Bangladesh’s economy has witnessed steady growth with gross domestic product (GDP) growing at an average of 6% during the past decade. It is poised to grow by 7% on average until 2033, according to a forecast by the Centre for Economics and Business Research (CEBR). Supported by a demographic dividend, strong exports, digital transformation and stable macroeconomic conditions Bangladesh has become one of the fastest growing economies in the world.
As such, the country offers generous opportunities for investment under its liberalized Industrial Policy and export-oriented and private sector-led growth strategy. Given this context, the Invest in Bangladesh Webinar organized by PwC Sri Lanka in collaboration with PwC Bangladesh scheduled for the 7th of December is part of a broader series of webinars under the theme cross-border expansion. There will be a number of senior officials addressing the forum from PwC’s regional offices who are experts on Bangladesh.
Moderated by Ruvini Fernando, Director Deals Strategy of PwC Sri Lanka, the webinar will explore macro-economic aspects and the business environment within Bangladesh and how businesses interested in making an investment could be established and operated, within a government backed, developing paradigm of a rapidly progressing country. The forum’s objective is to help Sri Lankan corporates broaden their business reach through cross-border trade and investment, and thereby establish a competitive and robust presence in the regional economies.
The esteemed panel that would be leading the discussion will comprise of the President of the Metropolitan Chamber of Commerce and Industry in Bangladesh, Nihad Kabir, the High Commissioner from Sri Lanka to Bangladesh, Prof. Sudharshan Seneviratne; along with Managing Partner Transaction Services of PwC Bangladesh, Mamun Rashid; along with other PwC experts.
Some noteworthy transactions carried out in the advisory capacity by PwC Bangladesh include advising Japan Tobacco in its $1.47billion acquisition of Dhaka Tobacco – the country’s largest FDI to date and advising the Shanghai Stock Exchange in a 25% acquisition of the Dhaka Stock Exchange. PwC Bangladesh was also appointed to handle the National Single Window project to streamline international trade by modernizing and digitizing customs and bringing together government departments involved in import and export under a digital platform.
The Bangladesh Investment Development Authority (BIDA), the principal private investment promotion and facilitation agency of Bangladesh, is mandated for providing diversified promotional and facilitating services with a view to accelerating industrial development of the country.
The Government of Bangladesh (GoB) is currently actively seeking foreign investment, particularly in the apparel industry, light manufacturing, energy, power, agribusiness, and infrastructure sectors and offers a range of investment incentives under its industrial policy and export-oriented growth strategy. The current fiscal regime of Bangladesh consists of direct and indirect taxation and is governed by the National Board of Revenue.
Speaking on the value of investments in Bangladesh, Ruvini Fernando stated “Bangladesh has one of the most competitive cost structures in the world and is well-positioned to diversify its exports and move up the value chain. The country also has large pharmaceutical, footwear, and agricultural-processing industries. The country now seeks to mobilise further investment in the country, as it continues to build on their experience in supporting sustainable development in Bangladesh. This has also presented investors with a number of attractive opportunities to benefit from. The country has been hailed by The Economist as the new Asian Tiger. And the investor appetite reflects this. Last year it received its highest ever level of foreign direct investment (FDI) at $3.61 billion, according to the United Nations Conference on Trade and Development.”
With insights provided by PwC’s team of highly-skilled professionals who are knowledgeable experts in current and future industry trends and key business indicators for investment, this webinar promises to be an ideal platform to gain an in depth view on the Bangladesh market, emerging trends, growth drivers, regulations, route to market and opportunities for partnering.