Prime Minister Sheikh Hasina has said the economy of Bangladesh is moving on a solid macro-economic stability, vibrant private sector, and increasing trends in trade and investments.
She urged the business community in Brunei to form partnership with their Bangladeshi counterparts and experience the investment opportunity.
The prime minister made the statement during her speech at the meeting on Monday organised by Brunei Dar Es Salaam- Bangladesh Business Forum at the Empire Hotel and Country Club in Bandar Seri Begawan, reports bdnews24.com.
Ministers, advisers, business leaders, and investors from both countries were present in the event.
Bangladesh is now the second largest economy in South Asia and 41st in the world in terms of nominal GDP, said the prime minister as she highlighted the progress in the country’s economy and shared the goal to become a developed country by 2041.
"Prudent macro-economic management, sustained policy support to private entrepreneurship, and robust investments in infrastructure and human development contributed significantly in the recent spectacular success of Bangladesh economy," said Hasina.
The government is expecting the GDP growth to hit a record 8.13 per cent in the current fiscal year. The per capita income in Bangladesh is set to reach this year to US$ 1,909, which is close to the middle-income threshold.
The export doubled during the past five years, growth in agriculture and service sector has stabilised the economy more, the prime minister said.
“Private sector is the main engine of our economy. We attach utmost priority to entrepreneurship and private investments, both domestic and foreign. We are establishing 100 Special Economic Zones throughout the country. We have also set up a number of industrial parks to promote IT sectors,” she said.
“Bangladesh has become a highly competitive location for investments in terms of cost, human resources, size of domestic market, access to international market, trade facilitation, investment protection, and socio-political stability.”
Bangladesh has one of the most liberal foreign investment regimes in South Asia, Hasina remarked.
The prime minister also highlighted the advantages of protection of foreign investment by law, generous tax policy, and concessionary duty on import of machinery and 100% foreign equity, unrestricted exit, full repatriation of dividend and capital along with the advantage of preferential access to most of the leading world markets, including EU, Canada, and Japan.
“Success of our Ready-made Garments sector is globally known. We are the 2nd largest readymade garments exporter in the world. Bangladesh is emerging rapidly as a major global hub for quality medicine. We are exporting medicines to more than 100 countries including USA, UK, Australia and Africa,” she said.
“Ship-building has drawn global attention by producing world-class ocean-going vessels. Bangladeshi companies have supplied passenger and cargo ships to 14 countries including Europe.”
“Software is yet another promising industry in Bangladesh. Among 800 software and IT companies of Bangladesh, over 150 are specialised in serving overseas clients. More than 20,000 Bangladeshi IT professionals are working in various reputed IT companies all over the world, including Microsoft, Intel, IBM, Oracle and Cisco,” said the prime minister.
She also mentioned agro-based products, home appliances, light engineering products, and electronic gadgets in Bangladesh making mark in the world market. Bio-degradable jute and substitute jute products from Bangladesh render huge potentials, she added.
The McKinsey & Company has rightly dubbed Bangladesh as a fast-growing sourcing destination, emerging manufacturing and distribution hub, and an expanding consumption economy, said Sheikh Hasina.
The Prime Minister urged the business community in Brunei to form partnership with businessmen in Bangladesh on the light of the advantages.
Prime Minister’s Private Sector and Investment Adviser Salman F Rahman presented the data on economic growth in Bangladesh prepared by different global rating organisations in the occasion.
He urged the Brunei business community to invest in Bangladesh citing the 67.9 per cent increase in foreign investment in 2018.
Brunei Power, Human Resources and Industries Minister Dato Seri Setia Dr Awang Haji Mat Suny, FBCCI President Shafiul Islam Mohiuddin also spoke on the occasion.
A contract of cooperation was signed between the Federation of Bangladesh Chamber of Commerce and Industries and National Chamber of Commerce and Industry Brunei at the event.
Brunei’s Ghanim International Corporation SDN BHD signed a Memorandum of Understanding with Bangladesh’s Nizam Group of Companies.
An agreement of joint collaboration for the provision of professional skills development and training in petroleum geosciences was also signed by Brunei’s Dimension Strata Sendirian Berhad, Bangladesh’s Green Power Limited and Dhaka University’s Faculty of Earth and Environmental Sciences of the Department of Geology.
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