PM urges US businessmen to invest in Bangladesh

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NEW YORK, Sept 27 (UNB): Prime Minister Sheikh Hasina Wednesday urged the US businessmen to invest in Bangladesh by taking the advantages of country's multi-dimensional foreign investment facilities.
"I request you all to come to Bangladesh and take advantage of the opportunities that we offer. We are ready to welcome you as our partners in all our business activities, in sharing gains and benefits, profits and prosperity as we journey to the future," she said at a meeting with US Chambers of Commerce and Industry at the Regent Room of Grand Hyatt Hotel.
Hasina said situated between South and South East Asia and close to India and China, Bangladesh is destined to be a regional economic hub. "Development of multi-modal connectivity with our neighbours, once fully implemented, will make Bangladesh a centre of bustling economic activity in the region."
Mentioning that the duty- and quota-free access of products to the EU, Canada, Australia, New Zealand, Japan, India and other countries provide a competitive edge to investors in Bangladesh, she requested the US entrepreneurs to take the advantage.
"We've also adopted a Public-Private-Partnership Policy (PPP) to build infrastructures such as highways, mono-rail, railroads, power stations, a deep sea port and an international airport," the PM said.
"In addition, we are establishing six special economic zones in different areas with all facilities attract Foreign Direct Investment (FDI)."
She mentioned that 160 million people in Bangladesh and a total of three billion people in the region are also growing in purchasing power and consumption.
Hasina informed the US businesses that Bangladesh's business sector comprising innovative entrepreneurs, efficient managers, skilled workforce at affordable wages from a population where 60 percent is below the age of 40, are strong foundation for further growth.
Mentioning that Bangladesh is a lucrative destination for foreign investment, she said: "It is essentially due to our policy of an open market economy with the private sector as the main stimulus for growth,"
"Our FDI policies offer among the friendliest fiscal and financial incentives with a stable regulatory framework," she added.
In this connection, the Prime Minister mentioned that the FDI policy equally treats the local and foreign investors, provides legal protection against nationalisation and expropriation, guarantees repatriation of capital and dividend, corporate tax holidays from 5 to 7 years, concessionary duty on the import of machinery, export incentives, allows 100 percent foreign equity, and unrestricted exit policy.
She said that the Board of Investment (BoI), which facilitates foreign investment, is a modern and friendly institution with a 'One Stop Shop Service'.
Hasina also said that Bangladesh's apex trade body, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), is a member of the International Chamber of Commerce which has a chapter in Dhaka and gained reputation for settling trade related disputes.
She noted that the presence of free press, independent judiciary and statutory bodies such as the Election Commission, National Human Rights Commission, Information Commission and the Anti-Corruption Commission, ensure good governance, human rights, and the rule of law in the country.
The Prime Minister narrated that the current industrial policy offers special fiscal incentives in agriculture, food processing, ship building, renewable energy, tourism, ICT goods and services, high-end garments, pharmaceuticals, ceramics, which are encouraging business and exports.
She said Bangladesh is now recognised as an investment-friendly country.
In this connection, she mentioned that Citi Investment Research & Analysis of Citigroup, in its global Economic Review of February 2011, ranked Bangladesh as one of 3G countries to deliver high growth and profitable investment. Goldman Sachs has placed Bangladesh in its list of 'Next Eleven' after BRIC; J.P. Morgan in its 'Frontier Five';
Standard & Poor's has rated it a BB-; Moody's as Ba3 listing Bangladesh ahead of all South Asian countries except India; and research company Gartner, among its 30 best outsourcing destinations.