Egyptian envoy meets BIDA boss, discuss investments

Egyptian investments of $160 million in Bangladesh in petrochemicals and cotton sectors remain underutilised and the country now interested in expanding that investment into Bangladesh’s RMG, agriculture, and pharmaceutical sectors. 

Egyptian Ambassador in Dhaka Omar Mohie Eldin Ahmed Fahmy came up with the intention while meeting with Chowdhury Ashiq Mahmud Bin Harun, executive chairman of BIDA and BEZA, at Biniyog Bhaban in Dhaka on Monday. 

The ambassador emphasised the close religious and cultural ties between Egypt and Bangladesh.

Chowdhury Ashiq highlighted Bangladesh’s advantages, including its expanding domestic market and duty-free entry into Europe and the USA. 

Additionally, he emphasiszed the possibility of Egyptian pharmaceutical businesses establishing themselves in Bangladesh, which would facilitate exports to Africa, where there is a large need for Bangladeshi pharmaceutical products. 

Both parties acknowledged that while Egyptian businesses may lack deep knowledge of the Bangladeshi market, the country’s rapidly growing middle class of two million new entrants annually offers immense investment opportunities.