More German investment on cards
Author / Source : Staff Reporter
Dhaka, Nov 29: A visiting German business delegation has offered to invest $100 million in Bangladesh if provided with land and suitable infrastructure, president of the apex trade organisation of Bangladesh said. “We had a long discussion with the delegation and they offered investment of $100 million instantly with more investment in coming days,” AK Azad, president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said. However, the delegation requested to ensure land facilities and proper infrastructure before making the investment, Azad said.
“German investment in Bangladesh was about $80 million in fiscal year 2010-11 and Germany is eager to expand investment in Bangladesh’s infrastructure, urban development and eco-friendly energy,” he added.
Azad said that during 2010-11 Bangladesh’s export to Germany was $3.43 billion against its import of $692.21 million and laid emphasis on enhancing the bilateral trade and investment.
To continue Bangladesh’s current growth it needs $28 billion more investment under the Public Private Partnership (PPP), Azad said.
Germany is the second largest export destination of Bangladesh after the USA where Bangladesh enjoys a huge trade surplus.
Main exports to Germany from Bangladesh are knitwear, woven garments, home textiles, frozen food, agro-products, jute goods, leather goods and medicines.
The FBCCI president was speaking at a luncheon meet organised by FBCCI in honour of German business delegation and entourage of visiting German President Christian Wulff at Hotel Ruposhi Bangla on Tuesday.
The leader of the delegation Karl-Ernst Brauner said that the business delegation is different from any business delegation and they were not here to make “quick bucks”.
Referring to the huge trade surplus that Bangladesh enjoys in bilateral trade with Germany, Brauner said, “We are not concerned about that.
We want Bangladesh to move up in the value chain and then you will need to buy German machinery to do business. It’s a win-win situation.”
“We also have a proposal of investing €27 million in thread industry in Bangladesh. But it depends on getting land and other infrastructural support,” he said.
Brauner, also the director of the department of foreign trade policy, ministry of economics and technology of Germany, said the German president’s visit is not the ending point rather it is the start of a long-term relationship.
Saiful Islam, president of Bangladesh German Chamber of Commerce and Industry (BGCCI), said the bilateral trade between Germany and Bangladesh has seen a growth of 50 per cent this year where Bangladesh enjoyed a growth of 50 per cent and Germany 36 per cent.
Islam said that during Prime Minister Sheikh Hasina’s Germany visit this year in October 70 German company expressed their interest to invest in Bangladesh,
Islam said the government has to realise the policy of setting up Special Economic Zone (SEZ), which was approved in August 2010, in a bid to provide suitable environment for investment.