Bangladesh abounds with investment opportunities


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Investment opportunities have opened up in Bangladesh for its competitive salaries, strategic location, stable policies, exchange rate and political situation, infrastructure development and huge youth population, said Ahmad Kaikaus, secretary principal of the Prime Minister.

In line with its aspirations for higher growth, Bangladesh has set itself a target of increasing foreign direct investment to 3% of its gross domestic product by 2031, he added.

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Kaikaus made the comments during the keynote address on “The Competitiveness of Investments and the Business Environment in Bangladesh” at a two-day investment summit which kicked off yesterday at the Radisson Blu Dhaka. Water Garden.

The Bangladesh Investment Development Authority (Bida) hosted the event, sponsored by the International Finance Corporation (IFC).

Kaikaus said the government established the Bida, the Bangladesh Economic Zones Authority, the Bangladesh Export Promotion Zones Authority and the Bangladesh High Tech Parks Authority to ensure adequate investment facilities. and an enabling environment.

The country has achieved immense economic development over the past 12 years and created suitable investment fields.

In addition, Bangladesh is shifting from a source of low-skilled workers to creating skilled professionals, which is important for investors.

Regarding the strength of the country, Kaikaus said Bangladesh has never failed to repay its foreign debt.

The country even achieved 5.4% GDP growth despite the fallout from Covid-19, he added.

Addressing the session, Robert Chatterton Dickson, British High Commissioner to Bangladesh, said reforms were needed in the financial sector to help improve the investment climate.

He also suggested improving the higher education sector to ensure global standards and introducing cross-border education programs for students.

Rupali Chowdhury, chairman of the Foreign Investors Chamber of Commerce and Industry, said the chamber is ready to help investors interested in Bangladesh.

They identified three potential areas for investors, said Chowdhury, also managing director of Berger Paints Bangladesh.

Nuzhat Anwar, acting country director of IFC, said they were looking for new tax policies, packages and programs to modernize Bangladesh.

“We will engage with the private sector and also engage in electricity, health, transport, etc.,” she noted.

Anwar also said that the IFC has provided $ 2.5 billion over the past five years to different sectors to build private sector confidence.

Golam Kibria, a member of the National Revenue Council, said they were trying to adopt policies in line with government decisions on investment and business promotion.

Bangladesh Bank executive director Md Humayun Kabir said the central bank has opened all windows for foreign investors to facilitate investment here.

He said all but four sectors were open to foreign investors as the government eased restrictions to make it easier for Bangladeshi companies to enter and exit.

Foreign investors are allowed to borrow from parent companies and withdraw dividends, Kabir said.

Salman F Rahman, adviser to the prime minister on private industry and investments, said the government was offering incentives to the ICT sector.

There is huge potential for investment in this sector as the government has created high-tech parks, he added.

Md Sirazul Islam, Executive Chairman of Bida, moderated the session.

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