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Prime Minister Sheikh Hasina said Bangladesh is going to be a regional hub for investment, industrialisation and export due to the government's pragmatic policies, calling for more Japanese investment in larger volumes, reports bdnews24.com.
"With our pragmatic policies and vision, Bangladesh is guaranteed to emerge as a regional hub for investment, industrialisation and exports to diverse destinations in the region and beyond," she said while launching the Bangladesh Investment Summit in Tokyo on Thursday.
Bangladesh Securities and Exchange Commission and Bangladesh Investment Development Authority co-organised the event titled “Trade and Investment Opportunities between Bangladesh and Japan”, according to state-run news agency BSS.
Mentioning that returns on investment in Bangladesh have been consistently high, Hasina said, “Bangladesh's business-friendly fiscal and non-fiscal policies and incentives, stable democracy, prudent governance and leadership guarantees foreign investment will return good value.”
"We can confidently assure you that Bangladesh ensures a solid future for global investors. We thus welcome all investors from all over the world and Japan in particular to see the opportunities for investment in Bangladesh,” she said.
The premier said Bangladesh is a country of 170 million people which is itself a growing market while its location in the heart of a bigger market of nearly three billion consumers, provides a huge attraction for business expansion.
The HSBC Global Research Projection report indicates that Bangladesh is expected to become the 9th largest consumer market globally by 2030 overtaking the UK and Germany, she said.
Hasina reminded the local and Japanese investors that they are aware that the COVID-19 pandemic caused havoc worldwide and severely impacted trade and investment.
"However, we could tackle the crisis through effective measures and interventions. Our economy has shown strong resilience, maintained growth and is still sustaining the pressure from the volatile world financial situation and supply-side constraints. Bangladesh has maintained its economic growth and achieved 7.1 percent GDP growth in the fiscal year 2021-2022. Despite the Ukraine war, we are projecting 6.5 percent growth during the current fiscal year," she said.
Referring to Bangladesh's ever-expanding economy, Hasina said that opportunities have increased considerably in different sectors such as ICT, electronics, infrastructure, leather, textile, hospitality and tourism, heavy industry, chemical and fertiliser and SMEs.
"Our government is doing everything it can to facilitate smooth, easy and efficient ways of doing business," she said.
The prime minister said they are building 100 economic zones, hi-tech and software parks for potential foreign investors
"I want to assure Japanese investors that Bangladesh is ready for you and you will have a great experience once there. All required agencies and frameworks to facilitate your business have been set up for convenience," she said.
Hasina said Bangladesh has a high-level joint platform like Public Private Joint Economic Dialogue, especially for facilitating Japanese investors in Bangladesh.
Bangladesh welcomes the outcome of the 5th PPED meeting held recently on 11 Apr 2023, she said.
"Since Bangladesh is going to graduate from LDC status by 2026, we are working with Japan to make possible an Economic Partnership Agreement to expand bilateral trade and investment," she said.
The premier expressed happiness over seeing collaboration between Bangladeshi and Japanese companies.
Noting that the number of non-resident Bangladeshis and people of Bangladeshi origin living in Japan is gradually increasing, she said they provide significant support to Bangladesh's economic activities through remittances.
"I also urge them to develop more entrepreneurship, engage in business initiatives and joint ventures with their Japanese friends," she said.
Hasina said Bangladesh is moving forward to a prosperous future. "We want you all to be partners in our development and achievements. Do invest in Bangladesh. We are confident that your investment will bring you huge success.”
TAKE DHAKA-TOKYO TIES TO NEXT HIGHER LEVEL: PM
Hasina has called for taking business and investment relations between Bangladesh and Japan to a higher level and valuing the 50 years of bilateral relations between the countries.
"I am confident that our last fifty years of enviable cooperation with Japan will remain an inspiration for the coming fifty years and beyond. Let us take our business and investment relations to the next higher level," she said.
The prime minister made the remarks in a meet-and-greet programme with selected Japanese business leaders at Sakura in Tokyo.
"Seeing the exemplary outcome of our two countries' bilateral relations in the last five decades, our expectation is for a larger footprint of Japan in Bangladesh in the coming years," she said.
The premier said she greatly values the opinion of businessmen from Japan and has noted their recommendations.
“The Bangladesh embassy in Tokyo is ready to cooperate and facilitate your ventures in Bangladesh. Please come to Bangladesh to explore the potential of business and investment opportunities waiting for you," she said.