Stay with us for prosperity

FT ONLINE

Speaking at a luncheon roundtable on Thursday, Prime Minister Hasina urged US entrepreneurs to stay with Bangladesh in its journey for shared benefits and prosperity as the fourth industrial revolution is knocking at the door.

The meeting, organized by the US Chamber of Commerce, was held at Lotte New York Palace hotel.

“I am happy to see that the USA is our second-largest trading and the largest investment partner. For further development, your investment and engagement are imperative. This is a win-win option for both of us,” she said.

Hasina said the strategic location of Bangladesh provides tremendous potential for being the economic hub of the region. “With India on the west, China on the north and South East Asia on the east, and with a population of 165 million of its own, Bangladesh is in the middle of a combined market of 4 billion people.”

She said since regional connectivity is vital for trade, initiatives under Saarc, Bimstec, BBIN and BCIM-EC have been undertaken to connect with the neighbours and the region physically.

The PM said Bangladesh has the most liberal investment policy in South Asia. “It includes protection of foreign investment by law, generous tax holiday, concessionary duty on import of machinery, unrestricted exit policy, and full repatriation of dividend and capital on exit, to name a few.”

Foreign investment is protected by relevant acts and bilateral investment treaties, she said, adding that Bangladesh and the USA have signed a “Bilateral Investment Treaty” and the “Convention on Avoidance of Double Taxation”.

Hasina also mentioned that Bangladesh is in the process of establishing 100 special economic zones with one-stop service in different parts of the country.

About a dozen of them are ready, with four allotted to three countries. A number of high-tech parks are also ready for technology and innovation enterprises, she said.

The PM said the persistent growth of global FDI in Bangladesh since her government took over in 2009 reflects the increasing confidence of the foreign investors in Bangladesh. “Even, US investment in Bangladesh crossed $1 billion during the last five years, though this is far below the potential the US has in term of its economic and technological ability.”

Hasina said Bangladesh over the years has evolved into an investment destination from an aid recipient country. Bangladesh is now the 30th largest economy in the world based on purchasing power parity (PPP), and has a growing global recognition as a role model of development.

She said Asian Development Bank Outlook 2019 mentioned that Bangladesh is the fastest growing economy in the Asia Pacific region.

The HSBC in its report of 2018 predicted that Bangladesh would be the 26th largest economy of the world by 2030, the PM added.

PM’s ICT Adviser Sajeeb Wazed Joy, Foreign Minister AK Abdul Momen, Commerce Minister Tipu Munshi, and PM’s Private Investment Adviser Salman F Rahman were present, among others.

Officials of the US Chambers of Commerce and business leaders of the USA and Bangladesh joined the meeting.