• Wednesday, Nov 21, 2018
  • Last Update : 08:04 pm

Exclusive Economic Zone sought for German investors

  • Published at 08:46 pm September 13th, 2018
Planning Minister A H M Mustafa Kamal-at-BGCCI
Planning Minister A H M Mustafa Kamal along with other guests on stage at the event titled 'Emerging Bangladesh: Business Friendly Policies and Plans' at Westin hotel in Dhaka on Thursday, September 13, 2018 Mahmud hossain Opu

Planning Minister A H M Mustafa Kamal attended the function as chief guest and Kazi M. Aminul Islam, Executive Chairman of Bangladesh Investment Development Authority (BIDA) as special guest

Bangladesh German Chamber of Commerce and Industry (BGCCI) urged the government to allocate a special economic zone exclusively for German investors as many Germans are willing to invest here.

BGCCI President Barrister Omar Sadat made the demand at a programme in the city on Thursday.

“A good number of German companies come to us to invest in the country. But they do not get access to land or energy supply. A constant and consistent  supply of gas, electricity, and utility services would attract investors.” Barrister Omar Sadat said.

 “The government may allocate a special economic zone exclusively for German investors.”

The BGCCI hosted a business networking luncheon meeting for the country’s top and successful entrepreneurs at Westin hotel in Dhaka. The theme of the event was “Emerging Bangladesh: Business Friendly Policies and Plans”. 

Planning Minister A H M Mustafa Kamal attended the function as chief guest and Kazi M. Aminul Islam, Executive Chairman of Bangladesh Investment Development Authority (BIDA) as special guest.

Barrister Omar Sadat, President of BGCCI inaugurated the event with his welcome speech. Meherun Nessa Islam, President and Group MD of CEMS Global delivered her speech as a Platinum Sponsor of the event.

Calling upon the German businesses to invest in Bangladesh, the planning minister said, the government is establishing special economic zones with ready infrastructure to attract both local and foreign investors.

“Fiscal benefits like tax holiday, duty free import of raw materials, construction materials, capital machineries, and finished goods etc are being offered to those who invest in economic zones.” Kamal said.

“Our next plan is to provide other facilities for the businesses to increase their investment in the country. In that case, Bangladeshis who invested abroad will bring back their investment to maximize their profits.”

He also said that currently 3.50-4 crore people in the country enjoy the middle-income country's per capita income.

Lamenting on poor status of taxpaying culture in the country, the minister said all eligible ones should pay tax, and said the current income tax structures for individuals and corporations are much higher than global standards.

“If the income tax is reduced to 10%, the number of taxpayers would double.”

AHM Mustafa Kamal said, “We expect that the GDP growth rate for the current fiscal year will exceed the target of 7.8%, and will increase to 9% in the course of next five years.”

BIDA Chairman urged German investors to invest in the economy that offers excellent stimulus for foreign investment.