Stressing that Bangladesh has the most liberal investment policy in South Asia, Prime Minister Sheikh Hasina has urged Dutch business leaders to partner with Bangladesh in investment, trade, profit-sharing and prosperity. “We’ve already graduated to a lower middle-income country. As we strive to achieve those goals, I request you, the leaders of Dutch business and industries, to partner with us in investment, trade, profit-sharing and prosperity. Together, we can bring a change to the lives of millions of people,” she said. The Prime Minister was addressing a business seminar on “Transforming Bangladesh: Partnership for Economic Opportunities” held at the Grand Hotel Amarath Kurhaus here on Thursday. Distinguished business and industry leaders of the Netherlands and Members of the Bangladesh business delegation were present. Sheikh Hasina also invited Dutch companies to invest in emerging sectors like textiles, leather, jute, ceramics, petrochemicals, pharmaceuticals, shipbuilding, agro-processing, plastic goods, light engineering and electronics, telecommunications and IT, power, energy, water and marine and other infrastructure projects, hi-tech manufacturing and microprocessors. The prime minister said Bangladesh has the “most liberal” investment policy in South Asia as it includes protection of foreign investment by law, generous tax holiday, concessionary duty on import of machinery, remittances of royalty, 100 percent foreign equity, unrestricted exit policy, full repatriation of dividend and capital on exit and many more. “Other advantages include the young, industrious and easily trainable abundant workforce with competitive wages, cheaper costs of establishing business and duty free quota free access to the EU, Australian, Canadian, Indian, Japanese and New Zealand markets,” she added. The prime minister noted Bangladesh has made a tremendous success in the readymade garment sector as the country is now the 2nd largest apparel exporter in the world. The industry employs four million workers, 90 per cent of whom are women from the rural and poor families. “Their employment has been an instrument for women empowerment as well as keeping our society liberal and progressive,” she added. Hasina said Bangladesh has been making steadfast efforts and undertaken serious reforms in improving health, safety, wages and working conditions in the RMG sector. A responsible business conduct for sustainable supply chain is in operation in Bangladesh. “We deeply appreciate the valuable support from the government and the businesses of the Netherlands in our efforts in this regard,” she said. Like the RMG sector, she said other sectors are making significant progress. Pharmaceutical is such a sector. “After meeting up 97 per cent of our domestic requirements, our pharmaceutical products are exported to 83 countries,” she told the business audience. The industry is now equipped to produce bio-tech products and Active Pharmaceutical Ingredients (API), she said, adding Bangladesh is fast emerging as a major global hub for high quality, low-cost generic medicines. Hasina said the country’s knowledge industry, ICT and related industries are also expanding fast in addition to shipbuilding. “Our builders have drawn global attention by making world-class light to medium size ocean going vessels. The industry now commands 1.0 per cent share of the US $ 200 billion global market.” Mentioning that Bangladesh has eight fully operational ‘Export Processing Zones’ (EPZs) exclusively for 100 per cent export-oriented industries, Hasina said her government is now working to establish 100 ‘Economic Zones’ (EZs) in different parts of the country as part of a new plan to industrialise Bangladesh. “We’re also developing a number of Hi-tech Parks in Bangladesh for IT industries. We offer competitive incentive packages for the investors in these Zones and Parks. Anyone can come as a ‘developer’ and ‘operator’ of an entire Zone or an investor in these Zones and Parks,” Hasina said Bangladesh is fast making economic transformation. From subsistence agriculture, it is becoming mechanised, process oriented, diversified and value-added. Technology and innovation is the hallmark of the present day agriculture in Bangladesh. The manufacturing and the service sectors occupy four-fifth of Bangladesh GDP, she added. State Minister of Water Resources Md Nazrul Islam, former Dutch agriculture minister Dr Cees Veerman, Prime Minister’s Principal Secretary Md Abul Kalam Azad, Dutch Ambassador to Bangladesh Leoni Cuelenaere and leader of Dutch business team Maarten Verbruggen spoke at the seminar. Leader of the Bangladesh business delegation and First Vice President of the FBCCI Md Shafiul Islam Mohiuddin made a presentation titled “Economic Opportunities for Partnership between Bangladesh and the Netherlands”, while Senior Secretary of the Commerce Ministry Hedayet Ullah Al Mamoon delivered the concluding remarks.
