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IFC Encourages Global Linkages to Boost Light Engineering Sector in Bangladesh


In Dhaka:
Shazia Ahmed
Phone: + 880 171 4110580
E-mail: sahmed15@ifc.org


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.

About IFC
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.