Bangladeshi investors can invest in South Africa in different sectors including clothing, textiles and footwear sectors, Minister of Trade, Industry and Competition of South Africa Ebrahim Patel said.
Trade Minister Ebrahim Patel made the remark during a virtual meeting with visiting Bangladesh Foreign Minister AK Abdul Momen on Tuesday.
He strongly suggested that Bangladesh investors may visit South Africa to see the investment opportunities in South Africa.
Foreign Minister Momen mentioned the remarkable economic growth that Bangladesh has attained during the last twelve years under the leadership of Prime Minister Sheikh Hasina. Momen said that Bangladeshi investors have invested in some African countries and if the South African government extends their accord for similar investment, Bangladesh investors are likely to consider investing in South Africa.
He added that collaboration in many sectors like IT and agro-processed industry would provide a win-win situation for both countries.
In response, the South African Trade Minister underlined the importance of joint ventures between Bangladesh and South Africa. Ebrahim Patel suggested sharing knowledge between Bangladesh and South Africa in IT sector.
Both the ministers underlined the importance of institutional cooperation in the form of exchange of the visits of trade and business delegations and conclusion of agreements in the trade, investment and commerce areas.
Both the Ministers agreed to continue cooperation with a view to enhancing trade, economic and business relations between the two friendly countries.
Momen exchanges opinion with Bangladeshi entrepreneurs in Pretoria
Earlier on Monday, Foreign Minister AK Abdul Momen joined an exchange of opinion session with Bangladeshi entrepreneurs in Pretoria.
The Bangladeshi entrepreneurs heartily welcomed the Foreign Minister in Pretoria and expressed their profuse compliments for his interest in developing the trade and business opportunities for the Bangladeshi businessmen and entrepreneurs, who are living in South Africa.
During the discussion session, the Bangladeshi entrepreneurs identified that South Africa is the business hub for Southern African countries.
They informed that the neighbouring countries of South Africa do not have sea ports and import from or through South Africa.
Bangladeshi entrepreneurs opined that Bangladeshi garments manufacturers therefore should consider exporting their products to South Africa.
They also informed that the South African farmers produce fruits, vegetables, poultry and dairy products in their vast land and some lands are being left by the producers.
Therefore, Bangladeshi investors can consider purchasing such land and invest in agro- based industries like fruits and vegetables production and processing.
The Bangladeshi entrepreneurs informed that according to the law of South Africa anyone including foreign nationals can purchase land in South Africa following legal procedures. So, there exists opportunity for Bangladeshi investors to buy and develop land in South Africa.
They suggested that real estate business in South Africa could also be explored by Bangladesh investors.
The Bangladeshi entrepreneurs and businessmen also expressed view that by following the required banking procedures, Bangladesh expatriates would be able to keep money in their own accounts.
They also advised that branches of Bangladeshi banks can be opened in South Africa with full operational capacity and also mentioned that mining industry is the biggest sector in South Africa and the Bangladeshi investors can also explore this area.
The Bangladeshi businessmen also informed that it is easy to prepare business documents in South Africa and hence it is easier to initiate business in South Africa.