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Forum commits to enhancing Commonwealth investment

Two-day event wraps up
STAR BUSINESS REPORT
The Commonwealth Trade and Investment Forum concluded yesterday with the promise of enhancing cross-border investment to flourish economies in the bloc.
Speaking at a seminar on the concluding day of the two-day gathering at the InterContinental Dhaka, Planning Minister MA Mannan urged the businesses in the Commonwealth nations to invest in Bangladesh as the country has made strides in infrastructure development, according to a press release.
He said investors can reap economic benefits from the developments.
“There is a huge potential in Bangladesh for investments, especially in the pharmaceutical industry. We need capital support. Come and invest in Bangladesh and do business according to our laws.”
Bangladesh hosted the conference for the first time in collaboration with the Commonwealth Enterprise and Investment Council. Prime Minister Sheikh Hasina inaugurated the event on Wednesday.
Nine sessions on investment, banking, technology, Cameroon’s economy, pharmaceuticals and public health, SMEs, green finance, tourism and international supply chain took place simultaneously yesterday.
In the seminar on investment potential in Cameroon, State Minister for Foreign Affairs Shahriar Alam said the government has adopted the “Look Africa” policy.
“Under the policy, we have opened embassies in many African countries.”
In another session, Bangladesh Bank Governor Abdur Rouf Talukder expressed hope that digital banks will reduce risks in the financial sector by providing paperless financial services.
He said in the case of conventional loan disbursement, verifying documents consumes time and creates risks sometimes.
“There will be no risk in digital banks as credit ratings will be done virtually. Customers’ digital transactions will be considered as proof of their financial capability.”
Abrar A Anwar, chief executive officer of Standard Chartered Mauritius, said that the concept of “banking as a service” has gained traction for global financial inclusion where startups and other technology-based platforms are providing services by verifying customer’s identity.
Senior Commerce Secretary Tapan Kanti Ghosh, Togo Investment Minister Rose Kayi Mivedor, Tuvalu Deputy Prime Minister Kitiona Tausi, Ugandan Minister Francis Mibisa, Bida Executive Chairman Lokman Hossain Miah, Beza Executive Chairman Shaikh Yusuf Harun and City Bank Managing Director Mashrur Arefin attended various sessions.
PwC Bangladesh Managing Mamun Rashid, Charlton Managing Partner Julia Charlton, and Banctrust Executive Director Isil Caglayan also spoke.
The Bangladesh Investment Development Authority (Bida), the foreign affairs ministry, and ZI Foundation were partners of the conference where about 300 international representatives and 13 ministers from Commonwealth countries participated, the press release said.
Benjamin Parkin, South Asia correspondent for the Financial Times, moderated a seminar on “Tech and Change: Commonwealth Innovation.”
The Commonwealth of Nations, better known as the Commonwealth, is an organisation of 56 member states, most of which are former territories of the British Empire.