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Bangladesh Investment Policy Summit 2016 draws big Indian response

31 Jan 2016

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Bangladesh Investment and Policy Summit 2016 began in Dhaka on January 24 to showcase private sector investment opportunities for both local and foreign investors.

Inaugurating the two-day summit, Prime Minister Sheikh Hasina reassured the investors of her government’s high level of commitment to quickly facilitate their pragmatic proposals and simplification of investment procedures to help them make best use of their money.        

 

Chief Minister of Meghalaya Mukul Sangma, Chairman of Adani group Gautam Adani, South Asian Region CEO of Aziata Limited Dr Hans Wijayasuriya, Director of the International Finance Corporation of the World Bank Group Sujoy Bose and Federation of Bangladesh Chambers of Commerce and Industries President Abdul Matlub Ahmed were among those who spoke at the inauguration of the policy summit.
The Prime Minister said her government is going to establish ‘Bangladesh Development Authority’ to facilitate their business and support mega investment projects. She mentioned that Public Private Partnership in infrastructure investment offers a new window of opportunity for investors while the existing Export Processing Zones and Special Economic Zones are being expanded and developed for competitive manufacturing for local and global markets.

 

The government has for the first time made a move to resolve the problems of the local and foreign investors by holding the investment and policy summit. The government policy makers, researchers and entrepreneurs from eleven countries, including 280 foreigners attended the summit. The Prime Minister assured all investors of all kinds of essential facilities. She expressed hope that the summit will create opportunities for investors to know more about investment opportunities in Bangladesh.

 

Chief Minister of Meghalaya Mukul Sangma, Chairman of Adani group Gautam Adani, South Asian Region CEO of Aziata Limited Dr Hans Wijayasuriya, Director of the International Finance Corporation of the World Bank Group Sujoy Bose and Federation of Bangladesh Chambers of Commerce and Industries President Abdul Matlub Ahmed were among those who spoke at the inauguration of the policy summit.

 

Assurances from the Prime Minister prompted two big industrial groups of India, Reliance and Adani, to express their willingness to make investment in Bangladesh to the tune of US $11oo crore. Entrepreneurs from other countries including China and Malaysia made no on-the-spot commitments; they said that they too have plan to make investment in Bangladesh.

 

It has been admitted worldwide, Goldman Sachs report 2007says, that Bangladesh is a fertile land for investment due to cheap labour and duty-free export facilities to North America, Europe and Asia as well as a domestic market of 160 million people. In the report Bangladesh has been included on the list of 11 countries where rapid economic development will take place after China, India, Russia, South Africa and Brazil.

 

The World Bank and the IMF as well as other organizations such as Bloomberg have given Bangladesh a higher position. These organizations said that in the coming days Bangladesh will be second only to India in achieving economic growth.

The World Bank and the IMF as well as other organizations such as Bloomberg have given Bangladesh a higher position. These organizations said that in the coming days Bangladesh will be second only to India in achieving economic growth.

 

Quoting a CNN report that Bangladesh has grown at over six percent rate in the last seven years and is projected to grow as the second fastest growing economy among the 11developing countries, Meghalaya Chief Minister Sangma said “the positive growth story happening in Bangladesh is inseparable and it would certainly generate hope and positive growth story in the north east part of India too”.

 

As Meghalaya shares a 443 km border with Bangladesh with Brahmaputra and other rivers connecting both sides to facilitate supply of raw materials to support industries in Bangladesh, Sangma mooted an idea to jointly invest in a comprehensive multi-mode transport to promote trade and business between the two countries.

 

Sangma also dwelt on the possibility of using Sylhet International Airport for promotion of tourism in Meghalaya. He offered all possible policy support to Bangladeshi businessmen in the power sector. Some prospective investors also met the Meghalaya delegation to explore the opportunities for harnessing potential trade and business between Bangladesh and Indian state of Meghalaya.




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