Shawdesh Desk: Prime Minister Sheikh Hasina on Thursday urged US entrepreneurs to stay with Bangladesh in its journey for shared benefits and prosperity as the fourth industrial revolution is knocking at the door.

The Prime Minister was speaking at the luncheon roundtable meeting at Lotte Palace Hotel organised by the US Chamber of Commerce.

“As the fourth industrial revolution is also knocking at our door, it’s all the more important that you stay with us in our journey for shared benefits and prosperity,” she said.
She also said such benefiting mutual cooperation would further strengthen the existing friendship to a perpetual one. “I’m happy to see that the USA is our second largest trading and the largest investment partner. For further development, your investment and engagement are imperative. This is a win-win option for both of us,” she said.

Sheikh Hasina said the strategic location of Bangladesh provides tremendous potential for being the economic hub of the region. “With India on the west, China on the north and South East Asia on the east, and with a population of 165 million of its own, Bangladesh is in the middle of a combined market of 4 billion people.”

“Since regional connectivity is vital for trade, initiatives under Saarc, Bimstec, BBIN and BCIM-EC have been undertaken to connect with the neighbours and the region physically,” she said.

The Prime Minister said Bangladesh has the most liberal investment policy in South Asia. “It includes protection of foreign investment by law; generous tax holiday; concessionary duty on import of machinery; unrestricted exit policy; full repatriation of dividend and capital on exit, to name a few.”

Foreign investment is protected by relevant acts and bilateral investment treaties, she said, adding that Bangladesh and the USA have signed a ‘Bilateral Investment Treaty’ and the ‘Convention on Avoidance of Double Taxation’.

Sheikh Hasina also mentioned that Bangladesh is in the process of establishing 100 Special Economic Zones with one-stop service in different parts of the country.
“About a dozen of them are ready with four allotted to three countries. A number of high-tech parks are also ready for technology and innovation enterprises.”

Sheikh Hasina said the persistent growth of global FDI in Bangladesh since her government took over in 2009 reflects the increasing confidence of the foreign investors in Bangladesh. “Even, US investment in Bangladesh crossed US$1 billion during the last five years, though this is far below the potential the US has in term of its economic and technological ability.”

She said the Bangladesh–US relations are based on common values and shared interests. “The relations between the two countries have been flourishing since the Awami League took over the responsibility in 2009, and at present, Bangladesh and the USA enjoy the best of relations.

“We established the annual Partnership Dialogue, the TICFA. We’re holding regular dialogues on a wide range of issues, including trade, investment, security, military, and counter-terrorism,” the Prime Minister said.

She said both are looking forward to working together for a free, open, peaceful, secure and inclusive Indo-Pacific region for collective prosperity of all. “Our two countries’ goal of shared prosperity is reflected in our expanding business relations. Our bilateral trade has been growing consistently and totaled US $9 billion during the last financial year. It could be more if unfair high tariffs, compared to other developing countries were removed.”

Sheikh Hasina said Bangladesh has, over the years, evolved into an investment destination from an aid recipient country. “Bangladesh is now the 30th largest economy in the world based on PPP, and has a growing global recognition as a role model of development.”

She stated that Asian Development Bank Outlook 2019 mentioned that Bangladesh is the fastest growing economy in the Asia Pacific region. “It attributes this achievement to strong leadership, good governance, stable government and continued political stability, sound macroeconomic policy and right development priorities.”

The Prime Minister also said the Bangladesh government shows zero tolerance to corruption and terrorism.

She said HSBC in its report of 2018 predicts that Bangladesh will be the 26th largest economy, becoming one of the three fastest economies of the world by 2030.

“Bangladesh is also a progressive, secular democracy with a homogenous population of 165 million. With a large population, young people mostly under the age of 25 are ready to be engaged at very competitive wages.”

Sheikh Hasina said rapid urbanisation fed by increasing consumption of electricity and burgeoning growth of middle class indicates the market potential in Bangladesh for the investors.

PM’s ICT Adviser Sajeeb Wazed Joy, Foreign Minister Dr AK Abdul Momen, Commerce Minister Tipu Munshi, PM’s Private Investment Adviser Salman F Rahman, State Minister for Foreign Affairs Md Shahriar Alam, Bangladesh Ambassador to the USA M Ziauddin and Principal Coordinator on the SDG Affairs Md Abul Kalam Azad were present.

Officials of the US Chambers of Commerce and business leaders of the United States and Bangladesh joined the meeting.