PM urges Saudi entrepreneurs to be Bangladesh’s investment partners

Prime Minister Sheikh Hasina yesterday urged Saudi entrepreneurs to be "partners" of Bangladesh in investment, trade, profit sharing and prosperity to bring a change in the life of millions of people, reports BSS from Jeddah.
"As we (Bangladesh) strive to materilaize the goals of 'Vision 2021' and 'Vision 2041', I request the leaders of Saudi investors and entrepreneurs to partner with us in investment, trade, profit sharing and prosperity," she told an interaction with Jeddah Chamber of Commerce and Industry (JCCI) leaders.
Sheikh Hasina said: "we have already graduated to a lower middle income country . . . together we can bring a change in the life of millions of people."
Briefing the newsmen after the meeting Prime Minister's Press Secretary Ihsanul Karim said she particularly welcomed Saudi investments in the country's emerging sectors like shipbuilding, textiles, leather, jute, ceramics, petrochemicals and agro-processing and pharmaceuticals.
The premier, he said, also pointed out that light engineering and electronics, telecommunications and IT, power, energy, water and marine and other infrastructure projects as well as in hi-tech manufacturing and microprocessors could also be attractive areas for Saudi investments.
Sheikh Hasina is now in Saudi Arabia on a five-day official at the invitation of King Salman bin Abdulaziz.
The premier told the Saudi entrepreneurs that Bangladesh adopted a very liberal investment policy while it also ensured foreign ventures protection by enacting investment friendly laws and offering general tax holiday, concessionary duty on machinery imports, remittances of royalty and 100 per cent foreign equity.
Besides, she said, other benefits like unrestricted exit policy, full preparation of dividend and capital on exit were also being offered to the investors.
Sheikh Hasina said Bangladesh's young, industrious and easily trainable abundant workforce with competitive wages, cheaper establishment coats and duty-free and quota-free access to European, East Asian, Canadian and Australian markets were added advantages for foreign investors.
Referring to her government's initiatives for establishing 100 Special Economic Zones in the country, the Prime Minister said the move was taken as part of a new plan to industrialise Bangladesh.
"The government is also developing a number of hi-tech parks in the country for IT industries . . . Bangladesh offers competitive incentive packages for the investors in these zones and parks," the premier said.
The Prime Minister said in pursuance of Father of the Nation Bangabandhu Sheikh Mujibur Rahman's dream to make the country
poverty-free Sonar Bangla, "Bangladesh is now on way to becoming a digitalised, knowledge-based middle income country by 2021 and a developed one by 2041".
The premier told the Saudi entrepreneurs that readymade garment sector appeared to be a tremendous success story earning Bangladesh the repute of being the world's second largest garment exporter while the RMG industry currently employs five million workers, 90 per cent of them being women.
Following the footsteps of the RMG sector, she said, pharmaceuticals, ICT and related industries and shipbuilding were also making significant progress. The premier particularly pointed out that after meeting up 97 per cent of domestic requirements; Bangladesh's pharmaceutical products were now being exported to 92 countries.
"Gartner has billed Bangladesh as one of the top global destinations for software and IT services. Thousands of 'Made in Bangladesh' applications are running on iPhones, Samsung Galaxy, and other Android and Blackberry phones," she told the Saudi investors.
Sheikh Hasina said the country's IT companies and freelance IT professionals earned over US$ 360 million and every year, around 20000 young IT graduates were joining the sector.
The Premier said Bangladesh's builders have drawn global attention by making world-class light to medium-size oceangoing vessels while the industry now commanded 1 per cent share of the US$ 200 billion global market.
Sheikh Hasina reminded the Saudi business leaders that the trade relations between Bangladesh and Saudi Arabia dated back to the seventh century when Arab traders first set foot in the port city of Chittagong.
Foreign Minister AH Mahmood Ali, PM's Principal Secretary Md Abul Kalam Azad, eminent businessman Salman F Rahman, FBCCI President Abdul Matlub Ahmed were present, among others.
A memorandum of understanding (MoU)was also signed on the occasion between Saudi Bawani Group and Bangladesh's Sena Kalyan Sangstha for supplying of skilled manpower including engineers and architects in construction sector there. PM's Principal Secretary Md Abul Kalam Azad and General Manager of Bawani Group Fakher Al Shawaf inked the MoU on behalf of their respective sides.

