Commerce Minister Tofail Ahmed urged Hong Kong business people to import Bangladeshi products on a large scale as the latter produces quality products.
The minister came up with the call while addressing the inaugural ceremony of Bangladesh Chamber of Commerce and Industry, Hong Kong (BCCI, HK) at a city hotel in the country on Tuesday.
Bangladesh manufactures and exports international standard products to the global markets as per the demand, Tofail said.
Describing the country as the second largest exporters of clothing products, he said: “I hope Bangladeshi products would be popular among the Hong Kong consumers.”
Calling for investment, the minister said an investment friendly atmosphere prevails in the country for a favourable trade policy, low-cost skilled labour and incentives offered by the government.
Bangladesh has made remarkable progress in raising income and improving social indicators, and the country has been classified as a “Next Eleventh” emerging market and one of the “Frontier Five” emerging economies in the world by Goldman Sachs and JP Morgan respectively.
In order to stimulate rapid economic growth the government adopted an “Open Door Policy” to attract foreign investment to Bangladesh.
The government started construction of 100 “Economic Zones (EZs)” in addition to the existing “Export Processing Zones (EPZ)”, he mentioned.
Mohammad Sarwar Mahmood, consul general of Bangladesh in Hong Kong, was present on the occasion as a special guest. He said over the last seven years, the size of Bangladesh’s economy doubled while foreign currency reserves quadrupled.
The country consistently experienced on an average GDP growth rate of more than 6% over the past two decades, he added.
Mentioning that Bangladesh textile industry is the second largest in the world, Sarwar observed that other key sectors including leather and leather products, Jute and Jute goods, agricultural products, pharmaceuticals, Engineering products, small freighters and ocean-going tugboats and information technology are also growing rapidly.
As far as China is concerned, the consul general said the country is a very important development partner of Bangladesh that has already joined the Asian Infrastructure Investment Bank.
Bangladesh attaches high importance to its relationship with Hong Kong, of which, 27 enterprises, are in the Export Processing Zones of Bangladesh.