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BB chief invites foreign investment in IT sector

  • Published at 08:22 am May 13th, 2013
BB chief invites foreign investment in IT sector

Bangladesh Bank Governor Dr Atiur Rahman has invited foreign investors to invest in the country’s information and technology sector.

He made this call while attending the US Bangladesh Tech Investment Summit-2013 at Silicon Vally in the United States on May 7.

IT expert Sajib Wazed Joy also spoke on the occasion.

Through a powerpoint presentation, Dr Atiur Rahman showed how Bangladesh could be an attractive place for foreign IT investment.

He said the country has all necessary infrastructural supports like high speed broadband internet and automated payment system for IT investment. The manpower in the sector is also less expensive, he added.

BB chief said a number of 80,000 youths are entering the country’s IT sector every year after completing their education.

Currently, Bangladesh’s IT sector has 150 accredited and registered software and IT service providers involved in exporting. There are also around 70,000 freelancers in the country who also export IT services through online.

About simplifying the investment procedure in Bangladesh, the governor said a new foreign investor now only requires being listed with Board of Investment to make an investment.

He said the government and the central bank are providing all regulatory supports to investors. Government already lifted corporate tax and import duty from IT investment, added Dr Rahman.

The foreign investors can borrow term loans from a bank in abroad taking permission of the Board of Investment.

A foreign investment can be made directly or through formation of a joint company. The investors are allowed to take profit-after-tax out of the country easily. Dr Atiur Rahman said the foreign investors can also  invest in the govement securities.

Sajib Wazed Joy said Bangladesh has all five infrastructural supports required to make investment in a country’s IT sector.

He mentioned them as effective telecommunication system, power, effective digitisation of financial management, skilled manpower and IT-friendly environment.  

Mechle Honda, the conference congressman of 17 Congressional District of California praised highly the progress of Bangladesh.

Honda said many entreprenuers of Silicon Vally have already invested in Bangladesh and have expressed possitive attitude about the country. He lauded quality of software made in Bangladesh.

Secreatary of Information and Communication Technology Najrul Islam Khan, Chairman of Agrani Bank Dr Khandakar Bajlul Haque, Senior Advisor of the US States Department Mitul Deshai, Vice Chairman of US-Pan Asian American Chamber of Commerce Ajij Ahmed were also present.