The Commonwealth Trade and Investment Forum 2023 took place through September 13 to September 14, 2023, in Dhaka, Bangladesh. The event aimed to boost cross-border investments to help economies flourish. Over 300 international representatives, including 13 ministers from Commonwealth countries, attended the two-day conference. Ms. Faiza Nuren and Mr. Aranya Biswas, employees of Dohatec, represented the company at the conference, exploring new opportunities for growth and expansion.
The Commonwealth Trade and Investment Forum is a global event aimed at enhancing trade relations among member countries of the Commonwealth. The program of 2023 was inaugurated by the Prime Minister of Bangladesh, Sheikh Hasina. It was organized by the Commonwealth Enterprise and Investment Council (CWEIC) in partnership with the Bangladesh Investment Development Authority (BIDA), the Ministry of Foreign Affairs of Bangladesh, and ZI Foundation. The second “Commonwealth-Bangladesh Bangabandhu Green Investment Award” was presented at the function, with ECO Brixs of Uganda receiving the award for its sustainable and environmentally friendly investments.
At the forum, representatives discussed investment opportunities and ways to boost each other’s economy through cross-border trade and investment. While the primary focus of the discussions were on business, other topics, such as the digitization of the healthcare sector, south-south cooperation, win-win trade relations, and research and technology, were also discussed. South-South cooperation refers to the exchange of resources, technology, and knowledge between developing countries. This multi-stakeholder approach includes Non-Governmental Organizations, the private sector, civil society, academia, and other players who contribute to meeting development challenges. Win-win trade relations between countries mean a trade relation that benefits both parties involved. As the host country, Bangladesh was heavily discussed, such as how the country can benefit from having an Electronic Medical Report system. Decision makers of the country were present in those discussions, such as the honourable Prime Minister Sheikh Hasina, the Minister for Foreign Affairs A.K. Abdul Momen, the Minister for Planning M.A. Mannan, and the financial advisor for the PM Salman F. Rahman.
At the forum, Dohatec New Media, an independent software vendor from Bangladesh, also participated. This event was a significant opportunity for Dohatec to expand its global reach, explore new markets and attract investors. Dohatec specializes in Governance Technology or GovTech, providing budget-friendly e-governance solutions to countries to streamline, automate and digitalize their administrative processes. During the forum, Dohatec employees met international representatives who came to attend the event and discussed opportunities for collaboration, which may create a mutually beneficial partnership in the future.
Dohatec’s participation in the forum showcased the company’s commitment to innovation and global growth. It also raised awareness of the company’s abilities and Bangladesh’s growing technological prowess. This could lead to new business opportunities, attracting foreign investment to the country.
During the conference, it was highlighted that Bangladesh is a suitable destination for foreign investment. The country boasts one of the largest workforces in the world, and its economy is growing steadily. The legal structure in Bangladesh is business and investment-friendly, and the cost of labour is also low. When these factors are combined, it makes Bangladesh an ideal hot spot for foreign investments.
The Commonwealth Trade and Investment Forum 2023 provided a valuable platform to promote trade and investment between Commonwealth countries and showcased the potential of Bangladesh as a foreign investment destination. The forum also included an exclusive Gala Dinner, which offered foreign representatives a taste of Bangladeshi cuisine. Overall, the event was a success in strengthening economic ties among Commonwealth nations.