European Union (EU) companies can now hold 49% shares instead of the previous 40% in joint-venture investment with Bangladesh in the service sector.
The decision was taken at the third Bangladesh-EU Business Climate Dialogue in the Commerce Ministry Secretariat at 11am on Thursday.
Commerce Minister Tofail Ahmed presided over the meeting, which was attended by EU Ambassador in Dhaka Pierre Mayaudon, senior officials of various ministries and agencies and representatives from the EU private sector in Bangladesh.
In a press briefing following the meeting, Tofail Ahmed said: “To increase investment in the country’s service sector, the decision has been taken to raise the EU stake in joint-venture investments with Bangladesh. The country had held 60% of the share and the EU held 40%; now the stake will be 51:49 in accordance with the decision.”
Bangladesh and the EU started the bilateral discussion under the “Bangladesh-European Union (EU) Business Climate Dialogue” to discuss issues of broad mutual interest, in consideration of their longstanding partnership.
This dialogue usually takes place between the EU Business Council and the Ministry of Commerce.
The previous meetings were held on May 12 and December 8 last year, respectively.