BD an attractive destination for FDI: PMO Secretary
UNB, Dhaka :
Bangladesh is an attractive destination for Foreign Direct Investment (FDI) as the country needs $ 7.4 billion to $ 10 billion annually to spend for infrastructural development in line with its target of graduating to a middle-income country by 2021.
Senior Secretary of Prime Minister’s Office Abul Kalam Azad stated this in his power-point presentation at a meeting of France Bangladesh Chamber of Commerce and Industry (CCIFB) at a city hotel on Wednesday.
The CCIFB arranged the luncheon meeting at Westin Hotel in city’s Gulshan-2, which was attended by business leaders of both Bangladesh and France..
CCIFB President and Chief Executive Officer of Lafarge Surma Cement Ltd Tarek Elba presided over the meeting, moderated by CCIFB director Dr Rifat Rashid.
In his presentation, titled ‘Bangladesh: A Country of Immense Opportunity’, the PMO Secretary said all machineries of the government of Bangladesh are ready to support foreign investments here. “We need your (businessmen) support to develop Bangladesh.”
“You’ve potentials to invest here,” he said, mentioning that Bangladesh has bright future due to its large domestic market of 160 million, fast growing middleclass and 17 percent of its population being youngsters.
Addressing as the key speaker, Abul Kalam Azad said Bangladesh is a safe haven of FDI as the government offers various incentives including corporate tax holiday ranging from 5-7 years in certain areas and sectors; reduced import duty on machinery and spares; and accelerated depreciation on cost of machinery and new industries.
Besides, he said the incentives also include liberal regulatory environment characterised by allowance of 100pc foreign equity, unrestricted exit policy, full repatriation of dividends and capital and remittance of royalty; and attractive incentive package for export-oriented industries.
In line with the objective of graduating to a middle-income country by 2021, the PMO secretary said the key areas of development are power supply; roads and highways; international-standard bridges; increased port capacity and efficiency; efficient telecom services; and enhancement of regional connectivity.
“According to the World Bank report 2014, we need to spend $ 7.4 to $ 10 billion a year until 2020 to develop the infrastructures.”
He said Bangladesh received its ever highest $ 1.6 billion foreign investment in 2013, which was the 2nd largest in the South Asia region. The FDI in Bangladesh is growing on an average of 20 percent.
About the energy sector, Abul Kalam Azad said the energy is a key sector of investment and a power system master plan has been taken targeting to produce 24,000 megawatt daily by 2021 and 40,000 megawatt by 2041.
“Some $ 8 billion was invested in the power sector over the last five years and further $ 42 billion is needed in power generation by 2030.”
For creating a diverse portfolio of energy sources, the government is seriously considering importing LNG and constructing Coal and LNG based power plants, he added.
CCIFB president Tarek Elba said Bangladesh has much potential. It also has very talented people.
Former CCIFB president SS Kamal; CCIFB member and Editor-in-Chief & Chief Executive of UNB Enayetullah Khan; Managing Director of Corona Power Generation Limited M Maksud; and Managing Director of Dorasco Limited Obaidur Rahman were, among others, present in the meeting.
Bangladesh is an attractive destination for Foreign Direct Investment (FDI) as the country needs $ 7.4 billion to $ 10 billion annually to spend for infrastructural development in line with its target of graduating to a middle-income country by 2021.
Senior Secretary of Prime Minister’s Office Abul Kalam Azad stated this in his power-point presentation at a meeting of France Bangladesh Chamber of Commerce and Industry (CCIFB) at a city hotel on Wednesday.
The CCIFB arranged the luncheon meeting at Westin Hotel in city’s Gulshan-2, which was attended by business leaders of both Bangladesh and France..
CCIFB President and Chief Executive Officer of Lafarge Surma Cement Ltd Tarek Elba presided over the meeting, moderated by CCIFB director Dr Rifat Rashid.
In his presentation, titled ‘Bangladesh: A Country of Immense Opportunity’, the PMO Secretary said all machineries of the government of Bangladesh are ready to support foreign investments here. “We need your (businessmen) support to develop Bangladesh.”
“You’ve potentials to invest here,” he said, mentioning that Bangladesh has bright future due to its large domestic market of 160 million, fast growing middleclass and 17 percent of its population being youngsters.
Addressing as the key speaker, Abul Kalam Azad said Bangladesh is a safe haven of FDI as the government offers various incentives including corporate tax holiday ranging from 5-7 years in certain areas and sectors; reduced import duty on machinery and spares; and accelerated depreciation on cost of machinery and new industries.
Besides, he said the incentives also include liberal regulatory environment characterised by allowance of 100pc foreign equity, unrestricted exit policy, full repatriation of dividends and capital and remittance of royalty; and attractive incentive package for export-oriented industries.
In line with the objective of graduating to a middle-income country by 2021, the PMO secretary said the key areas of development are power supply; roads and highways; international-standard bridges; increased port capacity and efficiency; efficient telecom services; and enhancement of regional connectivity.
“According to the World Bank report 2014, we need to spend $ 7.4 to $ 10 billion a year until 2020 to develop the infrastructures.”
He said Bangladesh received its ever highest $ 1.6 billion foreign investment in 2013, which was the 2nd largest in the South Asia region. The FDI in Bangladesh is growing on an average of 20 percent.
About the energy sector, Abul Kalam Azad said the energy is a key sector of investment and a power system master plan has been taken targeting to produce 24,000 megawatt daily by 2021 and 40,000 megawatt by 2041.
“Some $ 8 billion was invested in the power sector over the last five years and further $ 42 billion is needed in power generation by 2030.”
For creating a diverse portfolio of energy sources, the government is seriously considering importing LNG and constructing Coal and LNG based power plants, he added.
CCIFB president Tarek Elba said Bangladesh has much potential. It also has very talented people.
Former CCIFB president SS Kamal; CCIFB member and Editor-in-Chief & Chief Executive of UNB Enayetullah Khan; Managing Director of Corona Power Generation Limited M Maksud; and Managing Director of Dorasco Limited Obaidur Rahman were, among others, present in the meeting.
