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'Nordic companies in B'desh favour expansion'
25
Mar '16
Boosted by higher profits, an overwhelming 91 per cent of Nordic companies in Bangladesh are mulling increasing their activities in that country in the next three years, according to a survey report.

The 'Business Confidence Survey-2015' released in Dhaka this week said textile and readymade garment industry was the second biggest sector for Nordic companies in Bangladesh.

According to the survey, there had been a 9 per cent rise in ease of doing business in Bangladesh since 2013 with 56 per cent of the Nordic businesses reporting a very favourable outlook in 2015.

The survey report was formally launched by Bangladesh Commerce Minister Tofail Ahmed.

The survey was conducted jointly by the Nordic Chamber of Commerce and Industry in Bangladesh, the Sweden Bangladesh Business Council and the embassies of Sweden, Norway and Denmark.

The survey report said that the companies from Sweden, Norway and Denmark were generating higher profits in recent years and experiencing favourable business climate that could be a leading reason for increasing their business activities in the country.

Thirty four per cent of the respondents of the Nordic companies were earning higher profits in Bangladesh compared to other markets they are active in, a rise from 25 per cent in 2013 when the first such survey was conducted.

The most common reason for starting a business in Bangladesh is the market demand, the survey found.

Around 16 per cent of the respondents entered Bangladesh for cost-efficient production while 12 per cent cited efficient sourcing for doing business in Bangladesh, according to the survey.

Around 53 per cent believe that the power supply situation has improved significantly over the last two years, a rise of almost 19 per cent from the last survey in 2013.

Many of the companies surveyed identified scope of improvements in certain areas which the national decision makers should look into in order for Bangladesh to remain an attractive business and investment destination.

The survey showed that 32 per cent of respondents felt that telecom and information technology and IT-enabled services was the biggest sector for Nordic companies in Bangladesh. The readymade garment and textile sector was the second biggest sector with 25 per cent respondents backing it.

The next survey will be conducted in 2017. (SH)

Fibre2Fashion News Desk – India

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