Bangladesh a lucrative investment place

Foreign Minister Abdul Momen tells business summit

Staff Correspondent

26 February, 2020 12:00 AM printer

Foreign Minister AK Abdul Momen has called upon Qatari businessmen to invest in Bangladesh, saying that it is a lucrative place for investment now.

 “Bangladesh is a vibrant economy and a land of opportunity now. Rate of return from investment here is higher than its other neighbours,” commented Momen.

 “You won’t be a loser after investing in Bangladesh. If you want to make money, invest here,” he told the International Business Delegation Summit 2020.

Local business chambers under the patronage of Qatar Chamber organised the event at a city hotel on Monday evening marking Bangabandhu’s birth centenary next month.

Bangladesh is offering 5-10 years tax holiday to foreign investors, which is absent in any other parts of the world, the foreign minister pointed out.

Moreover, the country plans to generate 60,000MW of power by 2030 and set up 100 economic zones and 28 IT parks to create an enabling environment for wooing FDI, he noted.

 “If you invest in the Middle East, you’ve to face many uncertainties like war or international sanctions. But Bangladesh is free of such problems,” Momen assured Qatari businessmen.

He highlighted that Bangladesh has a large population who are well known for their hospitality and 70 percent of them are quick learning and innovative young people.

In particular, the foreign minister requested the businessmen to invest in ago-processing industries, citing that Bangladesh now produces huge quantity of potato.

Speaking on the occasion, Bangladesh Chamber of Industries (BCI) President Anwar-ul Alam Chowdhury said Bangladesh has many success stories, but to move forward it has to look beyond RMG and textile industry to other potential sectors.

A major potential sector could be light engineering sector where the country has little penetration but has huge potential. Agro-processing and IT sector could be other promising areas, according to him.

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Sheikh Fazle Fahim the IBD platform can be utilised for pulling in foreign investment in Bangladesh.

Besides, it can help increase Bangladeshi businesses with Qatar during the World Cup Football 2022 as the middle eastern country is hosting the gala event, Fahim added.   

IBD director Vineet Nambier said it is high time for Bangladeshi brands to go global and IBD as an international platform of nearly 100 businessmen from America to East Asia can extend help to this end.

Planning Minister MA Mannan, IBD leaders Golam Mowla Hazari, Shomsher Hamza and FBCCI director Helena Jahangir, among others, also attended the summit.