth, potential and attractions at a seminar on expanding business and investment opportunities between Bangladesh and Hong Kong on Nov 28, 2022. (PHOTO / CHINA DAILY)

November 29, 2022

HONG KONG – Trade and investment cooperation with Hong Kong can make a key contribution to enhancing Bangladesh’s role as one of the most attractive investment destinations in the world, delegates at a seminar were told in Hong Kong on Monday.

“In Bangladesh today, we believe that trade and investment are pillars of development,” said Israt Ara, consul general of Bangladesh in Hong Kong, at the seminar on expanding business and investment opportunities between Bangladesh and Hong Kong.

Since Bangladesh joined the Belt and Road Initiative in 2016, China has emerged as one of Bangladesh’s key economic partners, the top source of foreign investment, and one of the largest business and trade partners, said Israt Ara, consul general of Bangladesh in Hong Kong

Ara said Bangladesh has become one of the world’s top-10 fastest growing economies, and is on track to be the 25th-largest economy by 2035 from its current 41st place. The country is expected to graduate from least developed country status by 2026 to become a developing country that is dependent on a trade-driven economy.

“Hong Kong remains very important for Bangladesh due to its position as a major business hub in Asia, huge trade potential for Bangladesh, and especially as a bridge between the Chinese mainland and the West,” said Ara.

Since Bangladesh joined the Belt and Road Initiative in 2016, China has emerged as one of Bangladesh’s key economic partners, the top source of foreign investment, and one of the largest business and trade partners, said Ara.

“Similarly, the Hong Kong Special Administrative Region is one of the major trade and investment partners of Bangladesh,” she said.

Hong Kong is one of the top-10 investors for Bangladesh, mainly in textile, banking and energy sectors, according to a presentation during the seminar.

Noting that Bangladesh and Hong Kong recently agreed on the minutes of a Comprehensive Double Taxation Advance Agreement, Ara said she expects it to be signed soon and for negotiations on an Investment and Protection Agreement to begin in the near future.

“The ultimate target is to finish the FTA between Bangladesh and Hong Kong,” said Ara, referring to the free trade agreement.

Also speaking at the seminar organized by the Consulate General of Bangladesh in Hong Kong, Patrick Lau, deputy executive director of the Hong Kong Trade Development Council, said key exhibitions and conferences the organization hosts every year, especially the Asian Financial Forum and the Belt and Road Summit, can help Bangladesh find business partners and investors.

While the Exhibition Plus, an online platform the organization introduced, can help connect business partners more easily, Lau said the 50 offices it has globally can also provide year-round help to projects around the world.

Noting that the Bangladesh-China-India-Myanmar Economic Corridor is expected to link East Asia, South Asia and Southeast Asia to form the world’s largest free trade zone, Wingco Lo, vice-president of the Chinese Manufacturers’ Association of Hong Kong, said the partnership between China and Bangladesh has been taken to a new level under the BRI.

“Despite the COVID-19 pandemic, Bangladesh still recorded a strong GDP growth of 7 percent last year,” said Lo, noting that Bangladesh is a booming market for Hong Kong exporters.

Speakers and other attendees pose for a group photo during a seminar on expanding business and investment opportunities between Bangladesh and Hong Kong on Nov 28, 2022. (PHOTO / CHINA DAILY)

Calvin Ngan, president of Golden Crown Enterprises International, which has been operating in Bangladesh for decades, said local workers are diligent and work hard. He said Bangladesh’s cheaper labor pool stimulates industrial development.

Noting that global supply chains have faced disruption challenges during the pandemic and geopolitical tensions, Bangladesh Consul General Ara said the country can be a destination for investment.

The seminar also invited business leaders from Hong Kong – Felix Y.C. Chang, chairman and CEO of Evergreen Products Group; Pauline Ngan, deputy chairman and managing director of Mainland Headwear Holdings; and Calvin Ngan, managing director of South China Bleaching and Dyeing Factory – to share how their businesses have experienced tangible growth in Bangladesh.

scroll to top