Bahrain-based private equity and venture capital firm Investcorp is set to invest in Bangladesh as the country’s striking economic growth over the past five years continues to grab the eyeballs of global players.
“We have decided to invest in Bangladesh due to the sustainable and impressive performance of the economy,” said Mohammed Mahfoodh Alardhi, executive chairman of Investcorp, in a press briefing yesterday at the capital’ Westin hotel
Alardhi is on a two-day trip to Bangladesh with a team to explore investment opportunities.
Bangladesh’s current complex telecom regulatory regime, which has already prevented the sector from achieving its full potential, is not conducive for efficient functioning of 5G service, said the top executive of Banglalink.
The government is aiming to roll out the latest generation of cellular mobile communications by 2021 and has already carried out test runs in July last year, becoming the sixth country in the world do so.
Bangladesh is among the three fastest growing economies in the world, according to the International Monetary Fund (IMF) — in yet another thumping endorsement of the country’s extraordinary growth momentum.
The economy will grow at 7.3 percent this year, which will be second highest in the world, as per the IMF report ‘World Economic Outlook, April 2019: Growth Slowdown, Precarious Recovery’ revealed on Tuesday.
Neighbouring India will also grow at the same pace as Bangladesh but Rwanda will grow the fastest at 7.8 percent.
The inflation in the current fiscal year is 5.55 percent. In the previous month, the rate was 5.97 percent. Since January, inflation has increased for two consecutive months. Earlier, the inflation rate was 5.42 percent in January.
Today, Planning Minister MA Mannan updated the inflation rate after the meeting of the Executive Committee of the National Economic Council (ECNEC) on Tuesday.
When asked about the reason for the increase in inflation, BBS director general Krishna Gain said in the press briefing yesterday that due to the increase in the prices of vegetables and poultry, inflation has increased in March.
The Chinese embassy’s Economic Counsellor Li Guangjun along with clients and regional and cluster seniors of Citi attended the event.
Delivering the opening remarks, James Morrow, Citi’s sub-cluster head for Bangladesh and Sri Lanka, outlined Citi’s focus on serving Chinese clients. He also stressed on securing connectivity of clients with Belt and Road Initiative, or BRI. Announced by Chinese President Xi Jinping, the BRI aims to connect Chinese trade and production with the rest of the world.
The ‘Belt’ aims to connect Chinese trade and production to Europe through Central Asia by land while the ‘Road’ seeks to improve Chinese maritime trade to Africa, the Middle East and Europe through South East Asia.