|
|
Change Your Life! |
Bangladesh invites Singaporean entrepreneurs |
|
News
|
|
|
August 31, 2000
Singapore (UNB) - Industries Minister Tofail Ahmed yesterday invited the Singaporean entrepreneurs to relocate their industries in Bangladesh to make their business more competitive. "Take advantage of our low cost, huge abundant labour and the incentives most attractive in the region," he told the businessmen while presenting his keynote address at a seminar here. Singapore Chinese Chamber of Commerce and Industry (SCCCI), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Singapore Trade Development Board and Bangladesh High Commission in Singapore jointly organised the seminar on "Trade and Investment Opportunities in Bangladesh." A 30-member FBCCI trade and investment delegation is now on a visit to Singapore. FBCCI president Abdul Awal Mintoo made a presentation on "Investment Policies and Incentives in Bangladesh” while SCCCI president Tay Beng Chuan gave the address of welcome. Bangladesh High Commissioner to Singapore Ashfaqur Rahman and Singapore High Commissioner to Bangladesh Ridzwan bin Haji Dzafir also spoke on the occasion. Tofail Ahmed said foreign investment in Bangladesh is secure against nationalisation and guarantees repatriation of dividends, capital and return on investment. "It ensures equitable treatment with local investors with regard to indemnification and compensation." Giving an economic overview, the Industries Minister said Bangladesh is the 26th biggest economy in the world of purchasing power parity worth US$126 billion. The size is bigger than South Africa and just below Switzerland. He said Bangladesh discovered high quality natural gas in large quantities. "We have now 11 TCF of gas in proven reserves, while a total of 55-65 TCF is available," he said quoting experts and International Oil Companies. "We are not yet decided when we will be able to export gas. We will go for export after meeting the domestic demand," Tofail said and called upon the Singaporean investors to consider the sector. He said the government of Bangladesh has given top most priority to foreign investment and opened up almost all sectors, barring five state-security areas of investment. The Industries Minister invited Singaporean investment for exploration of oil, gas and other mineral resources, power generation and distribution, highway development, including construction of bridges, expressways and tunnels, port and container infrastructure, and transportation facilities. He also invited the Singapore entrepreneurs to set up private EPZ in Bangladesh and assured them of all government support. FBCCI president Abdul Awal Mintoo said the both way trade between Bangladesh and Singapore shows a fluctuating trend with persistent imbalance against Bangladesh. Export from Bangladesh rose from US$47 million in 1990-91 to US$80 million in 1992-93 and fell to US$23 million in 1995-96 and US$16.92 million in 1999-2000 (July-March). The trade imbalance against Bangladesh peaked at US$535.47 million in 1998-99. "There is ample scope for increasing exports from Bangladesh as well as for diversifying the range of products," Mintoo said. He assured all cooperation from his federation to the Singaporean investors. Singapore investors have so far registered 58 investment projects worth nearly 1.04 billion Singapore dollar with BOI. Of these, 34 projects or 58 per cent have already been implemented. "Bangladesh is one of the emerging trade and investment destinations in South Asia for Singapore companies," said SCCCI president Chuan. He said many Singapore companies have ventured into Bangladesh and invested in such sectors as light industries, agro-processing, seafood processing, and industrial training. Bangladesh is attractive to Singapore investors mainly because of its good investment policies, increasing openness in international trade and convertible currency on the current account, Chuan said. "Singapore companies could also leverage on Bangladesh’s strategic location to gain easy access into east India, Nepal and Myanmar." Businessmen from both the sides also hold interactions on their respective business interest. Singaporean investors showed interest on the areas of IT, ceramic, textiles and leather. |