BANGLADESH, presidentpost.com – “It is the best time to invest and run a business in Bangladesh. The bilateral relations between Indonesia and Bangladesh are in a very friendly condition and the cheap labor wages make the opportunity to invest in Bangladesh wide open for the Indonesian entrepreneurs,” Indonesian Ambassador to Bangladesh, Rina Soemarno, said in her speech at the seminar of “Opportunity in the resilient economy of Bangladesh” on Friday (10/13).
The seminar, held on the sidelines of Trade Expo Indonesia (TEI) 2017, was attended by more than 70 Indonesian business people and a number of Bangladeshi entrepreneurs who join in the INDOBDCCI (Indonesia-Bangladesh Chamber of Commerce and Industry).
Bangladesh has a positive and stable economic growth of between 6.5-7% per annum. Bangladesh is also known as the largest importing country for its domestic needs, about 70% of its total domestic demands. Besides the trade balance of both countries always shows a positive trend to the Indonesian side.
The prospective sector with significant growth is energy. Bangladesh will need 10,379 Megawatts of electricity by 2021, and 25,379 Megawatts by 2030. For the coal, Bangladesh will need to import 5,000 million tons per year by 2021, and 21,000 million tons per annum by 2030. While for the natural gas, Bangladesh will have to import 10 million tons per year by 2018, 17.5 million tons per annum by 2025, and 30 million tons per year by 2041.
Another promising sector is automotive. Until 2016, the total import of motor vehicles in Bangladesh reached US$2.1 billion. Most of the countries that supply the vehicles to Bangladesh are Japan, South Korea, China, Germany and India. In addition to the import of completely built-up vehicles, the spare parts and tires are also prospective. Almost 99% of motor vehicle parts in Bangladesh are imported.
Another sector starting to grow is cosmetics, which in 2016 the halal cosmetics from Indonesia, Wardah, started to enter the Bangladesh market. The markets for the processed food like instant noodles and milk are also growing rapidly.
The speakers in the seminar were Indonesian Ambassador to Bangladesh Rina P. Soemarno, Bangladeshi Ambassador to Indonesia Azmal Kabir represented by Executive Director of INDOBDCCI Maimun Ur Rashid Mustafa, Senior Vice President of INDOBDCCI Muhammad Golam Mustafa and Managing Director I of Indonesia Eximbank Dwi Wahyudi. (KEMLU/TPP)