Bangladesh to extend policy support for investment-friendly environment: PM

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Bangladesh to extend policy support for investment-friendly environment: PM

 

DHAKA, Nov 28, 2021 (BSS) –

 

Prime Minister Sheikh Hasina today invited

investors of the world to come up with investment in Bangladesh, saying her
country is ready to provide all policy support for creating investment-
friendly environment.

  “…We are committed to providing all policy support, including
infrastructure, to create an investment-friendly environment in Bangladesh,”
she said.

  She was addressing the opening ceremony of two-day International Investment
Summit-2021, Bangladesh in a city hotel, joining virtually from her official
residence Ganabhaban here.

  The premier expressed her hope that through this conference, investors will
be able to learn more about the potential of Bangladesh.

  She said new markets for Bangladeshi products will be created and
Bangladesh will be able to attract the desired investment during the summit.

  Sheikh Hasina said her government has identified 11 potential investment
sectors, including infrastructure, capital markets, financial services,
information technology, electronics manufacturing, leather, automotive and
light engineering, agro-products and food processing, healthcare and
medicine, jute-textiles, and blue-economy.

   The prime minister mentioned that Awami League (AL) got people’s verdict
for three consecutive times in the elections since 2008.

  She said the importance of Bangladesh due to political stability, creation
of skilled workforce, liberal investment policy through attractive
incentives, and geographical position between the huge markets of South and
Southeast Asia is increasing day by day.

   “As a result of confidence in Bangladesh, more than 60 percent of foreign
direct investment is coming through reinvestment,” she said.

   Bangladesh Investment Development Authority (BIDA) organised this Summit.

   Prime Minister’s Private Industry and Investment Advisor Salman Fazlur
Rahman, Saudi Arabia’s Minister of Transport and Logistics Saleh Nasser A Al-
Jasser, and the Federation of Bangladesh Chambers of Commerce and Industry
(FBCCI) President Jashim Uddin, among others, also spoke.

   BIDA Executive Chairman Md Sirazul Islam delivered the welcome address.

   Video messages of Indian Minister of Commerce and Industry, Consumer
Affairs, Food and Public Distribution and Textiles Shri Piyush Goyal, Chinese
Vice Minister for Commerce Ren Hongbin, World Economic Forum Managing
Director Jeremy Jurgens, Regional Vice President for Asia and Pacific of
International Finance Corporation Alfonso Garcia Mora and President Consumer
Durables of Koc Holding AS Turkey and Chairman of Singer Bangladesh Dr Fatih
Kemal Ebiclioglu were played.

   In addition, Japanese Ambassador to Bangladesh Ito Naoki read out the
message of Parliamentary Vice-Minister for Foreign Affairs Honda Taro.

   At the function, an audio-visual documentary titled Discover Limitless
Opportunities was also screened.

   The prime minister also unveiled the publication of the summit.

 

The prime minister said the government has formulated sector-wise

industrial development policies along with National Industrial Policy, passed
the Labor (Amendment) Act-2018, considering environmental protection in
taking every project, automating bond management for the growth of the
export-oriented industry.

   She added the government has built 39 high-tech parks and are building 100
economic zones in phases.

  “We received investment proposals of US$ 27.07 billion in the economic
zones,” she said.

  Sheikh Hasina highlighted that the government is building “Bangabandhu
Sheikh Mujib Industrial City” in Mirsarai, Sonagazi, and Sitakunda Upazilas
while Japanese Economic Zone in Araihazar has already counted investment
proposals of US$ 1 billion.

She continued the government has enacted the “Bangladesh Public Private
Partnership Act, 2015″ and established the Public Private Partnership
Authority.

   In this connection, she mentioned that currently about US$ 30 billion
investment proposal is awaiting implementation in 79 Public-private
partnership (PPP) projects.

   The premier also said her government has formulated the “Bangladesh
Investment Development Authority Act, 2016″ and established Investment
Development Authority.

  She said since 2019, the government has been working to provide 154
investment services of 35 companies online through One-Stop Service.

   The head of the government said, “We prioritize economic diplomacy and
work to conclude Bilateral and Regional Preferential Trade Agreements, Free
Trade Agreements, and Integrated Economic Partnership Agreements. We signed
PTA with Bhutan.”

  In this connection, she said Bangladesh is getting unilateral duty-free
export facilities from 38 countries of the world and avoidance of Double
Taxation agreements are in force with 36 countries.

  “We are working closely with various trade alliances,” she added.

  Sheikh Hasina said Bangladesh is now the “Role Model” of development in the
world, adding that it has received the “SDG Progress Award.”

  She said 99.75 percent of people in the country are getting electricity
facilities and more than 120 million people of the country are using the
internet.

  “We are preparing to reap maximum benefits from the Fourth Industrial
Revolution (4IR) by creating a skilled workforce with state-of-the-art
technology. We aim to export IT products worth US$ 5 billion by 2025,” she
said.

She also said Bangladesh has ‘Bangabandhu Satellite-1’ in space and the
construction work of the Padma Bridge is nearing completion with own funds.

   She mentioned that constructions of Metro rail and Expressway in Dhaka and
the third terminal at Hazrat Shahjalal International Airport, Regional
Airport at Syedpur, another international airport at Cox’s Bazar, Karnafuli
Tunnel in Chittagong, and deep seaport at Matarbari and Payra are on in full
swing.

   “We have given an incentive of Taka 187,000 crore to counter the
externalities of the Corona pandemic and people are getting the result of
it,” she said.

   Sheikh Hasina said Bangladesh has graduated from a least developed block
to a developing country as the size of its economy is now US$ 411 billion,
foreign exchange reserves are US$ 46 billion and per capita income is US$
2,554.

   “We have adopted the second perspective plan for the implementation of
Vision-2041. We are also implementing ‘Bangladesh Delta Plan-2100’,” she
added.

  The premier said that her party Awami League formed the government in 1996
with a 21-point election manifesto and out of which, to increase investment,
develop infrastructure, achieve rapid growth through economic diplomacy.

   “Our government’s increased investment in FY 2000-2001 stands at US$ 816
million. Where only US$ 286 million was in the 1995-96 fiscal year. We
increased power generation to 4,300 MW in FY 2000-2001, from only 1,600 MW in
FY 1995-96,” she said.

  She added, “We build Bangabandhu Bridge over Jamuna. We have taken the
initiative to build IT-Village and Hi-Tech Park to develop the IT-oriented
export industry. However, the BNP rejected the offer of free fiber optic
cable.”

   She also mentioned that Father of the Nation Bangabandhu Sheikh Mujibur
Rahman has brought the Bengali nation from darkness to light by breaking the
shackle of long two hundred and twenty-five years of subjugation.

  She also said that when Bangabandhu took charge of the state, there was no
single cargo ship, and the entire communication infrastructure was in ruins.

   “There were no foreign exchange and gold reserves and he (Bangabandhu)
fought for the establishment of ‘Golden Bangladesh’ with empty hands,” she
added.

   The prime minister also narrated the initiatives taken by the Father of
the Nation immediately after the independence to build the country.

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