ZCZC
BSS-07
PM-SAUDI-BUSINESS
Come to Bangladesh with business, technology, PM asks Saudi investors
RIYADH, Oct 17, 2018 (BSS) – Prime Minister Sheikh Hasina today invited
the Saudi entrepreneurs to come to Bangladesh with business and technology
for mutual benefits as well as shared profit and prosperity, assuring them of
her government’s full support and cooperation in this regard.
“I invite you to come to Bangladesh with your business, technology, and
innovations for mutual benefit…we can join hands in our journey of shared
profit and prosperity,” she told a meeting with the leaders of the Council of
Saudi Chamber (CSC) and the Riyadh Chamber of Commerce at King Saud Guest
Palace here.
“I assure you of my government’s full support and cooperation to this
end,” she added.
The prime minister arrived here on Tuesday evening on a four-day official
visit to Saudi Arabia at the invitation of Saudi King and Custodian of Two
Holy Mosques Salman bin Abdulaziz Al Saud.
Sheikh Hasina said Bangladesh welcomes Saudi entrepreneurs to invest in
its emerging sectors like capital market, power, energy, telecommunications
and IT, petrochemicals, pharmaceuticals, shipbuilding and agro-processing.
“We also welcome you to invest in light engineering, blue economy,
research and development and technology innovation, water and marine and
other infrastructure projects, and services sectors like banking and finance,
logistics, and human resource development,” she said.
The premier mentioned that Bangladesh has the most liberal investment
policy in South Asia with most attractive incentives, returning highest
profit rate.
“It includes protection of FDI (foreign direct investment) by Law,
incentives like generous tax holiday, concessionary duty on import of
machinery, duty free import of raw materials, remittances on royalty, 100
percent foreign equity, unrestricted exit policy, and full repatriation of
dividend and capital on exit,” she said
Other advantages, she said, include the young, committed and an easily
trainable workforce with highly competitive wages, cheaper cost of setting
business, and access to a large duty free, quota free market that includes
EU, Australia, Canada, India, Japan and New Zealand.
Sheikh Hasina said Bangladesh has also low cost electricity and water,
good credit rating, minimum risk factors, and fast technology adaptability.
“All these combined together, Bangladesh gives the maximum return and
dividend to the investors,” she said.
The premier said Bangladesh’s strategic location is making the country an
emerging hub for regional connectivity, foreign investments and global
outsourcing.
“We’ve eight fully operational ‘Export Processing Zones’ (EPZs)
exclusively for 100 percent export oriented industries. In addition, we are
developing 100 Economic Zones to ensure resilient and sustainable
industrialisation for new industries and investment at both public and
private sectors,” she said.
Sheikh Hasina said the government wants to connect and transform those by
introducing smart, next-generation logistic networks so that these zones
become part of dynamic global supply chains. “Two dozen hi-tech parks are in
place also,” she said.
The prime minister said her government is implementing 10 growth and
employment generating mega projects and is ready to take up more in
diversified areas of infrastructure, connectivity and hi-tech, tourism,
health and education for a sustainable double digit growth.
“We’ve earmarked 2,000 acres of land in one of the Exclusive Economic
Zones for Saudi Arabian investors, which can be developed and operated as per
the investors’ own requirements,” she said.
Sheikh Hasina said Bangladesh and Saudi Arabia have been enjoying
excellent bilateral relation, which is based on common faith, culture, values
and aspirations. “Trade relations between Bangladesh and Saudi Arabia dates
back to the seventh century when Arab traders first set foot in the port city
of Chittagong.”
She said both countries have reached increasing level of bilateral trade
in recent years crossing the US$ 1 billion mark in 2017-18 fiscal. “But, we
are far behind in exploiting full potential of trade and investment
opportunities,” she added.
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