Media Release

EC BIDA & BEZA and Egyptian Ambassador discuss expanding investments in Bangladesh

Nov 11, 2024

On November 11, 2024, The Egyptian Ambassador, H.E. Mr. Omar Mohie Eldin Ahmed Fahmy, met with Mr. Chowdhury Ashiq Mahmud Bin Harun, Executive Chairman of BIDA and BEZA, at Biniyog Bhaban in Dhaka. The Ambassador emphasized the close religious and cultural ties between Egypt and Bangladesh, pointing out that the $160 million in Egyptian investments in the petrochemical and cotton industries have not yet reached their full potential. He wanted to diversify these investments into Bangladesh’s RMG, agriculture, and pharmaceutical sectors.

Mr. Chowdhury highlighted Bangladesh's advantages, including its expanding domestic market and duty-free entry into Europe and the USA. Additionally, he emphasized 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.