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Vietnam-BD Business Forum tomorrow

FE Report | March 05, 2018 00:00:00

Vietnamese entrepreneurs will be invited to invest in some potential sectors, like energy, agriculture and IT, during the Vietnam-Bangladesh Business Forum to be held in the capital tomorrow (Tuesday).

"We will urge Vietnamese investors to invest in IT, energy, agriculture and other sectors for mutual benefits of the two countries," Md Shafiul Islam (Mohiuddin), President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), told the media at a city hotel on Sunday.

"Vietnam is more advanced in the information technology (IT), agriculture, energy, steel and other sectors. We can explore the opportunities to collaborate with Vietnam for our mutual benefits," he said.

The Vietnamese entrepreneurs could invest in Bangladesh in the agro and food processing, infrastructure, IT and telecommunications and energy sectors under joint venture, he added.

"They could also transfer technology to Bangladesh for the development of these sectors."

Vietnamese President Tran Dai Quang will be the keynote speaker at the business forum, said the FBCCI chief.

The Vietnamese president along with an entourage of around 100 dignitaries, including 42 representatives of trade bodies, arrived in Dhaka on Sunday, seeking to consolidate bilateral relations and explore business potentials.

In 2012, Prime Minster Sheikh Hasina also visited Vietnam along with a large business delegation.

The FBCCI president said the trade volume between the two countries has not reached the desired level, but there is a great scope to expand trade and economic relations between the two countries.

"We need to work together to explore potentials of the two countries," he added.

In January, a delegation of the FBCCI visited Vietnam, seeking to expand bilateral trade and investment between the two countries.

The FBCCI signed a joint cooperation agreement with the Chamber of Commerce and Industry of Vietnam on March 10 in 1997 and another agreement of cooperation for the establishment of a Joint Business Council in 2012.

The FBCCI president suggested the government should develop infrastructure, ensure uninterrupted supply of power and gas to industrial units, improve port handling capacity and carry out regulatory reforms in order to attract more foreign direct investments.

Vietnam exports around US$ 200 billion worth of products to various countries across the globe a year.

Mohiuddin said they would form the Bangladesh-Vietnam Business Council at the Tuesday's forum with an objective to identify the areas for cooperation for business growth.

This year marked the 45th anniversary of diplomatic relations between Bangladesh and Vietnam.

Bangladesh offers the most liberal FDI regime in South Asia, allowing 100 per cent foreign equity ownership with unrestricted exit policy.

Almost all the sectors are open for foreign investment without any quantitative restriction, remittance of royalty and repatriation of equity and dividend.

Foreign investors are eligible to take advantage of a wide range of generous tax concessions and other fiscal incentives and facilities.

Bangladesh Investment Development Authority (BIDA) has initiated one-stop service for the investors to promote sustainable and inclusive investment development.

Bangladesh exported goods worth US$ 66.44 million to Vietnam and imported products amounting to US$ 417 million during the 2016-17 fiscal year.

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