• Thursday, Aug 22, 2019
  • Last Update : 02:33 pm

PM woos Brunei entrepreneurs, pitches Bangladesh’s liberal investment regimes

  • Published at 09:14 pm April 22nd, 2019
PM woos Brunei entrepreneurs, pitches Bangladesh’s liberal investment regimes
Prime Minister Sheikh Hasina, with her delegation at at the opening ceremony of Bangladesh-Brunei Business Forum at Indera Kayangan Ballroom of the Empire Hotel and Country Club at the Bruneian capital of Bandar Seri Begawan Focus Bangla

The prime minister said Bangladesh has one of the most liberal foreign investment regimes in South Asia as the country offers various services for investors

Prime Minister Sheikh Hasina on Monday invited the entrepreneurs and businesspeople of Brunei to forge a partnership with the Bangladeshi business community in the common journey towards growth and prosperity.

"We invite you to get a firsthand experience of development and business opportunities in Bangladesh," she said while speaking at the opening ceremony of Bangladesh-Brunei Business Forum at Indera Kayangan Ballroom of the Empire Hotel and Country Club, in Bandar Seri Begawan.

The prime minister said Bangladesh has one of the most liberal foreign investment regimes in South Asia as the country offers various services for investors, including protection of foreign investment by law, generous tax policy, and concessionary duty on machinery import.

"We also offer 100% foreign equity, unrestricted exit, and full repatriation of dividend and capital. We enjoy preferential access to most of the leading world markets, including the EU, Canada, and Japan," she added.

The prime minister said prudent macro-economic management, sustained policy support for private entrepreneurship, and robust investment in infrastructure and human development "contributed significantly" to the recent success of the economy.

She added: "Rapid expansion of the industrial sector enabled Bangladesh to double its annual export earnings in just five years. Steady growth in agriculture and service sector provides more stability and resilience to our economy."

Crediting the private sector for this development she said the government attached utmost priority to entrepreneurship and private investments, both domestic and foreign. 

Hasina mentioned that Bangladesh has become a highly competitive location for investments in terms of cost, human resources, size of domestic market, access to international market, trade facilitation, investment protection, and socio-political stability.

"Shipbuilding in Bangladesh has also drawn global attention through production of world-class ocean-going vessels. Bangladeshi companies have provided passenger and cargo ships to 14 countries, including many in Europe," she stated.

She also mentioned that Bangladesh's agro-based products, home appliances, light-engineering products, and electronic gadgets are making a mark in the global market.

"With the growing environment concern all over the world, bio-degradable jute and substitute jute products from Bangladesh render huge potential. In fact, we have a wide range of other high-quality products at very competitive prices."

Prime Minister Hasina said McKinsey & Company has "rightly dubbed" Bangladesh as a "fast-growing sourcing destination, emerging manufacturing and distribution hub, and an expanding consumption economy".

"The government has been working to improve the living standard of 162 million people through accelerated economic growth with equality and robust investments in social sectors," she explained.

Also at the meeting, the prime minister invited the businesspeople of Bangladesh to invest in and do business with Brunei.

The top business community leaders of Bangladesh and Brunei Darussalam were present at the event.

Some business-level instruments were signed in presence of Prime Minister Sheikh Hasina at the event.  

The instruments were cooperation agreements between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the National Chamber of Commerce and Industry Brunei Darussalam (NCCIBD); memorandum of understanding (MoU) on the joint collaboration for provision of professional skills development and training in petroleum geoscience; MoU between Green Power Limited of Bangladesh and Department of Geology of Dhaka University; and an MoU between Ghanim International Cooperation of Brunei and Nizam Group of Company of Bangladesh.

Among others, the prime minister's Private Industry and Investment Advisor Salman F Rahman, Bangladesh High Commissioner to Brunei Air Vice Marshal (retd) Mahmud Hussain, and FBCCI President Md Shafiul Islam Mohiuddin, also spoke at the event.