HSBC publication showcases MNCs in Bangladesh

Multinational corporations are propelling the country's economic growth in many ways and their successes also give a boost to the confidence of potential investors, said experts yesterday.

Their views came at the launch of a publication titled "A journey of success in Bangladesh: How MNCs are thriving and investing back" at the Radisson hotel in Dhaka.

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The Hongkong and Shanghai Banking Corporation (HSBC) launched the publication featuring the success stories of multinational corporations (MNC) and their contributions towards the economic growth of the country.

The booklet gives a closer look on how the MNCs operating in Bangladesh are breaking barriers in innovation and creating new opportunities for the country and its people.

Those same businesses also benefit from being in Bangladesh, accessing the skills, ambition and opportunities that this country offers.

Companies featured in the booklet are: Bata Shoe Company (Bangladesh), General Electric Bangladesh, Syngenta Bangladesh, Nestle Bangladesh, Grameenphone, HSBC Bangladesh, HMCL Niloy, Singer Bangladesh, Unilever Bangladesh, Linde Bangladesh, Marubeni Corporation, Novartis (Bangladesh), and Youngone Corporation.

Videos of each MNC were also screened on their contributions and journey of progress in Bangladesh.

"(This) will inspire upcoming investors," said Salman F Rahman, private industry and investment adviser to the prime minister.

"We have a grand vision to become an 'upper middle-income country' in the next decade and a 'developed country' by 2041 and welcome investors to invest in one of the fastest growing economies of the world," he said.

The HSBC's initiative was also appreciated by Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry.

"This will help to draw foreign investment to further expand Bangladesh's economy, the fastest growing economy in South Asia," he said.

"Bangladesh is an investment friendly country with great prospects and promising opportunities as we are providing the most liberal incentives to the foreign investors compared to many similar investment destinations," he added.

"At HSBC, we understand the importance of international connectivity for businesses to grow and expand," said Surendra Rosha, co-chief executive of HSBC Asia Pacific.

"Utilising HSBC's expansive global network, we are uniquely positioned to support our clients' international ambitions and help them navigate their journey beyond borders," he said.

"We are committed to further developing HSBC's franchise in the Bangladesh market which is increasingly vital to global trade and international supply chains," he said.

It is a very encouraging ecosystem for global investors with the availability of electricity and other positive aspects, said Yasir Azman, CEO of Grameenphone.

The second highest number of multinational companies in Bangladesh are from the UK, said Robert Chatterton Dickson, UK high commissioner to Bangladesh.

These companies have been making important contributions to the development of the country by investing capital and resources for a long time, he said.

Apart from providing a huge amount of taxes, they also create skilled human resources, he said.

In the coming days, there is a scope to increase British investment in Bangladesh's higher education, financial services and aerospace sectors, he said.