DCCI invites Philippines entrepreneurs to invest in healthcare, tourism

The Dhaka Chamber of Commerce and Industry (DCCI) has urged investors of the Philippines to invest in the health and tourism sectors in Bangladesh as they made incredible success in these sectors.

DCCI President Rizwan Rahman made the request during a bilateral meeting with Ambassador of Philippines in Bangladesh Alan L Deniega at the chamber's office in the capital on Wednesday, says a press release.  

"IT, ITES and fintech, agro and food processing, leather and footwear, plastic products, fast-moving consumer goods and retail, and pharmaceuticals, etc are very potential sectors to invest in for the Philippines entrepreneurs," the Dhaka Chamber president said.

During the meeting, Rizwan also proposed to set up a nursing institute in Bangladesh to train Bangladeshi medical professionals.

He said due to the resilience of the private sector and prudent macroeconomic management of the government, exports from Bangladesh have increased by 15% after the Covid 19 pandemic.

In the 2020-21 fiscal year, bilateral trade between the two countries was $124.24 million where the import and export of Bangladesh were $49.72 million and $74.52 million, respectively, Rizwan added.

Signing a free trade agreement, establishing direct air connectivity between Dhaka and Manila, and modernising customs regulations can play a vital role to boost trade and investment between the two countries, he also opined.

Alan L Deniega said after graduation from the status of a least developed country (LDC), Bangladesh may take up initiatives to sign FTAs not only with the Philippines but also with the Association of Southeast Asian Nations (Asean) countries to expand its export and trade.

He said Bangladesh has made tremendous progress in social and economic development in the recent past. "Domestic tourism of Bangladesh is growing day by day. But infrastructure development is crucial to attracting foreign tourists."

Echoing the DCCI presidents, the Philippines envoy also said direct air connectivity between Dhaka and Manila can play a vital role in expanding trade and investment opportunities between the two countries.         

Meanwhile, President of Bangladesh-Philippines Chamber of Commerce and Industry Akbar Hakim said counterparts of the Bangladeshi business community in the Philippines are not very much aware of Bangladesh's potential sector.

He urged them to take the initiative of arranging reciprocal trade visits to enhance people-to-people connectivity.

DCCI Vice President Monowar Hossain and Third Secretary and Vice Consul of the Philippines Embassy Christian Hope V Reyes were also present.