FBCCI president urges D-8 to establish economic zone

FBCCI President Sheikh Fazle Fahim has urged the D-8 countries to develop an exclusive D-8 economic zone in Bangladesh and expand cooperation in knowledge transfer for market driven technologies with a view to developing stronger trade and investment relations with D-8 countries.

Sheikh Fahim came up with these issues at a discussion with D-8 Secretary General Ambassador Dato' Ku Jaafar Ku Shaari at FBCCI office in the capital on Monday.

D-8 Secretary General Dato' Ku Jaafar Ku Shaari remarked on the impressive socio-economic development and digital footprint of Bangladesh. The country as a cofounder of D-8 has the potential to enhance its relations with the D-8 countries in trade and investment and discussed in detail about a range of new initiatives to be launched at the D-8 Summit next year.

The Secretary General was also delighted with FBCCI's proposal for a D-8 Business forum in conjunction to the D-8 Summit for next year. He expressed his keen interest in working with the umbrella trade organization to roll out some of the new initiatives relating to fintech, market driven technology, skills development, investments reforms among others.

Fahim highlighted FBCCI's role as the umbrella trade organization of Bangladesh working closely with policy makers, stakeholders at national and international platforms including enhanced engagements with UN, WTO, ITC, in addition to earlier international engagements such as ICC, SRCIC (Silk route), SCCI and over 97 working relations with international counterparts.

FBCCI chief also emphasized on the importance of branding Bangladesh's stable macro-economic growth trajectory and development that has not been portrayed adequately. He also shared the provisions made by FBCCI to incorporate corporate and associate memberships.

He also raised the opportunity for cooperation with the D-8 for skills development, technology transfer, cooperation in agriculture, manufacturing and investment in the 100 Economic Zones, manufacturing, FMCG, pharmaceuticals, etc.

Fahim also proposed for a D-8 economic zone in Bangladesh for taking advantage of the liberal investment regime and incentives offered in addition to sharing the economic zones already in progress with India, Japan and China.

The meeting concluded with an agreement between the FBCCI Chief and D-8 Secretary General to intensify cooperation with a view to expanding technology enhanced trade and investment between Bangladesh and the D-8 member countries.

An audio-visual displayed Bangladesh's track record in sustainable inclusive growth trajectory and upcoming investment opportunity. Trade relations between Bangladesh and D-8countries that at present which stands at US$ 5.35bn with exports US$ 1bn and imports US$ 4.35bn in fiscal year 2018-2019.