Prime Minister Sheikh Hasina has urged the Chinese entrepreneurs to visit Bangladesh to explore the possibilities of increasing trade and investment.
The premier made the call while addressing Bangladesh-China Economic and Trade Cooperation Forum organised by China Council for the Promotion of International Trade (CPIT) at Presidential Beijing Hotel in China on Tuesday afternoon.
Terming Bangladesh as a lucrative destination for foreign investment, Hasina said: “I welcome you all to be our partners in our business activities and to share together the gains and benefits, profits and prosperity as we journey forth as friends and partners into the future."
The prime minister said she firmly believes that Chinese investment in Bangladesh would be profitable and worthwhile, particularly in the manufacturing and service sectors.
"The two-hour flight from Kunming to Dhaka should allow you the opportunity to see for yourself the potentials for busine awaiting you in Bangladesh," she said.
The prime minister said Bangladesh is also uniquely placed between the markets of South and Southeast Asia and China, and is becoming a regional economic hub.
Bangladesh is looking forward to the quicker progress of the Bangladesh-China-India-Myanmar Economic Corridor (BCIM-EC), Sheikh Hasina said.
Highlighting the packages the government is offering to the foreign investors, the prime minister said that Chinese investors could invest in sectors not yet tapped such as pharmaceuticals, ceramics, tourism, education, health-care, road and rail communications, petrochemicals, and agro-based industries, among other things.
Sheikh Hasina said Bangladesh has great admiration for the remarkable economic progress made by China.
China is now the second largest economy in the world and is poised to become the largest in the coming decades.
"It augurs well that China is keen to do business with its neighbours, including Bangladesh," she said.
The prime minister said China remains one of Bangladesh's key development and cooperation partners.
In recent times, she said, China's support for Bangladesh has been gaining momentum.
"We had recently sought China's assistance for some of our key areas of development during the period 2014-18," she said.
The prime minister said Bangladesh has sought China's participation and assistance in some of the country's mega projects as listed in our Joint Statement.
"Our two sides have also signed some agreements, including the construction of power plants, a river tunnel and the setting up of a Chinese industrial zone, to welcome Chinese investors to Bangladesh," she said.
Sheikh Hasina said a very positive development is a contract awarded by Bangladesh to the China Major Bridge Engineering Company to build the core structure of the 6.15 km bridge over the Padma river.
Pointing out the huge trade imbalance between the two countries, the prime minister hoped that China would be importing more of Bangladeshi jute and jute products, leather and leather products, frozen fish, ceramics, lentils, etc to reduce the trade gap.
Sheikh Hasina said China has given duty-free access to over 4,700 Bangladeshi products under APTA since July 2010.
The prime minister said Chinese investments have also been on the increase with 49 Chinese companies investing over $300 million in eight Bangladesh EPZs till December 2013.
"Around 300 more Chinese investors with investment proposals worth $2.3 billion have registered with our Board of Investment," she said.
Sheikh Hasina said Chinese companies like Huawei, CMEC, ZTE, are today in Bangladesh.
Besides, she said, Chinese state-owned enterprises and private companies are making remarkable progress in power generation, infrastructure building, telecommunications, fertilizers, textiles, EMGs, leather, ceramics, packaging, accessories etc.
The prime minister said the policies have a provision of corporate tax holidays from five to seven years, concessionary duty on the import of machinery, export incentives, allowing 100% foreign equity, and unrestricted exit policy.
Moreover, she said, Chinese investment is fully protected under the existing "Bilateral Investment Protection Treaty" and a "Bilateral Tax Convention."
E-services, she said, have helped employment of young people, raised the income level, reduced poverty, and improved quality of education and health, among other things.
"We are also increasing our power capacity to ensure that foreign investments thrive and prosper. At present, our current power need of 7,000 MW is met, though our production capacity exceeds 11,000 MW," she said.
