Sunday, 1 October, 2023

Kamal seeks more US investment in Bangladesh

  • Staff Correspondent
  • 1 September, 2023 12:00 AM
  • Print news
Kamal seeks more US investment in Bangladesh
Finance Minister AHM Mustafa Kamal exchanging views with the visiting delegation of the US-Bangladesh Business Council at the Finance Ministry conference room at Secretariat on Thursday.

US businessmen are interested in investing in agriculture, power, energy, automobile and services sectors in Bangladesh, said Finance Minister AHM Mustafa Kamal.
He made the remarks after a meeting with the US investors.
"We've discussed the possible US investments in Bangladesh. I hope that the investments from the USA will increase further in the coming days," the minister noted, citing that Bangladesh is a lucrative investment destination.
The finance minister said this while briefing reporters after a delegation of the US-Bangladesh Business Council met him at the finance ministry’s conference room at Bangladesh Secretariat in Dhaka.
He said the US business delegation comprises businessmen representing various sectors and industries and all of them want to expand trade and commerce with Bangladesh.
"We've also assured them that all the facilities are available here in Bangladesh for making investments and doing business. No business or FDI failed in the country while no foreign investor had left the country empty handed," Kamal said.
Asked whether the delegation sought tax holiday facilities, the finance minister said the existence of tax holiday facilities in the country is different for various sectors.
He said if the 'Made in Bangladesh' concept could be promoted further among the foreign investors, then the country would progress further while the investors would be benefitted more.
"We want to generate more employment in the country through materialisation of this concept," he said, adding that the visiting business delegation urged the government to ensure all the necessary facilities to expedite their investments in Bangladesh as they want to see Bangladesh in the 'peak of development'.
Regarding the demands from the business delegation on tax and duty related issues, Kamal said that already there are such facilities like avoidance of double taxation while the National Board of Revenue (NBR) would look into the issues.
Replying to another question, he said there was no discussion on political issues in the meeting.
When asked about the current inflationary situation, the finance minister remarked, “When the Awami League government assumed office, the inflation rate was 12.3 percent, but now the annual inflation is around 7.5 percent despite the global uncertainties including the impacts of the Russia-Ukraine War.”
"No one knows when the war will come to an end. Despite this, the country is performing well," he added.
Economic Relations Division (ERD) Secretary Sharifa Khan said that the US investors have expressed their interest in production and export of soybean oil to Bangladesh.
She said the main interest of the US investors is Bangladesh's agriculture and services sectors.
Sharifa Khan said the VISA, which deals with cashless transactions in the country, wanted incentives as well as the US investors sought tax exemptions in merchant payments.
Citing a survey, the ERD secretary said the US investors mentioned that Bangladesh would be the 9th largest consumer market in the world by 2030 and they want to be a partner in this journey of growth.
According to the representative from MetLife, which has been operating in Bangladesh's insurance sector for the last 72 years, Bangladesh is now the best destination for making investment.
President of US-Bangladesh Business Council Atul Keshap and CEO of Excelerate Energy Steven Kobos, among others, were also present at the meeting.