Prime Minister Sheikh Hasina on Tuesday invited Belarusian entrepreneurs to massively invest in Bangladesh availing attractive incentives, cheap labour and a huge domestic market of around 160 million people. “We welcome you as our partners in business and development, sharing benefits, profits and gains. I also wish to emphasise that your presence is valuable to us in our journey to progress and prosperity in the future,” she said.
The Prime Minister was addressing a business council meeting jointly organised by FBCCI of Bangladesh and Federation of Business, Commerce and Industry of Belarus at Minsk National Library.
Belarus Prime Minister Mikhail V Myasnikovich also addressed the meeting.
FBCCI President Kazi Akram Uddin Ahmed and President of Belarus Chambers of Commerce and Industry (BelCCI) Mikhail Mialikov also spoke on the occasion.
The Belarus Prime Minister also urged the Bangladeshi entrepreneurs to invest in his country and underscored the need for setting up leather and footwear industries in joint ventures.
He also requested his Bangladesh counterpart to reduce customs duty alongside taking holistic approach for business development, transfer of technology and training for professional.
Mikhail V Myasnikovich also offered their assistance for construction of nuclear power plant in Bangladesh.
In response, Sheikh Hasina said her government would give on-arrival visa facility to Belarus businessmen and offered that Bangladesh could import capital machinery like tractors from Belarus.
Hasina in her speech also mentioned that the country’s business sector with its innovative entrepreneurs, efficient managers, workforce at affordable wages form a population where 60 percent is below the age of 40 and offers tremendous scope for lucrative business.
Hasina said, “Development of connectivity with neighbours is now an ongoing process and when completed would make Bangladesh the economic hub of the region, bustling with business activities.”
She further said despite global economic recession, Bangladesh maintained its 6.5 percent GDP growth during the last couple of years and the target is to take it to double digits by 2017 and sustain it till 2021 to become a middle-income country.
“Bangladesh is going to be the economic hub of the region, as it’s strategically located as a bridge between South and South East Asia and is also close to China,” she added.
Besides, Hasina said, Bangladesh enjoys an open market economy and the private sector is the main stimulus for the growth.
Noting that Bangladesh now a lucrative destination for foreign investment, she said that the present industrial policy offers special fiscal incentives in agriculture, food processing, shipbuilding, renewable energy, tourism, ICT goods and services, high-end garments, pharmaceuticals and ceramics sectors, which are also encouraging investment in the country and exports in many countries.
“Our Public Private Partnership Policy invites investments in building infrastructures, power stations, a deep seaport and an international airport. Seven special economic zones in seven different areas are being established with all facilities for FDI,” Hasina told the meeting.
The Prime Minister said Bangladesh’s FDI policies amongst others offer corporate tax holidays for 5 to 7 years, legal protection in the case of nationalisation, full repatriation of capital and dividends, concessionary duty on the import of machinery, export incentives, allowing 100 percent foreign equity and unrestricted exit policy.
“To facilitate investment, our Board of Investment, a modern and friendly institution, offers “One Stop Shop Service” to foreign investors. Our apex trade body FBCCI is a member of the International Chamber of Commerce which has a chapter in Dhaka that has gained reputation for settling trade related disputes,” she added.
Hasina noted that Bangladesh has been maintaining Ba3 in Moody’s credit rating and BB- in Standard & Poor’s credit rating for the 4th year. FDI in Bangladesh rose to 1.3 billion US dollars in 2012, the highest-ever in the country, which is 14 percent more than 1.136 billion US dollars in 2011.
Citing that Bangladesh is strategically located as a bridge between South and South East Asia and is also close to China, she said that the country’s local market of 160 million and the region of 3 billion people are also increasing in purchasing power and consumption.
Besides, Sheikh Hasina mentioned the country’s duty- and quota-free access of products to the EU, Canada, Australia, New Zealand, Japan, India and other countries, providing a competitive edge to investors in Bangladesh.
She said that the Public Private Partnership Policy of Bangladesh invites investments in building infrastructures, power stations, a deep seaport and an international airport.
The government has also taken steps to establish seven special economic zones in seven different areas of the country with all facilities for FDI, she said.
The Prime Minister also referred to the presence of free press, vibrant civil society, independent judiciary and statutory bodies like the Commissions on Election, Human Rights, Information and Anti-corruption, and ensures good governance, maintenance of human rights and the rule of law in Bangladesh.
She also elaborated her government’s achievements on power and energy, education, reaching of health care and ICT services to the rural people.
About the expansion of ICT facilities allover Bangladesh, Sheikh Hasina said some 4,582 Union Information and Service Centers are now connected by internet based network system to provide instant services in health, agriculture, banking, education and other areas.
Later, the Prime Minister went round different sections of the National Library.
After attending the business council meeting, the Prime Minister visited the state-run Minsk Automobile Plant. Belarus Prime Minister accompanied Sheikh Hasina there and briefed her about the plant activities. – UNB
