Minister of Agriculture Abdur Razzaque sought international investment targeting food processing and exports when he attended FAO’s Investment Forum.
FAO Representative in Bangladesh Robert D. Simpson accompanied the Bangladesh delegation to the event which was held earlier this month at FAO’s headquarters in Rome, Italy.
The Investment Forum was hosted as part of the World Food Forum at which Prime Minister Sheikh Hasina made an address.
It is the core of the partnership-building element of FAO’s Hand-in-Hand Initiative. Governments of the 20 most progressed Hand-in-Hand countries pitched their priority projects to possible partners ranging from multilateral institutions such as the World Bank to private-sector companies and impact investors.
The Hand-in-Hand Initiative supports the implementation of nationally-led programmes that are designed to accelerate the market-based transformation of agrifood systems to eradicate poverty, end hunger and malnutrition, and reduce inequalities.
Representative Robert D. Simpson said: “Bangladesh’s agri-food sector has huge potential for investors. By bringing this potential to the attention of investors, Bangladesh will be better placed to secure the funding needed to accelerate its plans for agricultural transformation.”
Bangladesh is leading the way in the Hand-in-Hand Initiative. Some countries, including Bangladesh, have already catalyzed important funding through Hand-in-Hand. Bangladesh has received $500 million from the World Bank and $43 million from the International Fund for Agricultural Development.
Speaking at the event, Dr. Razzaque said that Bangladesh has achieved unprecedented success in agricultural production under the government led by Prime Minister Sheikh Hasina but the agriculture sector lagged behind in processing and exporting products where there is huge potential.
Bangladesh is prioritizing four sectors for development and investment: cold storage and post-harvest management, agricultural products processing and marketing, climate-smart agriculture, and irrigation and water management.
The minister sought immediate investment for setting up cold storage, post-harvest management, and processing and marketing. Bangladesh does not have sufficient technology and cold storage to store fruits and vegetables, including onions, mangoes and tomatoes, he said, adding that 25 to 40 percent of these products are wasted at the post-harvest stage.
Highlighting the benefits of investment in infrastructure, the minister urged ‘So come forward to invest’.
With ongoing international conflict and the pandemic, more and more governments recognize the need to invest in long-term food security and poverty reduction, QU Dongyu, Director-General of FAO said at the opening the Hand-in-Hand Investment Forum. “The Hand-in-Hand Initiative responds to this need,” he said. He added: “Hand-in-Hand isn’t only about the other hand. If you want to shake hands with someone you should offer your own hand first.”
Twenty countries from around the world participated at the Investment Forum which was held on October 18-19. The Hand-in-Hand Initiative now comprises 54 countries, along with three regional initiatives.