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UK businessmen visit “with a definite goal of investment”

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February 26, 2001 

Dhaka- (UNB) – Industries Minister Tofail Ahmed yesterday urged British investors to set up agro-based industry in Bangladesh as the country has plenty of raw materials to cash in.

“We have declared Information Technology and agro-based industry as thrust sectors for investment,” he told a 12-member British trade delegation that called on him at his office.

The delegation of North Staffordshire Chamber of Commerce comprises investors from wide range of sectors including IT, agriculture equipment, ceramics, electrical and water supply equipment.

The trade mission arrived here Saturday to explore investment possibilities in Bangladesh.

Its members informed the Minister that recent success of UK Trade Fair in Dhaka encouraged them to visit Bangladesh “with a definite goal of investment.”

The British businessmen said they would give a close look to economic, industrial and business climates in Bangladesh with a view to identifying sectors for investment.

Welcoming the trade mission, the Industries Minister said an investment-friendly environment is prevailing in Bangladesh following the government’s various steps in this regard.

“Bangladesh has created a unique investment environment by framing liberal investment policies.”

He told the Britons that investment of capital in Bangladesh is more profitable than any other country in this region. “You will get huge skilled and semi-skilled manpower with lower wages. Besides, all investors are protected by the law and repatriation of investment at anytime is allowed.”

Elaborating the fiscal and non-fiscal facilities being provided to foreign investors, he said they are allowed 100-percent foreign equity participation with tax holiday for 5-7 years.

The Industries Minister said the government is offering special incentive package for the investment in IT and agro-based industry in addition to existing facilities.

He told the delegation that the European Commission had already declared duty-free market access of Bangladesh’s products along with other LDCs to the markets of EU countries.

“We are also expecting similar market access facility to the markets of USA and Canada soon. This facility will provide extra dividend to the investors in Bangladesh.”

Turning to current political situation, Tofail said there are now some political programmes because this is an election year.

“But generally all the major political parties are pursuing the same economic policies. We have consensus on investment and other economic activities.”

Mentioning British help and assistance to Bangladesh since its independence, he said UK became one of the best development partners of Bangladesh over the years and the government is sincere to strength the partnership.

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