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‘Bangladesh among top 5 destinations for investors’

$6.25bn investment proposals received during pandemic

  • Staff Correspondent
  • 29 November, 2021 12:00 AM
  • Print news
‘Bangladesh among top 5 destinations for investors’
Land Minister Saifuzzaman Chowdhury

Bangladesh is among the top five attractive destinations for investors from across the world, Land Minister Saifuzzaman Chowdhury has said on Sunday.

Addressing a seminar titled ' Economic Zones: Exceeding All Expectations', Saifuzzaman Chowdhury said the government has been promoting foreign direct investment.

Bangladesh has received $6.25 billion investment proposals from 106 investors during the pandemic, according to Bangladesh Investment Development Authority (BIDA) data.

The investment proposals are from countries including China, India and Germany, BIDA says.

Land Minister Saifuzzaman Chowdhury was the chief guest while India Bangladesh Chamber of Commerce and Industries (BCCI) President Abdul Matlub Ahmad moderated the session.

Bangladesh Export Processing Zone Authorities (BEPZA) executive chairman major general Abul Kalam Mohammad Ziaur Rahman, Abdul Monem Group Managing Director Mainuddin Monem, Jica Bangladesh Office chief representative Yuho Hayakawa and World Bank country director Mercy Miyang Tembon participated in the discussion.

Bangladesh Economic Zones have covered 61,000 acres of industrial lands which is scalable to 75,000 acres.

Former FBCCI President Adbul Matlub Ahmad said the upcoming decade is very important for Bangladesh’s investment as the country is graduating to a developing one.

BIDA offers fiscal and non-fiscal competitive incentive packages for investors and developers.

There is no import duty for capital machinery and construction materials for developing infrastructures in economic zones.

The investor companies get cent percent income tax waivers for the first three years with a tax cut up to 80 percent from 4th to 10 years. Besides, there is no tax for utilities like Water, Gas and Electricity.

BEPZA executive chairman major general Abul Kalam Mohammad Ziaur Rahman said the government offers 125 services of 29 agencies from a one-stop service for investors in economic zones.

Jica Bangladesh Office chief representative Yuho Hayakawa applauded the economic growth of Bangladesh.

"Japan is a long term development partner of Bangladesh. Bangladesh has established a Japanese Economic Zone, which is first of its kind in G2G (government to government) model,' he said.

The Japanese EZ is expected to create 100,000 employments in the automobile and light engineering sector through investment worth $1 billion.

The economic zones include Bangabandhu Sheikh Mujib Shilpa Nagar, Araihajar EZ, Jamalpur EZ, Maheshkhaku EZ, Sabrang Tourism Park and Naf Tourism Park.

Besides, 11 private economic zones including Siranganj EZ, Abdul Monem EZ, Meghna EZ, Hosendi EZ have been developed.