DHAKA, Sept 14, 2023 (BSS) - The Commonwealth Trade and Investment Forum wraps up in Dhaka today with the promise of enhancing cross-border investment to flourish respective economies.

A total of nine sessions were held on investment, banking, technology, Cameroon's economy, pharmaceuticals and public health, SMEs, green finance, tourism and international supply chain on the concluding day of the conference at Hotel Intercontinental in the city.

Bangladesh hosted the conference for the first time in collaboration with the Commonwealth Enterprise and Investment Council (CWEIC). Prime Minister Sheikh Hasina inaugurated the two-day Commonwealth Trade and Investment Forum on Wednesday.

Planning Minister MA Mannan, State Minister for Foreign Affairs Shahriar Alam, Bangladesh Bank Governor Abdur Rouf Talukder and Commerce Ministry Senior Secretary Tapan Kanti Ghosh attended various sessions on the concluding day.

Besides, Government of Togo Investment Minister Rose Kayi Mivedor, Tuvalu Deputy Prime Minister Kitiona Tausi, Uganda Minister Ugandan Minister Francis Mibisa, BIDA Executive Chairman Lokman Hossain Miah, Beza Executive Chairman Shaikh Yusuf Harun and City Bank Managing Director Mashrur Arefin were present.

Planning Minister MA Mannan wanted investment from the Commonwealth countries to achieve economic benefits of infrastructure development in Bangladesh.

Addressing the session on investment, Minister MA Mannan said that there is huge potential in Bangladesh, especially in the pharmaceutical industry.

"We need capital support. Let us come and invest in Bangladesh. Let us do business according to our laws," he said.

In the seminar on investment potential in Cameroon, State Minister for Foreign Affairs Shahriar Alam said the country has imposed a policy called 'Look Africa' during the tenure of this government through which Bangladeshi embassies have been opened in different African countries.

He said there are many similarities between Bangladesh and Cameroon. "Our exports are very small, whereas imports are about 160 million dollars, we want to use that vehicle now," he added.

In another discussion, Bangladesh Bank Governor Abdur Rauf Talukder expressed hope that digital banks will reduce risks in the financial sector by providing paperless financial services.

"In terms of conventional loan disbursement, verifying documents consumes time-and creates risks sometimes. There will be no risk as the credit rating will be virtual in digital banks. The customer's digital transactions will be considered as proof of his financial capability," he added.

Standard Chartered Mauritius CEO Abrar A Anwar said that the concept of 'banking as a service' has now gained momentum for global financial inclusion where startups and other technology-based platforms are providing services by verifying the customer's identity.

PWC Bangladesh Managing Director Mamun Rashid, Crown Agents Bank Officer Steven Marshall, Charlton managing partner Julia Charlton and Banctrust Executive Director Isil Caglayan also spoke on the occasion.

Bangladesh Investment Development Authority (BIDA), Ministry of Foreign Affairs and ZI Foundation are partners of the conference. More than 300 international representatives including 13 ministers of Commonwealth countries participated in the two-day conference.

Commonwealth of Nations, better known as Commonwealth, is an international organization of 56 member states, most of which are former territories of the British Empire.