PM makes sales pitch to net Malaysian investments

KUALA LUMPUR (Malaysia), Dec 3 (UNB): Prime Minister (PM) Sheikh Hasina said Wednesday her government is simplifying processes to ease foreign investment as she made sales pitch to attract Malaysian entrepreneurs.
"We're revisiting our entire investment facilitation regime to simplify processes. We're looking at our legal frameworks in attracting further foreign investments," she told the 'Dialogue on Investment and Trade Opportunities in Bangladesh' at Hotel Grand Hyatt here.
The PM expressed her hope that the Malaysian businessmen would rethink Bangladesh as a truly competitive investment destination in the Asia-Pacific, as her government is in the process of creating as many as 18 special economic zones (SEZs). "We're fast easing critical logistics and processing facilities for the foreign investors."
She, however, admitted that there are some challenges in terms of power, energy and communications infrastructure, and promised to turn the challenges into opportunities.
Sheikh Hasina further said, "In spite of our limitations and a low level of economic development, Bangladesh offers advantages and incentives that should merit your (entrepreneurs) due consideration."
The PM said the relaxation of Foreign Exchange Control Act and easing of issuance of work permit to foreign nationals are just instances in that regard.
She said she and her Malaysian counterpart Nazib Razzak recognise areas for further growth and investment. "I extend a most warm invitation to you all to Bangladesh - for once, to visit and experience for yourself the real Bangladesh. Please be a part of the next growth story called Bangladesh!"
"I believe sectors like road, power, energy, tourism and hospitality, waste management, water supply are some of the infrastructure sectors which should merit your attention," she said, adding "Equally attractive is the entire chain of food and agriculture sector. And, Bangladesh is ready to consider any form of partnership, including Public Private Partnership (PPP)."
The PM said with skillful, fast-trainable and young workforce, liberalised and competitive fiscal regime and incentives package, Bangladesh is ready to take advantage of opening up through the new connections.
In this connection, she said assessments say that Bangladesh is expected to emerge as an important manufacturing, distribution and logistics hub-within and beyond South Asia.
In the course of deepening connectivity crisscrossing Bangladesh, changed production patterns, industrial concentrations and value chains are certain to project greater advantages for Bangladesh within the Asia-Pacific region.
Many of the connections will further open up Bangladesh vis-à-vis South Asia and to its East. Bangladesh's growing economic integration through SAARC, BIMSTEC and BCIM are cases to the point, she added.
Describing Bangladesh's economic success, she said the country posted a significant economic growth and socio-economic development over the past six years. "Today, with around USD 130 billion GDP, Bangladesh is one of the fastest growing economies in South Asia. Our economy continues to grow at over 6.0 per cent for a decade."
She also said Bangladesh's savings-GDP and investment-GDP ratio are higher in South Asia. "Our overall human development profile has moved at a greater speed than economic growth."
She said: "Many of our friends in the West estimate that return on investments in Bangladesh is a few times higher than in their own economies in spite of inadequate infrastructure." Later, the PM joined a views-exchange session with the participants of the Dialogue and answered to various questions on various sectors, including energy, tourism, infrastructure and tax regime, by Malaysian, Korean and Bangladeshi investors.
Replying to a question, Sheikh Hasina said although there is some scarcity of energy in the country, the economy of Bangladesh is growing fast.