Investment Summit: Investors propose pumping $2.7b into Bangladesh
The two-day investment summit, which concluded yesterday, received investment proposals of $2.7 billion from domestic and international companies in different sectors.
Engineering Dimension, a Saudi industrial group, declared to invest $1.75 billion in making power generators and setting up cement manufacturing plant, said Md Sirazul Islam, executive chairman of Bangladesh Investment Development Authority (BIDA) after the summit.
Aygaz, a Turkish industrial group, announced it would invest $150 million along with local United Group, he said.
Besides, Karnaphuly Dry Dock signed a deal with Bangladesh Economic Zones Authority to invest $118 million in construction of a terminal in the Chattogram port, he said, adding that Barishal Electric Power Company announced investment of $100 million in producing electricity.
Guopo Renewable Energy Technology proposed to invest $50 million. Hangzhou JY Supply Chain announced plans for investment of $20 million and IT Hub Investments will invest $15 million, added Sirazul.
BIDA organised the event at Radisson Blu Water Garden Dhaka to promote Bangladesh as one of the world's most profitable investment destinations and highlight specific private investment opportunities here. More than 6,000 participants joined the summit, including 5,000 in person.
The participants represented 54 countries which indicates how the brand of Bangladesh is expanding globally, the BIDA chairman said.
He said through this summit, BIDA received important policy suggestions to facilitate higher private investments, which include private sector engagement in power transmission, reform Non-Performing Loans (NPL) space, further liberalize the foreign exchange regime, develop the national logistics strategy and revisit the current equity cap for foreign investors.
The summit generated strong interest from investors in diverse and innovative sectors, Sirazul claimed.
He also claimed that it has attracted international investors from many of the source countries.
Despite the challenges of the pandemic, participation of investors has been extremely encouraging and inspiring, he noted.
Replying to a question, the BIDA chairman said earlier Bangladesh received minimal investment from Saudi Arabia, but the summit mobilised a big amount in investment in engineering, pharmaceuticals, hospital, cement, readymade garments and IT sector.
Regarding reformation of different policies, he said, taxation and remittance related issues have been raised in the summit and it was a continuous process.
He also said during the pandemic a number of policies and strategies have been reformed.
Responding to a question, Salman F Rahman, private industry and investment affairs adviser to the prime minister, said they did not have a target to receive investment proposals in the summit; rather they wanted to showcase the present investment friendly situation of Bangladesh to the international community.
Regarding frequent policy changes, he said it was not a major issue as the government changes some rules every year in its budget.