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Kibria seeks OIC nations' investment for post-flood rehabilitation

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November 8, 2000 

Dhaka (UNB)- Finance Minister Shah AMS Kibria today invited investment from OIC countries and sought foreign assistance urgently needed for post-flood rehabilitation programme in the Southwestern part of the country.

"I take this opportunity to invite our rich member countries to consider investing in Bangladesh," he said while addressing the 25th annual meeting of the Board of Governors of the Islamic Development Bank in Beirut, Lebanon.

He said Bangladesh has three Export Processing Zones (EPZs) in operation in its territory where 19 countries have established their manufacturing bases. "Only three OIC countries, namely, Malaysia, Pakistan and the UAE have invested in the EPZs."

The Finance Minister said Bangladesh has trade relationship with about 40 OIC countries, but total volume of transactions with these countries is still insignificant.

The country's export to OIC countries ranges from 4-5 percent of its total exports while its share in OIC countries' imports is about 8.0 percent, he pointed out.

He said after the shock of the floods in 1998, the Southwestern part of the country was again affected by severe flooding in October 2000. The region has not had a flood during the last fifty years, says a message, received here, quoting the minister.

"We are now in the process of undertaking post-flood rehabilitation programme," he said, "but the damage is so severe that the government cannot alone afford to mobilize resources for entire rehabilitation programme; foreign assistance is required for that."