Foreign investors urged the government of Bangladesh to improve the ease of doing business situation to draw more foreign direct investments (FDI) to the country.
They revealed it while speaking at the conference titled ‘Bangladesh: $100 billion investment opportunities in key sectors for investors to leverage’ on the second day of the Bangladesh Business Summit-2023.
At the event, Commonwealth Enterprise and Investment Council chief executive officer Rosie Glazebrook said that due to cultural familiarity and logistic support, it is 21% cheaper to invest in a commonwealth country, for this the United Kingdom is truly eager to invest in Bangladesh.
“Yet for Bangladesh to draw potential FDIs in the future, it must create plans for sustainable infrastructure development and business-friendly policies,” he added.
Korea Trade-Investment Promotion Agency director general Jong Won Kim said that it’s a transition period for the global value chain as labour prices are increasing in China.
He also said that Bangladesh has to ensure an investment-friendly environment by addressing taxation issues to support interested Korean investors as well as already existing investors, such as LG, Samsung, and Hyundai.
Ki Hak Sung, chairman of Youngone Corporation, said that given how heavily the RMG sector relies on cotton, it’s high time for the industry to adopt man-made fiber.
Moreover, the industry also should incorporate nylon, rayon, and polyester, he suggested.
Commerce minister Tipu Munshi in the plenary session as chief guest said that the investors are well protected in Bangladesh and they have a good number of agreements to avoid double taxation.
The commerce minister highlighted a number of amenities for investors, stating that the National Board of Revenue had created a national single window, the Bangladesh Investment Development Authority had established a one-stop service and the Bangladesh Bank had established a digital connection with the office of the Registrar of Joint Stock Companies and Firms.
He said that the government’s top objectives were to expand into unexplored marketplaces in Eurasia, the African continent, and other regions.