FBCCI invites D-8 countries to set up exclusive EZ

FT ONLINE

The country's apex trade body requested on Monday the D-8 (developing eight) countries to set up an exclusive D-8 economic zone in Bangladesh.

President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Sheikh F Fahim made the request during a discussion with the secretary-general of D-8, Dato' Ku Jaafar Ku Shaari at the apex trade body office.

He informed the secretary-general of D-8 about the progress of separate economic zones allocated for India, Japan and China in Bangladesh.

He said that the D-8 could easily set up an exclusive economic zone considering the advantage of the liberal investment regime and incentives offered by the government.

Mr Fahim stressed the need for expansion of cooperation in knowledge transfer for market-driven technologies for developing a stronger trade and investment relations with D-8 countries.

He proposed the formation of D-8 Business Forum in conjunction with the D-8 Summit for the next year.

Mr Fahim also emphasised the importance of branding Bangladesh's stable macro-economic growth trajectory and development that has not been portrayed adequately.

He shared the provisions made by the FBCCI to incorporate corporate and associate memberships.

He raised the opportunity for cooperation with the D-8 in agriculture, manufacturing and investment in the 100 economic zones.

He also highlighted the role of FBCCI as it is closely working with policy makers, stakeholders at national and international platforms including enhanced engagements with the United Nations (UN), the World Trade Organisation (WTO) and others.

The D-8 secretary general highly praised the impressive socio-economic development and digital footprint of Bangladesh.

"The country (Bangladesh) as a cofounder of D-8 has the potential to enhance its relations with the D-8 countries in trade and investment," he said.

Mr Shaari also expressed profound interest in working with the FBCCI to roll out some of the new initiatives relating to fintech, market-driven technology, skills development and investments etc.

They discussed in details about a range of new initiatives to be launched at the D-8 summit next year.

They agreed to intensify cooperation further between Bangladesh and the D-8 member countries on trade and investment and technology transfer.

The trade relations between Bangladesh and D-8 countries is now around US$ 5.35 billion.

Bangladesh exported goods to D-8 countries to the tune of around US$ 1.0 billion and imported goods worth US$ 4.35 billion during the fiscal year 2018-2019.

The D-8 countries are Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.