PM seeks South African investment
Prime Minister Sheikh Hasina has invited South African entrepreneurs to invest in Bangladesh.
"Bangladesh is moving towards prosperity. We want you to join our journey of development. Do invest in Bangladesh. We are confident that your investment will be primed for success, and we are fully prepared for a sustainable partnership," she said.
The PM was speaking at the Bangladesh Trade and Business Summit at the Radisson Blu Hotel and Convention Centre in South Africa today.
The event was jointly organised by Bangladesh Securities and Exchange Commission and Bangladesh Investment Development Authority.
"I have a dream. The 170 million people of Bangladesh have a dream. And that is to become a trillion-dollar economy and a fully developed smart nation by 2041," she said.
Hasina said that investment in Bangladesh is secure due to consistently high returns.
"Moreover, our government ensures a business-friendly and stable atmosphere that guarantees your investment's success."
Currently, Bangladesh has the most open Foreign Direct Investment policies in South Asia. The country offers a liberalised industrial policy, one-stop service, 100 percent foreign ownership, an easy exit policy, 15-year tax exemption, VAT exemption for imported machinery, streamlined services, and more, she added.
"We welcome investors from across the world, particularly from South Africa, to explore the numerous investment prospects in Bangladesh. This is the perfect time for you to get acquainted with what Bangladesh offers. This is the time to know Bangladesh better and to invest in its future," she said.
Hasina said Bangladesh and South Africa have built a strong and friendly relationship over the last five decades based on mutual respect, shared values, cultural ties, and common beliefs.
She said this bond has been strengthened by growing trade connections.
However, despite the significant potentials, the Bangladesh-South Africa bilateral trade stood at only $316.83 million last year, falling short of its full potentials, the PM said.
"This presents a promising opportunity for collaboration, given the export and import potentials of both the nations."
The premier said organisations like Bangladesh Investment Development Authority, Bangladesh Economic Zone Authority, Bangladesh Export Processing Zones Authority, Bangladesh High Tech Park Authority, and Bangladesh Securities and Exchange Commission support foreign investors for optimal returns.
Hasina said Bangladeshi population in South Africa forms a strong base.
The PM thanked the expatriates for contributing to the country's economy. She also urged them to invest more in Bangladesh.
The premier said the fourth industrial revolution provides favourable opportunities for Bangladesh to expand its exports, particularly in sectors like textiles, ready-made garments, pharmaceuticals, and agriculture.
"With a growing middle class, an increasing population, and rising consumer demands, Africa becomes an attractive market for Bangladeshi exports," she added.
South African Minister of Public Works and Infrastructure Sihle Zikalala spoke at the event.
Foreign Minister AK Abdul Momen and Prime Minister's Private Investment and Industries Affairs Adviser Salman F Rahman were present, among others.
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