MoU inked to promote FDI

A  Memorandum of Understanding (MOU) between Board of Investment (BOI), Bangladesh and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Japan on cooperation in promoting Foreign Direct Investment was signed today (Wednesday) in the city. Amir  Hossain Amu MP,  Minister, Ministry of Industry, Dr. S. A. Samad, Executive Chairman, Board of Investment, Dr. Atiur Rahman, Governor of Bangladesh Bank, Mikio Hataeda, Chief Representative, JICA, Takeshi Matsunaga, Charge D' Affaires, Embassy of Japan, Mr. Kazi Akramuddin Ahmed, President FBCCI and Go Watanabe,  Managing Executive Officer, Chief Executive Officer  for Asia and Oceania of the Bank of Tokyo-Mitsubishi UFJ, Ltd were present in the event. Addressing the event, Dr. Atiur Rahman, Governor of Bangladesh Bank said: So far my knowledge goes, this is for the first time BOI has been signing an MOU with an international financial institution. I am sure this small step will pave the way for attracting many more Japanese corporates to come to Bangladesh for long term investment. The BB Governor said Japanese businesses would also find Bangladesh attractive as an outsourcing destination for software development and other IT enabled back office services. Relocation of export manufacturing units in Bangladesh will give Japanese businesses the advantage of favored access to many advanced economy markets, besides cost efficiency. Our government has already promised a sizable new Special Economic Zones (SEZ) in Chittagong specifically for Japanese investors, and is further considering a generous set of incentives for investors in SEZs including time bound full and partial waivers on tax/vat/stamp duty etc. The depth of economic relationship between the two countries has leaped forward since the visits of two of our Prime Ministers."As Japanese businesses are looking towards new investment destinations and as Bangladesh authorities are eager and willing  to facilitate Japanese investments as part of the look East re-orientation of trade and investment promotion, I would earnestly welcome and urge the Japanese and Bangladeshi business leaders present here today to work together in taking full advantage of all the existing and new facilities and bring about a major new upturn in our bilateral trade and investment relationships," Dr Atiur Rahman said, according to a statement issued by BB.