Bangladesh has to make a strategic decision on whether it is an attractive market or attractive region for the investment and business activities, said Chargé d'affaires (CDA) of the German Embassy in Dhaka on Sunday, noting that the Europe is reorienting itself in the most fundamental way.
"There is geopolitical thing going on. I think there could be an analysis on the side of Bangladesh," he said highlighting how Bangladesh can gain economically further.
Speaking at a panel discussion on
“High Inflation and Slow Growth: Implications & Measures for German Firms in Bangladesh” at German Ambassador’s Residence, the diplomat highlighted the development success story of Bangladesh and resilience of its economy.
"I would say our relations are strong. They are dynamic. They are growing. Trade volume is growing. Diversification is going on which is very important if we look at the long term relationship," said the German diplomat.
The Embassy of Federal Republic of Germany in Dhaka and German Business Council (GBC) jointly arranged the panel discussion.
Executive Director of Policy Research Institute Dr Ahsan H. Mansur delivered keynote speech at the discussion moderated by Managing Trustee, GBC and Chief Representative, Commerzbank AG Tawfiq Ali.
Managing Director and CEO of Mutual Trust Bank Ltd Syed Mahbubur Rahman and Chairman and founder Trustee, GBC and Managing Director and Chairman of BASF Bangladesh Ltd Sazzadul Hassan spoke as panel discussants.
"It's an amazing growth trajectory...we still do encourage people to come here and raise the issues of investment," said the German diplomat, adding that it is good time for Bangladesh when it comes to investment climate and ease of doing business.
Highlighting changes and reforms, he said they will not decouple from China but many companies are thinking about risk analysis about how to organize their businesses.
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"Our economy emerged much more robust and healthy," he said, adding that Bangladesh can gain from it.
Talking about the topic of the discussion, Dr Ahsan Mansur said this is an issue that each country is facing, not just Bangladesh.
He laid emphasis on effective measures to control the inflation through a "soft landing" approach.
The economist said the government is still burning the fuel instead of landing, noting that reserves of the country need to be protected. "Don't let the reserves go down further."
Issues related to difficulties in issuing LCs and slow import of machineries also came up for discussion.
They discussants said they are all struggling and facing the same challenges, specially they said 2023 started with huge challenges.
Janowski lauded the close cooperation between GBC and the German Embassy.
He greeted the participants on an optimistic note, referring to Bangladesh’s vast potential and proven track record of resilience in overcoming grave challenges.
Representatives of the delegation of the European Union to Bangladesh, leaders of German firms in Bangladesh and members of the development organisations were present.