Dhaka, April 22 (QNA) - HE Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Lokman Hossain Miah welcomed the Qatari investments in his country, calling on the Qatari businessmen and investors to capitalize on the promising investment opportunities in a variety of sectors whose value reaches over $100 billion.
In remarks to Qatar News Agency (QNA), HE Lokman Hossain Miah said the visit of HH the Amir Sheikh Tamim bin Hamad Al-Thani to Dhaka will lend impetus to the bilateral relations between the two countries and promote them in multiple fields, in addition to highlighting the emerging and more dynamism economy in Bangladesh, along with the investment opportunities available in the country which are estimated at roughly $100 billion.
Miah added that there is excitement about the upcoming visit of HH the Amir, affirming that it reflects the strength of Bangladesh's economy. He added that Bangladesh has showcased stunning growth not only in economy, but also in all the socio-economic perspectives like food production, 100% electricity generation, 100% mobile penetration, 90% access to mobile financial framework etc. He noted that the visit will be very helpful in rebranding Bangladesh to not only Qatar, but also many investors in the Middle East region. He also said that the visit of HH the Amir will open the door for more visits and exploration of economic opportunities by the investors from Qatar, stressing that BIDA will be ready to serve the delegations with all the necessary support they might need.
His Excellency said that Qatar and Bangladesh are making progress in strengthening economic, commercial and technical cooperation between them, including seeking to sign a memorandum of understanding, in addition to a framework agreement, and that he expects the establishment of a platform to explore new trade and investment opportunities in the two countries. He expressed Bagladesh's readiness to use those platforms to initiate more promotional activities towards rebranding Bangladesh as the new potential hub for investment in the region.
He pointed out that while the size of trade and investment between the two countries are still not within a substantive level despite the existing opportunities and cultural ties, talks between officials in both countries are focused on establishing a permanent platform for economic cooperation and introducing some dynamism into the trade and investment sectors.
His Excellency discussed the Bangladesh Investment Summit that took place in Doha in May 2023 during the visit of the Bangladesh Premier in Qatar, adding that the event was jointly organized by BIDA and Bangladesh Securities and Exchange Commission (BSEC), which generated a huge response from the traders and investors from the Qatar community with an attendance of more than 300 investors. He emphasized that BIDA is following up on the summit proceedings to generate more investment from Qatar.
His Excellency revealed that Bangladesh now boasts a huge $100 billion investment opportunities across a number of sectors. Currently 85 percent of export earnings come from the RMG sector and the government is focusing on various sectors to diversify its export basket.
He added that the key investment sectors available include Agro-food processing and machinery, Readymade garments, manufacture of high-end apparel items, man-made fibers, clothing accessories, fabrics/yarns, and natural and synthetic fibers, software & IT-enabled services, healthcare and medical equipment/ devices, automobile and accessories, ship-building, leather and leather Products, as well as tourism, et al.
HE the Executive Chairman of BIDA talked about a number of incentives and facilities offered to investors, including 100% foreign equity, profit repatriation, importing capital machinery only with 1% import duty, in addition to reducing duty structure for import of raw materials for industries registered with BIDA.
He added that Investment from Qatar has many opportunities to expand and increase the volume of investments in a variety of sectors in Bangladesh, in addition to capitalizing on all incentives and facilitations Bangladesh offers to investors. He expected that the private sectors of both the countries will get opportunities to explore their full potential reach into a newer height of economic cooperation.
"Bangladesh Investment Development Authority (BIDA) is considering plans to enhance the cooperation with Gulf Cooperation Council and other relevant authorities in the Gulf to enhance the cooperation in the field of investment", he said.
He pointed out that Bangladesh has become a leading investment destination in South Asia, supported by strong industrial growth, digitization, regional connectivity, the young dividend, and a changing knowledge-based society.
In conclusion, His Excellency affirmed to QNA that his country has created the most favorable environment for large firms, and top international corporations have already begun operating in Bangladesh. (QNA)