Business summit: Bangladesh seeks foreign investment in special economic zones
March 12th, 2023 at 6:40 pm
Business summit: Bangladesh seeks foreign investment in special economic zones

by Staff Correspondent,

Dhaka –Commerce Minister Tipu Munshi has urged the global investors to take the advantage of Bangladesh’s favourable business climate to invest in its special economic zones.

“Investors are well protected in Bangladesh and we have a good number of agreements to avoid double taxation,” the minister told a plenary session of Bangladesh Business Summit 2023 organized by Federation of Bangladesh Chambers and Commerce (FBCCI).

The event titled “Bangladesh: $100 billion investment opportunities in key sectors for investors to leverage” held on the 2nd day of the summit at the Bangabandhu International Conference Center (BICC) in Dhaka.

Prime Minister’s Private Industry and Investment Adviser Salman F Rahman presented the key-note paper moderated by FBCCI President Jashim Uddin. State Minister for Foreign Affairs Shahriar Alam, UK Minister of State for Indo Pacific Anne-Marie Trevelyan also spoke on the occasion.

Principal Secretary to the Prime Minister Tofazzel Hossain Miah, Chairman and CEO of Youngone Corporation, Bangladesh Kihak Sung, former FBCCI President AK Azad, Regional CEO of Marubeni Corporation Takeshi Mamiya, DG of KOTRA Jong Won Kim, and CEO of CWEIC, UK Rosie Glazebrook took part in the discussion.

The commerce minister said the Bangladesh Bank has formulated a prudent policy intervention, the NBR established national single window, BIDA established One Stop Service and the Ministry of Commerce established digital linkage with the office of the Registrar of Joint Stock Companies and Firms to make the businesses easy in Bangladesh.

There is a potential to make investment of more than $100 billion in Bangladesh, he said adding that the priorities of the government are to open up the untapped markets of Eurasia, African Continent and others.

Munshi said there are high potentials of jute and jute-made goods, leather and leather products, light engineering, agro products and plastic products beside the garment sector that added more than 80 per cent of export earnings.

The government has already ensured discipline in the e-commerce sector by introducing digital business identification while efforts are also there to prevent different sorts of irregularities and fraudulence in the e-commerce business, he said.

Salman F Rahman said the foreign investors are actually reaping the benefits of domestic market in Bangladesh.

He said the strategic location of Bangladesh between two large markets like China and India alongside other regional markets has put the country in an ideal place for making investment.

Referring to the prime minister’s zero tolerance against terrorism and militancy, Salman said in Bangladesh, the government has really been able to control this menace although the situation is a bit different in other countries.

Salman noted that the next challenge Bangladesh would be facing is 4th industrial revolution and all needs to be prepared to face this challenge, according to state-run Bangladesh Sangbad Sangstha news agency.

He also stressed taking more PPP projects in the infrastructure sector.