PM urges Saudi entrepreneurs to be Bangladeshs investment partners

Prime Minister Sheikh Hasina yesterday urged Saudi entrepreneurs to be partners of Bangladesh in investment, trade, profit sharing and prosperity to bring a change in the life of millions of people, reports BSS from Jeddah. As we (Bangladesh) strive to materilaize the goals of Vision 2021 and Vision 2041, I request the leaders of Saudi investors and entrepreneurs to partner with us in investment, trade, profit sharing and prosperity, she told an interaction with Jeddah Chamber of Commerce and Industry (JCCI) leaders. Sheikh Hasina said: we have already graduated to a lower middle income country . . . together we can bring a change in the life of millions of people. Briefing the newsmen after the meeting Prime Ministers Press Secretary Ihsanul Karim said she particularly welcomed Saudi investments in the countrys emerging sectors like shipbuilding, textiles, leather, jute, ceramics, petrochemicals and agro-processing and pharmaceuticals. The premier, he said, also pointed out that light engineering and electronics, telecommunications and IT, power, energy, water and marine and other infrastructure projects as well as in hi-tech manufacturing and microprocessors could also be attractive areas for Saudi investments. Sheikh Hasina is now in Saudi Arabia on a five-day official at the invitation of King Salman bin Abdulaziz. The premier told the Saudi entrepreneurs that Bangladesh adopted a very liberal investment policy while it also ensured foreign ventures protection by enacting investment friendly laws and offering general tax holiday, concessionary duty on machinery imports, remittances of royalty and 100 per cent foreign equity. Besides, she said, other benefits like unrestricted exit policy, full preparation of dividend and capital on exit were also being offered to the investors. Sheikh Hasina said Bangladeshs young, industrious and easily trainable abundant workforce with competitive wages, cheaper establishment coats and duty-free and quota-free access to European, East Asian, Canadian and Australian markets were added advantages for foreign investors. Referring to her governments initiatives for establishing 100 Special Economic Zones in the country, the Prime Minister said the move was taken as part of a new plan to industrialise Bangladesh. The government is also developing a number of hi-tech parks in the country for IT industries . . . Bangladesh offers competitive incentive packages for the investors in these zones and parks, the premier said. The Prime Minister said in pursuance of Father of the Nation Bangabandhu Sheikh Mujibur Rahmans dream to make the country poverty-free Sonar Bangla, Bangladesh is now on way to becoming a digitalised, knowledge-based middle income country by 2021 and a developed one by 2041. The premier told the Saudi entrepreneurs that readymade garment sector appeared to be a tremendous success story earning Bangladesh the repute of being the worlds second largest garment exporter while the RMG industry currently employs five million workers, 90 per cent of them being women. Following the footsteps of the RMG sector, she said, pharmaceuticals, ICT and related industries and shipbuilding were also making significant progress. The premier particularly pointed out that after meeting up 97 per cent of domestic requirements; Bangladeshs pharmaceutical products were now being exported to 92 countries. Gartner has billed Bangladesh as one of the top global destinations for software and IT services. Thousands of Made in Bangladesh applications are running on iPhones, Samsung Galaxy, and other Android and Blackberry phones, she told the Saudi investors. Sheikh Hasina said the countrys IT companies and freelance IT professionals earned over US$ 360 million and every year, around 20000 young IT graduates were joining the sector. The Premier said Bangladeshs builders have drawn global attention by making world-class light to medium-size oceangoing vessels while the industry now commanded 1 per cent share of the US$ 200 billion global market. Sheikh Hasina reminded the Saudi business leaders that the trade relations between Bangladesh and Saudi Arabia dated back to the seventh century when Arab traders first set foot in the port city of Chittagong. Foreign Minister AH Mahmood Ali, PMs Principal Secretary Md Abul Kalam Azad, eminent businessman Salman F Rahman, FBCCI President Abdul Matlub Ahmed were present, among others. A memorandum of understanding (MoU)was also signed on the occasion between Saudi Bawani Group and Bangladeshs Sena Kalyan Sangstha for supplying of skilled manpower including engineers and architects in construction sector there. PMs Principal Secretary Md Abul Kalam Azad and General Manager of Bawani Group Fakher Al Shawaf inked the MoU on behalf of their respective sides.