Thursday, 27 January, 2022

Bangladesh ideal destination for investment: Kamal

  • Staff Correspondent
  • 1 December, 2021 12:00 AM
  • Print news
Bangladesh ideal destination for investment: Kamal

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Bangladesh is an ideal destination for foreign investment because of liberal investment policies and attractive packages of fiscal, financial and other incentives.

Finance Minister AHM Mustafa Kamal said in a written speech at the closing ceremony of two-day international investment summit of Bangladesh Investment Development Authority (BIDA). 

“Bangladesh is a land of opportunity. Business opportunities are enormous here. Be it Greenfield, Brownfield, joint ventures or any other mode of Foreign Direct Investment,” he remarked.

Over half of the FDIs are re-investments which indicates high profitability and sustained confidence, he pointed out.

“We offer generous tax holiday and other fiscal packages for foreign investors. Import duty is exempted fully for export-oriented industries,” he said.

He highlighted that Bangladesh offers facilities like long-term leasehold land at Special Economic Zones, bonded warehouse and duty draw-back facilities, 100 percent repatriation of profit, invested capitals and divends and easy exit.

Double taxation can be avoided in most cases in line with bilateral tax agreements, he added.

Bangladesh has hard-working, educated and innovative young workforce, available at a very competitive compensation packages compared to China, India, Cambodia, and Vietnam, noted.

He also called upon the foreign investors to cash in on the demographic dividend Bangladesh is enjoying until 2061. The median age of the country’s population is 25 years only.

“We look forward to future sustainable development of Bangladesh. Our potential of growth is now recognized worldwide. In fact, we aspire to be a rich country as that of G-20 countries by 2041,” he stated.

It was the dream of the Father of the nation Bangabandhu Sheikh Mujibur Rahman, Kamal informed.

Following the development vision of Bangabandhu, Prime Minister Sheikh Hasina has uplifted Bangladesh to a respected new height.

“As you are aware, it took us 38 years after our independence in 1971, to surpass our GDP of USD 100 billion mark,” he said, adding: “Against that our GDP has grown more than 4 times in the last 12 years only, which is now USD 411 billion.”