UAE-based business groups want to build five EZs in BD

UAE-based investors have lined up a number of new projects, including five economic zones (EZs), for making investments in Bangladesh, reports BSS.

This was disclosed at the second edition of 'Bangladesh Economic Forum' at the Conrad Dubai Hotel in Dubai, UAE on Sunday, said a press release in Dhaka.

Prime Minister's Adviser on Private Industry and Investment Salman F Rahman led a 20-member government delegation at the forum. The delegation comprised officials of Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA) and Bangladesh Hi-Tech Park Authority (BHTPA).

At the daylong forum, the Bangladesh delegation leader met a number of large UAE-based business groups who expressed interest in developing economic zones and hi-tech parks in Bangladesh.

As many as 25 fresh investment projects were tabled at Bangladesh Economic Forum where the investors discussed their projects with Salman F Rahman and other members of the Bangladesh official delegation.

These projects are in addition to US$ 10 billion (Dh36.7 billion) worth of investment planned by UAE-based investors in Bangladesh, according to the data compiled by Bangladesh Economic Forum.

At different meetings of the forum, Salman said he was pleased to see strong and genuine interest among the UAE-based investors -- both UAE national and foreign business groups -- in investing in Bangladesh.

"We have seen large investments coming from China, Japan and the United States," he observed. "We believe that investors from the GCC countries, especially Saudi Arabia and the UAE, should take advantage of the lower cost of investment and operations and higher return on investment in Bangladesh," he said.

He said investment from the GCC and the Arab World will help Bangladesh's economy achieve a higher growth rate and the country is more than ready to welcome them.

"The Bangladesh government and the private-sector businesses are developing 100 economic zones and 28 hi-tech parks in Bangladesh. These are good opportunities for UAE investors who have championed the concept of free economic zones," he added.

BIDA, BEZA and BHTPA-- three investment promotion agencies (IPAs) of the Bangladesh government -- participated in such an international investment conference in the Gulf for the first time -- undertaken by Bangladesh Economic Forum, a private-sector initiative of the UAE-based Non-Resident Bangladeshi professionals and entrepreneurs.

More than 300 government officials, business leaders, investors and entrepreneurs took part in the international investment conference aimed at strengthening the flow of trade and investment between the UAE and Bangladesh.