OCI members urged to invest in Bangladesh tourism sector

The member states of the Organisation of Islamic Cooperation (OIC) have been urged to come up with investment -- both directly and joint ventures -- under Public Private Partnership (PPP) in Bangladesh's tourism sector to help turn it a global tourism hub.
Commerce Minister Tofail Ahmed made the appeal while addressing the 30th Session of the COMCEC on The Role of Public Private Partnerships (PPP) for the Development of the Tourism Sector in OIC Member States in Turkey on Thursday, reports UNB.
"Bangladesh offers some of the world's most competitive fiscal and non-fiscal incentives, such as, no restriction on size of investment, exemption of income tax for up to three years," the minister told the Session.
Describing the potential for foreign investment, the commerce minister said tourism has been given a special focus in Bangladesh's policies of PPP.
 "In fact, we've a plan to develop an exotic tourist destination in Asia by enhancing contribution to gross domestic product (GDP) from 0.69 per cent to 2.0 per cent by 2015. To achieve the target, we think, it's essential to establish tourism infrastructure through PPP," the minister added.
Despite having potential, the tourism industry in Bangladesh is still in a nascent stage compared to neighbouring countries, he said.
 "Recently, the government has formed Bangladesh Tourism Board with a mandate to expand tourism activities through publicity and engaging foreign tourist operators with local tourist operators," the minister said.
Tofail Ahmed mentioned that the government has already undertaken nine PPP initiatives, which, among others, include the development of Tourism and Entertainment Village and establishment of international standard tourism complex in Cox's Bazar, establishment of Exclusive Tourist Zone (ETZ) at Sabrang Teknaf, and construction of watch tower in Kuakata.
The commerce minister said Bangladesh is a signatory to the Multilateral Investment Guarantee Agency (MIGA); Overseas Private Investment Corporation (OPIC), USA; International Centre for Settlement of Investment Disputes (ICSID) and World Intellectual Property Organisation (WIPO).
 "All this legal instruments guarantee protection to foreign investors under PPP in Bangladesh," he added.
The minister said much remains to be done in the country's tourism sector to reach international standard.
 "Major barriers that we have been facing in developing tourism in the country are inadequate infrastructure facilities, lack of modern and adequate recreation and tourist facilities and lack of human resources in the tourism sector," he said seeking support from the OIC member countries to address the shortcomings.
The minister also said Bangladesh is bestowed with beautiful coasts, the longest sea beach of the world, archaeological sites, historical and religious places, hills and islands, forest and jungles, the world's largest mangrove forest, Sundarbans, attractive countryside with numerous water bodies and green fields of different crops.
 "Bangladesh with its robust river channels has ample opportunity for riverine tourism," he added.