BD an \\\'attractive destination for FDI\\\'

Bangladesh is an attractive destination for foreign direct investment (FDI) as the country needs $ 7.4 billion to $ 10 billion annually to spend for infrastructural development in line with its target of graduating to a middle-income country by 2021.

Senior secretary of the Prime Minister's Office (PMO) Abul Kalam Azad said this in his presentation at a meeting of the France-Bangladesh Chamber of Commerce and Industry (CCIFB) organised by the chamber at a city hotel on Wednesday, reports UNB.

CCIFB President Tarek Elba presided over the meeting and director Dr Rifat Rashid moderated it.

In his presentation, titled 'Bangladesh: A Country of Immense Opportunity', the PMO secretary said all machineries of the government are ready to support foreign investments here. "We need your (businessmen) support to develop Bangladesh."

"You've potentials to invest here," he said, mentioning that Bangladesh has bright future due to its large domestic market of 160 million, fast growing middleclass and 17 per cent of its population being youngsters.

Abul Kalam Azad said Bangladesh is a safe haven of FDI as the government offers various incentives including corporate tax holiday ranging from 5-7 years in certain areas and sectors.

The government reduced import duty on machinery and spares and accelerated depreciation on cost of machinery and new industries, he added.

Besides, he said, the incentives also include liberal regulatory environment characterised by allowance of 100 per cent foreign equity, unrestricted exit policy, full repatriation of dividends and capital and remittance of royalty and attractive incentive package for export-oriented industries.