Chief Adviser's Special Envoy on International Affairs Lutfey Siddiqi on Tuesday said that PayPal has shown its interest in Bangladesh, but it would take time as the multinational financial technology company uses to follow a lengthy procedure to enter any market.
"On the sidelines of the World Economic Forum (WEF) Annual Meeting last week in Davos, Switzerland, I held a meeting with PayPal . . . the company is now, in principle, interested in entering the Bangladesh market," he said.
He, however, stressed that this interest "should not be misreported as immediate entry since the company follows a lengthy process before entering any new market".
Siddiqi was briefing the media about his engagements in the WEF meeting in Davos at the Foreign Service Academy here this afternoon. Chief Adviser's Press Secretary Shafiqul Alam was present at the briefing.
Siddiqi said that discussions between Bangladesh authorities and PayPal were ongoing for many years, although for various reasons the company had not previously been willing to engage in here.
After several months of repeated requests from his side, he said, in December last, PayPal sent a senior-level team to Bangladesh, which spent four to five days in the country holding discussions with Bangladeshi entrepreneurs, the Bangladesh Bank Governor and officials of the ICT sector.
"However, for the first time, I held the high-level meeting directly with PayPal . . . while PayPal is interested; the company is going to start its process to enter the Bangladesh market," Siddiqi said, adding, internal discussions and debates will take place within the company, including deliberations at the board level.
"Before these internal processes are completed, the company does not want any perception to be created that PayPal is definitively coming to Bangladesh," he said.
However, sharing his personal assessment, Siddiqi said that PayPal is fully convinced about Bangladesh's prospects.
Bangladesh's demographic potential has always existed, but what has changed now is the presence of improved governance, which has strengthened PayPal's confidence, he added.
Siddiqi said during the WEF meeting in Davos, he joined 18 to 20 pre-scheduled bilateral meetings at ministerial or head-of-government level.
At the invitation of President and CEO of WEF and former Foreign Minister of Norway Borge Brende, he also participated in multiple private roundtables, five of which were chaired by heads of state or government, and spoke at three public panels.
In every format, he said, Bangladesh consistently sought to advance its foreign policy and economic diplomacy priorities in an opportunistic but strategic manner.
On the sidelines of the WEF meeting, Siddiqi held meetings with Canadian Finance Minister François-Philippe Champagne, Saudi Arabian ministers and ambassador to America, Egyptian tourism minister, IMF President Kristalina Georgieva, US Treasury Secretary and member of President Trump’s cabinet, Scott Bessent, World Bank (WB) President Ajay Banga, Director General of WTO Ngozi Okonjo-Iweala, Director General of WHO Dr Tedros Adhanom Ghebreyesus, Director General of IOM Amy Pope, Secretary General of UNCTAD Rebeca Grynspan, UN Special Envoy on Myanmar Julie Bishop, UK National Security Adviser Jonathan Powell, Chair of Global Commission on Human Trafficking Theresa May, and CEO of International Rescue Committee David Miliband and ministers from Thailand, the UAE, Sri Lanka, Finland, and other countries.
Siddiqi said the meeting with Scott Bessent focused on reciprocal tariff negotiations between Bangladesh and the United States.
He explained that Bangladesh’s reform agenda closely aligns with US concerns regarding non-tariff barriers, ease of doing business, and port and customs efficiency.
As a result, Siddiqi said, Bangladesh has been able to demonstrate rapid progress, reducing a trade deficit that had initially stood at around USD six billion.
He said that while technical progress has been recognized, the key challenge remains securing attention at the highest political level in the United States, as final decisions rest with the President.
Following the meeting, continued exchanges with US officials have provided cautious reassurance that Bangladesh may see improvements on the current 20 percent reciprocal tariff, along with possible sector-specific relief, Siddiqi added.
He said any formal announcement is expected later in the week or early the following week and stressed that this outcome reflects the effectiveness of Bangladesh’s combined economic diplomacy.
On labor reforms, Siddiqi said Bangladesh is receiving international recognition, particularly from the ILO, EU, and UK, not only for the substance of reforms but also for the democratic process through which they are being implemented.