Bangladesh has to go all-out to outbid Vietnam, Indonesia and India to attract Japanese investors that might want to pull out of China and seek alternative partners to bolster their supply chain, says the writer.. Read more at straitstimes.com.
DHAKA - With the Bangladesh economy in the first phase of its Covid Reopening, the country will be eagerly looking forward to attracting foreign investors to provide a much-needed stimulus.
It is understandable that in the post-Covid era, many major US and Japanese firms might want to pull out of China and seek alternative partners to bolster their supply chain. Let us analyse the facts. There is no doubt that after the US imposed tariffs on Chinese products, and after the outbreak of Covid-19, the US, the EU and Japan are looking elsewhere for cost-savings and to ensure safety and security.
The President of the Federation of Bangladesh Chambers of Commerce and Industry wrote a letter to the country representative of JETRO on May 12 calling for facilitating the relocation. In a recent issue on foreign direct investment , The Economist writes that policymakers in other countries who aspire to take a share of the"redirected investment pie" must look beyond merely competing on manufacturing labour costs.
Vietnam and India have already started talking to many Japanese and American firms that want to move out of China. In April, the Indian government reached out to more than 1,000 US companies and offered them incentives to move to India from China.Bangladesh is planning form a task force to make a strategic plan on"how to attract the companies, which are leaving from China" to invest here.
A recent survey by JETRO found that 70 per cent of the existing Japanese companies in Bangladesh are keen on expanding their operations.
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