NRBs urged to clinch special investment facilities on offer
FE Report | Friday, 1 August 2008
Finance and Planning Adviser Mirza Azizul Islam Thursday urged non-resident Bangladeshis (NRBs) to invest more in Bangladesh, saying the government offers some special facilities to them to encourage their investments.
'The government in principle has approved the special economic zone ordinance which will encourage the NRBs to make investment in the zone,' he said at a function organised in the city to distribute awards among commercially important persons (CIP) for 2008.
The government gave the CIP awards to five expatriates for their highest investments in the country's 'US Dollar Premium Bond' and 'US Dollar Investment Bond.'
The investors are Syed AK Anwaruzzaman of Brahmanbaria now living in Dubai, Eng. AKM Mizanur Rahman of Dhaka, who now lives in Kuwait, Eng. M Golam Mostafa of Dhaka now living in Abu Dhabi, Nurul Huq of Chittagong now living in Sharjah and Dr Kazi Gias Uddin of Savar now living in Japan.
The five CIPs together have so far invested about Tk 4.0 billion ($56 million) out of the total investment of Tk 11.20 billion by NRBs in the country's US Dollar Premium Bond and US Dollar Investment Bond.
Bangladesh Bank Governor Dr Salehuddin Ahmed, Cabinet Secretary Ali Imam Majumdar, Chairman of the National Board of Revenue (NBR) Muhammad Abdul Mazid, Director of the National Savings Directorate Saifuddin Ahammad Majumder and others spoke on the occasion.
Admitting the important role the NRBs play in development of the country, Mirza Azizul Islam said the government has amended the baggage rules so that the expatriates do not face any harassment at the airport.
He also said the government depends on the income from taxes and non-tax revenue for expanding its social safety-net and other such programmes for the people.
But as the country needs to develop its infrastructure further for attracting local and foreign investments, the investment by the expatriate Bangladeshis will help the country move forward, the adviser observed.
Mr. Islam said though the government meets the budget deficit through domestic borrowings, the remittance helps address the shortfall of the foreign exchange reserve, which is spent to pay import bills.
The country's export earnings in the last fiscal were over $14.0 billion while the remittance inflow was about $8.0 billion.
BB Governor Dr Salehuddin Ahmed urged the NRBs to invest in the country's productive sector.
He said the expatriates sent $7.9 billion in remittance to the country in the last fiscal year of 2007-08 while $681 million in July this year.
One CIP award winner, AK Anwaruzzaman, lauded the government's initiative and said this type of reward will encourage the Bangladeshi expatriates to invest back in their native land.
He called upon the government to strengthen the foreign missions of Bangladesh so that they can help the NRBs avoid any harassment while working abroad.
In 2002, the government introduced the US dollar premium and investment bonds to encourage the Bangladeshi expatriates to invest back in the country.
As per rules, the NRBs, who will invest $1.0 million or above in the US dollar premium and investment bonds, will get the CIP status.
According to the Bureau of Manpower, Employment and Training (BMET) statistics, more than 5.6 million Bangladeshis are now working in over 100 countries across the globe.
'The government in principle has approved the special economic zone ordinance which will encourage the NRBs to make investment in the zone,' he said at a function organised in the city to distribute awards among commercially important persons (CIP) for 2008.
The government gave the CIP awards to five expatriates for their highest investments in the country's 'US Dollar Premium Bond' and 'US Dollar Investment Bond.'
The investors are Syed AK Anwaruzzaman of Brahmanbaria now living in Dubai, Eng. AKM Mizanur Rahman of Dhaka, who now lives in Kuwait, Eng. M Golam Mostafa of Dhaka now living in Abu Dhabi, Nurul Huq of Chittagong now living in Sharjah and Dr Kazi Gias Uddin of Savar now living in Japan.
The five CIPs together have so far invested about Tk 4.0 billion ($56 million) out of the total investment of Tk 11.20 billion by NRBs in the country's US Dollar Premium Bond and US Dollar Investment Bond.
Bangladesh Bank Governor Dr Salehuddin Ahmed, Cabinet Secretary Ali Imam Majumdar, Chairman of the National Board of Revenue (NBR) Muhammad Abdul Mazid, Director of the National Savings Directorate Saifuddin Ahammad Majumder and others spoke on the occasion.
Admitting the important role the NRBs play in development of the country, Mirza Azizul Islam said the government has amended the baggage rules so that the expatriates do not face any harassment at the airport.
He also said the government depends on the income from taxes and non-tax revenue for expanding its social safety-net and other such programmes for the people.
But as the country needs to develop its infrastructure further for attracting local and foreign investments, the investment by the expatriate Bangladeshis will help the country move forward, the adviser observed.
Mr. Islam said though the government meets the budget deficit through domestic borrowings, the remittance helps address the shortfall of the foreign exchange reserve, which is spent to pay import bills.
The country's export earnings in the last fiscal were over $14.0 billion while the remittance inflow was about $8.0 billion.
BB Governor Dr Salehuddin Ahmed urged the NRBs to invest in the country's productive sector.
He said the expatriates sent $7.9 billion in remittance to the country in the last fiscal year of 2007-08 while $681 million in July this year.
One CIP award winner, AK Anwaruzzaman, lauded the government's initiative and said this type of reward will encourage the Bangladeshi expatriates to invest back in their native land.
He called upon the government to strengthen the foreign missions of Bangladesh so that they can help the NRBs avoid any harassment while working abroad.
In 2002, the government introduced the US dollar premium and investment bonds to encourage the Bangladeshi expatriates to invest back in the country.
As per rules, the NRBs, who will invest $1.0 million or above in the US dollar premium and investment bonds, will get the CIP status.
According to the Bureau of Manpower, Employment and Training (BMET) statistics, more than 5.6 million Bangladeshis are now working in over 100 countries across the globe.