PM Hasina seeks larger US investment in Bangladesh

Prime Minister Sheikh Hasina has called upon the US investors to make investments in various sectors that included renewable energy, shipbuilding, automobile and pharmaceuticals in Bangladesh saying that Bangladesh is pleased to offer a special economic zone for them.

The Prime Minister made the call while delivering her address at the high-level policy roundtable organised by the US–Bangladesh Business Council at her palace of residence in New York on Thursday.

She said that Bangladesh has liberal investment policy, which included foreign investment protection, tax holiday, remittances of royalty; unrestricted exit policy; full repatriation of dividends and capital on exit.

The Prime Minister said that Bangladesh is setting up 100 ‘Special Economic Zones’ (SEZs) and several Hi-tech Parks in different parts of the country, adding that having more than six hundred thousand (600,000) free-lancing IT professionals, Bangladesh is the right destination for IT investments.

“Moreover, skilled human resources at a competitive wage is an added advantage in Bangladesh. Even if required, we would be happy to offer a dedicated ‘Special Economic Zone’ for the US investors. I believe the US- Bangladesh Business Council can play a significant role in this direction,” she said.

The Prime Minister said Bangladesh is a pioneer in South Asia for regional connectivity and the strategic location of Bangladesh offers tremendous potential to be the economic hub of the region.

Noting that technology and innovation are the keys for fast-track economic growth, she said thus, Bangladesh has become the 2nd largest RMG exporter, 3rd largest producer of vegetables; 4th largest producer of rice; and 5th largest producer of inland fisheries in the world.

The completion of the Padma Multipurpose Bridge has enhanced both the domestic and regional connectivity, while Dhaka Metro-rail Project is expected to open in December 2022, which would add faster domestic mobility, she said.

Mentioning that Bangladesh is set to graduate from the LDC status by 2026, therefore, she said they need adequate support to enhance our global competitiveness and export basket.

The Prime Minister said the Bangladesh government recognizes the necessity of ensuring labour rights in the country. ILO Roadmap provides a clear plan of actions and timeline to address the concerns and suggests remedials in the labour sector.