Bangladesh is one of the promising economies with a large domestic market, labour at competitive prices, low utility charges, seaports, long-term tax holiday and easy access to largest regional market like India and China, SAFA President PVS Jagan Mohan Rao said yesterday.
The certified management accountant and the leader of the South Asian Federation of Accountants (SAFA) made the comment at a press conference on foreign direct investment (FDI) and corporate governance.
President of the Institute of Chartered Accountants of Bangladesh (ICAB) AF Nesaruddin, Council Member Humayun Kabir and Delegates from India, Pakistan, Sri Lanka and Nepal also spoke in the event organised by ICAB in Dhaka.
“Bangladesh is already being recognised as a thriving investment hub, and this is reflected in the country’s FDI inflows,” Rao said.
The government’s investment facility in export processing zones, establishment of private economic zones, public private partnership and special economic zones could be bonanza for FDI in Bangladesh.
The apparel sector accounts for around 80 percent of the country’s total exports. However, Bangladesh needs to go for export diversification now, the SAFA president suggested.
The ICAB president Nesaruddin said fiscal and other incentives, including repatriation of capital and profit, are available for foreign investors.
Bangladesh is also in a suitable position to supply skilled manpower and ready to undertake high-tech industries. This is high time to invest in Bangladesh, he added.
In the Ease of Doing Business index 2020, Bangladesh progressed 8 notches up and “we have FDI potential in many fields, including industries and infrastructure”, he said.
“We are working hard in delivering quality services to support enterprise, corporate governance and sustainable growth in the overall business environment.”
The Bangladesh government has taken many policies to attract FDI, he said.
However, these policies are not implemented properly in the country. There is an ardent need to formulate pragmatic policies so that foreign investors feel comfortable to invest in Bangladesh, he further added.
To boost FDI inflow, the government offers one of the most liberal investment policies and attractive packages of fiscal, financial and other incentives for foreign entrepreneurs, Nesaruddin said.
ICAB organised the press meet after hosting various events of SAFA International Conference 2019, the 19th ICAB National Award for Best Presented Annual Reports 2018 ceremony and hosted the SAFA Best Presented Annual Report Awards and Saarc Anniversary Award for Corporate Governance Disclosures 2018 ceremony and a number of meetings.