Economy
img Prime Minister invites Chinese entrepreneurs to invest in Bangladesh

Prime Minister Sheikh Hasina invited the Chinese entrepreneurs to investigate the full potential of trade and commercial relations with Bangladesh, moving forward in different sectors of economic growth and development. He invited the Chinese Council for the Promotion of International Trade (CCPIT) in his introductory speech in a roundtable meeting with Chinese business leaders. The Prime Minister hoped that the Chinese exporters would increase their import significantly from Bangladesh. The Prime Minister said, "There are many sectors to increase your investment. Especially there are medium and heavy industries such as textiles and leather-like production and agriculture-processing and light engineering. The Prime Minister said, China has already emerged as the largest trading partner of Bangladesh. He said, the total trade volume between the two countries in the financial year 2007-18 was 12.4 billion US dollars. However, the trade was mostly imported from China. He said, "Bangladesh is located in close proximity to China and strategically located between South and Southeast Asia." Bangladesh is the eighth largest country in terms of population, she said. Sheikh Hasina said, "Investment in Bangladesh will not only allow direct access to the market of 16 million people, but also indirectly access to the markets of South Asia and more than 3 billion people in China." He said Bangladesh is blessed with a very laborious, skilled and low-wage labor force. He said, "Salaries of semi-skilled and management level workers are among the lowest in the world." Referring to foreign investors, Bangladesh is providing some of the most competitive financial and non-financial stimulus packages in the world. Including the return of profits and capital, tax incentives, cash incentives to export certain commodities, and $ 75,000 in permanent investment in investment and $ 5 million in nationalization for investing. He mentioned that Bangladesh is the second largest exporter of ready made garments and clothes after China. "There is a huge potential for further investment in ready-made garments, especially backward linkage industries." Sheikh Hasina said, "Improved quality and value added value of Bangladeshi skin products have already confirmed 2-3 percent market share of the world. We are exporting IT and IT enabled services to many countries, including big economies. He said that the current ship breaking industry of Bangladesh has turned into shipbuilding industry. From here, small and medium sized ships are being exported to many developed countries. The Prime Minister said, "As a LDC, Bangladesh is now exporting generic pharmaceutical products in 145 countries including the United States, EU, Gulf country and China, enjoying the exemption of intellectual property under TRAPS. We have set up a special active pharmaceutical ingredient (API) park. ' The Prime Minister also said that presently Bangladesh is the third largest producer of fish and vegetables in sweeteners and fourth in rice production in the world. Bangladesh has exported goods and services worth US $ 36.67 billion in the financial year 2017-18 and plans to upgrade to $ 72 billion by 2023-24. Sheikh Hasina said, "With the aim of rapid industrialization, our government is setting up at least one high-tech park in each of the 100 special economic zones and 64 districts of the country." He mentioned that China is Bangladesh's main development partner. Most of the development projects in the construction, traditional and alternative power generation and infrastructural sectors in Bangladesh are implementing Chinese companies. He said Bangladesh is in the right direction to become a middle-income country while celebrating 'Digital Bangladesh' and Golden Jubilee of Independence in 2021. "We are expecting to be developed country by 2041," he said. CCPIT chairperson Gao Yan welcomed the welcome speech. Prime Minister's speech after the round table. Nazrul Islam told reporters, "Chinese businessmen have praised Bangladesh's socioeconomic development under the leadership of the Prime Minister and showed interest in participating in it. In addition, they have expressed interest in investing in potential sectors such as textiles, engineering, manufacturing, and construction sectors of Bangladesh. Roundtable is being organized that about 400 Chinese companies are working in Bangladesh and today's 26 senior executives of the company participate. Later, CCPIT chairperson Gao Ian paid a courtesy call on the Prime Minister.

Gao Yun

July 04, 2019


China






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