NCCI launches white paper on FDI in logistics sector

The Nordic Chamber of Commerce and Industry (NCCI) in Bangladesh, hosted the online launch of its white paper titled "FDI in Logistics Sector", a follow up to the daylong event on the same topic, hosted by the chamber in May, this year, said a press release.

The event was attended by business leaders, foreign dignitaries, government stakeholders, regulatory bodies, policymakers, and advocacy coalitions.

The chief guest at the event, Salman F Rahman, MP, private industry and investment advisor to prime minister, said, "The government has recognised logistics as a thrust sector and in this difficult time of massive global distribution, we remain committed to be an integral part of the global supply chain."

He further added that the government has been in a process of formulating a national logistics policy, which will aid investment and cater to the need of the economy in the long run.

"While expressing his delight for the whitepaper at the launch of the White Paper, brought out by NCCI, he remarked that it will benefit all the stakeholders in contributing at the policy formulation and its proper implementation as well," added Salman F Rahman.

Winnie Estrup Petersen, ambassador of Denmark, speaking on behalf of the embassies of Denmark, Norway and Sweden said, "as Bangladesh focuses on the development of infrastructure, policies and guidelines need to be in place to get the most effective output from such infrastructural investments. Thus, inputs from all quarters are essential for providing the best to the country."

While talking about the economy of Bangladesh she highlighted that the Bangladesh economy has proven to be strong and resilient, boasting a growth even during pandemic when most economies of the world contracted. This uninterrupted trajectory of economic growth will see Bangladesh graduating from the LDC group in 2026.

She added, "To be able to be at par with the global standards, Foreign Direct Investments (FDI) in the logistics sector is a good start. It can readily bring in the technology, skill set and dynamism that will elevate the country to a more developed arena.” The ambassador also mentioned that “to maintain and enhance the tempo of growth, the logistics sector needs to be strengthened through global connectivity, effective and efficient services guided through the long-term vision of the government."

However, to attract such investments, it is important that "Bangladesh further enhances a conducive business environment for foreign companies such that they are motivated to invest and do business here. A conducive general framework and a well-developed logistical infrastructure are closely connected, and it is important not to lose sight of this connection.” Ambassador Petersen applauded the effort of the NCCI in publishing the Whitepaper focused on the logistics sector terming it “timely and necessary discussion".

Speaking as the special guest, Mohsina Yasmin, executive member, Bangladesh Investment Development Authority (BIDA) said, "White papers are a major asset when it comes to improving business strategy, understanding the current state, and identifying potential growth areas. It can also act as an influential document to advocate for policy changes and assist policy makers to support business and investment friendly environment."

She further remarked that BIDA praises the effort and initiative of the NCCI to publish this sector focused white paper.

NCCI president, Tahrin Aman, in his welcome remark highlighted that the logistics sector is a crucial component of the whole trading ecosystem, and major industries heavily rely on it.

So much so, that without logistics, the whole economy will come to a standstill. Therefore, even though the demand for logistics is derived, this industry plays a pivotal role in turning and improving the economic indicators, both in the micro and macro levels of the economy.

He explained, "As we plan to grow our economy, it is imperative that we also focus on infrastructural development to support this economic expansion."

He added that the White paper has concrete recommendations for the policy makers and hoped that the policy makers and stakeholders at the higher echelon of government will consider the humble effort of the NCCI to inform policy decisions in the future.

He reaffirmed the commitment of NCCI to assist the government in all its effort to increase investment and make Bangladesh an economic power, not just regionally but also globally.