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BSS-01
PM-LUNCHEON-MEETING
PM urges US businesses to share Bangladesh’s prosperity
DHAKA, Sept 25, 2018 (BSS) – Prime Minister Sheikh Hasina has invited US
investors to come to Bangladesh with businesses, technology, and innovations
for mutual benefit, assuring them of her government’s full support and
cooperation.
“We also have challenge ahead of Fourth Industrial Revolution looming in
the horizon. I invite you to come to Bangladesh with your businesses,
technology, and innovations for mutual benefit,” she told a luncheon with US
businesses.
The premier added: “Please join us in our journey of shared profit and
prosperity . . . I assure you of my government’s full support and
cooperation.”
The US Chamber of Commerce organised the luncheon at Hotel Grand Hayatt
New York here on Monday.
Sheikh Hasina said that Bangladesh followed the most liberal investment
policy in South Asia offering as well the most attractive incentives and
highest profit rate.
“It includes protection of FDI by law, incentives like generous tax
holiday, concessionary duty on import of machinery, duty free import of raw
materials, remittances on royalty, 100% 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 easily
trainable workforce with highly competitive wages, cheaper costs of setting
business, access to a large duty free quota free market, low cost electricity
and water, Bangladesh’s good credit rating, minimum risk factors, and fast
technology adaptability.
The premier said Bangladesh’s strategic location made it an emerging hub
for regional connectivity, foreign investments and global outsourcing while
“we have taken connectivity initiatives to connect our Indian, Chinese and
South East Asian neighbours”.
“We are ready to take up more in diversified areas of infrastructure,
connectivity and high-tech for a sustainable double digit growth. To the
thrust sectors, I add growing services sectors of banking and finance,
tourism, health and education,” she said.
Sheikh Hasina said Bangladesh could be a gateway to a market of 4 billion
people – itself offering a strong and growing market of 160 million while it
took initiatives for secured economic growth and ten growth and employment-
generating mega projects.
“Delta Plan 2100, taken up in cooperation with the Dutch Government, is to
secure water safety, food security and economic growth by preventing floods
and erosion,” she said.
The prime minister said Bangladesh wants to open new avenues of blue
economy while “we are establishing 100 Exclusive Economic Zones for new
industries and investment at both public and private sectors, two dozen high-
tech parks are ready”.
In March 2018, she said, the UN declared Bangladesh eligible for
graduation from LDC group to a developing country.
“We have been implementing Vision 2021 since 2009 to materialize the
dream of Father of the Nation Banglabandhu Sheikh Mujibur Rahman,” she said.
Sheikh Hasina said using graduation as stepping stone, Bangladesh is now
working on the Vision 2041 of becoming a developed nation.
“Bangladesh has come out of aid dependence as we have aligned our economy
with international trade and labour market,” she said.
The premier said during nine and a half years her government, the economy
grew at an average rate of 6.6 percent and “reaching 7.86 percent last
fiscal, the growth is expected to be 8.25 percent in the next fiscal”.
Sheikh Hasina said inflation declined to 5.4 from 12.3 percent and foreign
currency reserve grew more than 9 times to over USD 33 billion in 2018 from a
mere USD 7.5 billion in 2009 while the poverty rate on the other hand fell to
21.8 percent from 41.5 percent in 2006.”
The premier said technology and innovation are bringing fast economic
transformation in Bangladesh.
“Having gained self-sufficiency, Bangladesh is now the 3rd largest producer
of vegetables, 4th largest producer of rice, and 3rd largest producer of
inland fisheries in the world,” she said.
Sheikh Hasina said currently the second largest RMG exporter with exporting
USD 30.61 (Thirty point six-one) billion in last fiscal, Bangladesh is poised
to become the first soon.
“Bold entrepreneurship and drive for export diversification with FDI are
facilitating new sectors to emerge.,” she said.
The pharmaceutical industry, she said, is one of those which is currently
meeting 98% of local demand and exporting to about 125 countries.
“Ship building is another one. We are exporting medium-size oceangoing
vessels to even European countries. Knowledge-based ICT sector is thriving on
136 million mobile phone users, 73 million of them using mobile data,” she
said.
The premier said being a crucial factor for high growth energy sector, was
opening up opportunities for FDI with the country’s electricity production
capacity reaching 20,000 mw this month from a mere 3200 MW in 2009.
The premier said ongoing work on a 2400-MW nuclear power plant along with
several coal-fired plants is advancing the government’s plan to generate 40
thousand megawatt electricity by 2030 and 60 thousand megawatt by 2041.
“Ten percent of the electricity will come from renewable energy,” she said.
Sheikh Hasina said she is happy that the USA is now Bangladesh’s single
largest trading partner with bilateral trade of USD 7.5 billion in 2016-17
and second largest investment partner with investment of over USD 3 billion.
Vice-President, Asia, International Government Relations, MetLife, Managing
Director, Excelarate Energy, Steven Kobos, Brian Lope of International
Government Affairs, Boeing, James O’Brien, Global Head of LNG, AOT Energy,
Bea Perez of the Coca-Cola, Vice-President and Chief Development Officer, GE
Power, Ambassador Teresita Schaffer of McLary Associates also spoke on the
occasion.
They highly appreciated Bangladesh’s tremendous progress and development
particularly in socioeconomic field and women empowerment under the dynamic
leadership of Prime Minister Sheikh Hasina.
Besides, senior officials of US-Bangladesh Global Chamber of Commerce,
Coca-Cola Bangladesh, Albright Stonebridge Group, Motorola Solutions, APR
Energy, Drinkwell, IBM, Chenere, BowerGroupAsia, US Department of State,
Creative Associates International, ExxonMobil, Pragma Systems, Chrvron,
YouTube-Google, GE Power, Walmart, Mclarty Associates, Medtronic, Coca-Cola
India and Southwest Asia attended the meeting.
It was moderated by Senior Vice President, South Asia, US Chamber of
Commerce, Nisha Biswal.
The premier later joined a question answer session and replied different
questions raised by the US chamber leaders.
BSS/SH/AR/0915hrs