Dhaka, 22 July 2022 (TDI): Director General ITIT/ICT (International Trade, Investment, and ICT) wing of Bangladesh Foreign Ministry, Syed Muntasir Mamun, met with representatives of T. Rowe Price group on Thursday.
Representatives of T. Rowe Price group, US-based portfolio managers of 1.5 trillion US$ funds, meet with the ITIT/ICT wing of Bangladesh Foreign Ministry. pic.twitter.com/DX7fdrWyRw
— Dr. Syed Muntasir Mamun (@Artillery11) July 21, 2022
T. Rowe Price is an investment management corporation with public ownership. It was established in 1937 and oversees nearly $1.5 trillion in US funds.
The meeting was attended by Johannes Loefstrand, portfolio manager of the Frontier Markets Equity Fund, Sebastian Murphy, investment analyst, and Rainbow Moore, investment analyst of T. Rowe Price.
Remarks by T. Rowe Price Representatives:
Representatives from T. Rowe Price Group inquired about the steps Bangladesh took to attract Foreign Direct Investment.
In addition, they inquired about changes occurring in Bangladesh and plans for growing export volume to strengthen Bangladesh’s export-led economy.
They also enquired about activities, the success of Bangladesh’s Special Economic Zones, and the digitalization process.
They recommended that the Bangladesh government highlight companies that have achieved significant success in Bangladesh.
This would help in successfully utilizing the Special Economic Zones and recruiting foreign enterprises.
Remarks by Director General Mamun:
In the meeting, Director General mentioned the strength and technical competence of Bangladesh’s human resources.
In addition, he discussed the size and composition of the domestic market and its strong connectivity to North-Eastern India and South and East Asia.
He noted the increased inclusion of women in the workforce and leadership, the thriving local economy, the rapid digitalization, the country’s solid infrastructure in terms of connection, and investment opportunities available in Bangladesh.
He stated that Bangladesh strives for FDI not only in the form of funds but also in the form of intellect, thinking, intelligence, and individuals.
The Ministry of Foreign Affairs has established the “International Trade, Investment & Technology Wing” to facilitate and assist foreign investors.
Efforts in Digitalization Process:
The Foreign Ministry had digitized 34 consular services and 28 internal services. Mamun also disclosed the Ministry’s proposal to construct a neural network to facilitate market links and the movement of capital and technology.
The Foreign Office is also focusing on adopting blockchain technology to embed an authentication protocol for data into the existing paper-based system.