Dhaka, Bangladesh, March 30, 2008—IFC,
a member of the World Bank Group, has brought together representatives
from the Bangladesh Engineering Industries Owners’ Association, the Bangladesh
Electrical Merchandise Manufacturers Association, and the Associated Chinese
Chambers of Commerce and Industry of Malaysia to facilitate global business
linkages and knowledge sharing in the light engineering sector.
The meeting reinforces IFC’s commitment
to supporting small and medium enterprises in Bangladesh’s light engineering
sector. While the sector has great potential for growth in export and import
substitution, it lacks the necessary technology, training, and business
linkages to compete globally.
Representatives from Malaysia expressed
interest in collaborating with Bangladeshi entrepreneurs to bring about
mutual benefits for the two countries. They invited members from
the two associations to visit Malaysia and meet key parties. Tan
Sri Dato’ Soong Siew Hoong, Secretary General of the Associated Chinese
Chambers of Commerce and Industry of Malaysia, said, “We are keen to work
together to manufacture spare parts and electrical goods, transfer technology,
and provide training facilities to Bangladeshi SMEs.” This effort
will help link smaller businesses in Bangladesh to the global supply chain.
“This meeting was part of IFC’s initiative
to promote and develop Bangladesh’s light engineering sector by facilitating
effective business linkages with the global supply chain,” said Deepak
Adhikary, Deputy General Manager and Head of IFC Advisory Services in Bangladesh,
Bhutan, and Nepal.
The initiative is led by IFC Advisory
Services in the region – the SouthAsia Enterprise Development Facility.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that people should have
the opportunity to escape poverty and improve their lives. In FY07, IFC
committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org.
IFC Advisory Services in South Asia,
in partnership with the governments of the Netherlands and Norway, the
European Commission, DFID (United Kingdom), CIDA (Canada), and the Asian
Development Bank, works to increase access to finance and quality business
development services in Bangladesh, Bhutan, northeast India, Maldives,
Nepal, and Sri Lanka. IFC also works to create a business enabling environment
and support value addition to firms through sector development, advisory
services, capacity building programs, training, and research.