Bangladesh Bank (BB) is considering offering several incentives to non-resident Bangladeshis to attract their investment in the special economic zones like hi-tech park and industrial park, said governor Dr Atiur Rahman on Saturday. “Several incentives for the NRBs are under consideration if they invest in the special economic zones like hi-tech park, industrial park etc,” he told ‘NRB Centre Investment Confe-rence on NRB Investment: Capital Market and Real Estate’ at a city hotel. He also highlighted the liberalisation of regulations that BB has rolled out keeping in mind higher flows of foreign direct or portfolio investments from the non-residents, including the NRBs. Besides incentives to invest in capital market, 10 percent of the IPOs are reserved for them, and both wholly foreign ownership and joint venture options with the private and public sector are open for the NRBs, he noted. “Virtually all industrial sectors in Bangladesh are open for investment by the NRBs. They can engage in profitable investment by setting up cost effective labour intensive export manufacturing bases in Bangladesh producing for markets in host countries and elsewhere,” he said. There is a growing real estate industry in Bangla-desh, rapidly attracting the customers. Like other sectors, the NRBs are encouraged to invest in this sector also, he pointed out. The facilities available for other industrial enterprises are also available in this sector, he said, adding: “Our NRB entrepreneurs are the path finders for other foreign investors who are eager to shift from other countries.” Because of NRBs contribution, Bangladesh is now one of the global leaders in remittance earnings, he said adding: “We must give credit to the NRBs for attaining this strength and external stability.” Recent new facilitations include enhancement of family remittance ceiling for expatriates to 75 percent of their salaries. Taka term loan from the domestic market and working capital financing in foreign currency from parent company are also now permissible for foreign owned or controlled companies engaged in manufacturing or services output activities in Bangladesh. The latest remittance enhancing initiatives taken by BB will further encourage NRBs to remit more using formal remittance delivery routes, Dr Atiur hoped.The modernisation and digitisation of payment system and subsequent enhancements of mobile financial services in inward remittances are reducing the necessity of sending money through informal channels. Recent introduction of RTGS added a new dimension to the promptness of international money transfer, he said. More than 8 million hard working NRBs are working abroad in almost 157 countries of the world, remitting 15.3 billion in FY15 which was almost 9 times the current account balance and accounts for more than 60 percent of foreign reserves, which demonstrates the inherent strength of the country’s external sector. As per the government statistics, nearly two and a half million workers migrated in last 5 years.
