The cabinet on Monday endorsed the 'Commercially Important Person (expatriate Bangladeshis) Selection Policy 2006' to confer the commercially VIP status every year on the expatriate Bangladeshis in recognition of their outstanding contributions to the country's economy.

The government took the decision following Prime Minister Khaleda Zia's declaration of selecting important non-resident Bangladeshis (INRBs) and giving them similar status and facilities as the CIPs living in the country at a meeting of expatriate Bangladeshis during her visit to Australia on March 5, 2002.

Under the policy, a total of 25 expatriate CIPs will be selected every year.

Of them, 10 non-resident Bangladeshis will be selected who invest in Bangladesh's industrial sector, while 10 others who send foreign currencies through the legal channels and five others who import Bangladeshi goods, said a handout.

For getting selected, NRB investors in the industrial sector should have US$ 5 lakh and above or equivalent amount as capital in Bangladesh, the CIP foreign currency senders would have to send minimum US$1,50,000 or equivalent amount though legal channels in a calendar year and the importers should import Free on Board (FOB) Bangladeshi goods valued at US$ 5 lakh or equivalent amount.

The list of the selected CIPs will be finalised by December 15.