Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Bangladesh Allocates 2,000 Acres in Distinct Areas for Saudi Investors

Bangladesh Allocates 2,000 Acres in Distinct Areas for Saudi Investors

Thursday, 18 October, 2018 - 13:30
Part of the Bangladesh Prime Minister's meeting with the Saudi labor sector on Wednesday, October 17, 2018 in Riyadh. Asharq Al-Awsat
Riyadh- Fateh al-Rahman Youssef
Bangladesh has allocated 2,000 acres of land in one of the exclusive economic zones for Saudi Arabian investors to develop and operate them as per their own requirements, said Prime Minister Sheikh Hasina.

She called on Saudi businessmen to invest in her country and benefit from the incentives and the large investment opportunities available in several economic sectors.

She was speaking at a meeting with the Saudi business community, including leaders of the Council of Saudi Chamber (CSC) and Riyadh Chamber of Commerce at King Saud Palace on Wednesday.

The Premier stressed the importance of the bilateral relations and her government’s full support for them, emphasizing the importance of achieving common interests, Bangladesh's economic vision, and the Kingdom’s Vision 2030.

Hasina mentioned that Saudi investment in Bangladesh now stands at five billion dollars in 25 projects, and it is primarily focused on the areas of agro-based industry, food and processed food, textiles and garments, leather, petrochemical products, engineering and service sector products.

She pointed out that the volume of bilateral trade exceeded one billion dollars in 2017 and explained that the United Nations declared Bangladesh in March 2018 eligible for being transferred from the Least Developing Countries(LDC) group to a developing country.

It is also working on its vision 2021 to become a developing country and vision 2041 to be a developed country.

In addition to that, its economy is among the world's 32 largest economies in terms of purchasing power and among the 10 fastest growing economies.

“We've eight fully operational Export Processing Zones (EPZs) exclusively for 100 percent export-oriented industries,” she said.

“We are also developing 100 Economic Zones to ensure resilient and sustainable industrialization for new industries and investment at both public and private sectors," she added.

"We welcome Saudi entrepreneurs to invest in our emerging sectors like the capital market, power, energy, telecommunications and IT, petrochemicals, pharmaceuticals, shipbuilding, agro-processing, light engineering, blue economy, Research and Development (R&D) and technology innovation, water and marine and other infrastructure projects and services sectors like banking and finance, logistics and human resource development," she noted.

The prime minister mentioned that Bangladesh has the most liberal investment policy in South Asia with the most attractive incentives returning high profits.

It includes the protection of foreign direct investment (FDI) by law, incentives like generous tax holiday, concessionary duty on import of machinery, duty-free import of raw materials, remittances on royalty, 100 percent foreign equity, unrestricted exit policy and full repatriation of dividend and capital on exit.

Editor Picks