Saudi government interested to invest in Bangladesh
- November 21, 2021
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Saudi Arabia agreed to sign several government to government agreements on investment with Bangladesh. The Saudi government in addition is considering providing duty free access for 137 Bangladeshi export items. Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister, informed this to the media after arriving from Saudi Arabia. He informed that it was a fruitful visit. During the visit, Prime Minister's advisor said meetings were held in a cordial atmosphere. He had a meeting with Dr. Majid bin Abdullah Al Kassabi, commerce minister of Saudi Arabia. During the meeting with commerce minister of Saudi Arabia, Salman F Rahman requested to allow 137 export items of Bangladesh to enjoy duty free access in Saudi market. The Saudi minister ensured the request will be given importance. Saudi commerce minister and finance minister visited Bangladesh in 2018. Several memorandums of understandings were signed during that visit. During this visit by Private
Minister is Salman F Rahman, private industry and investment adviser to the PM. Right after taking the office, he has taken steps to enhance the private sector and to attract foreign investments. Salman F Rahman recently spoke at the concluding session of the Bangladesh road show on the South Asian country’s investment opportunities at the Hyatt Regency Hotel in the US. He had highlighted that Bangladesh now guarantees the highest return on investment. Mayor of the City of Santa Clara Lisa M. Gillmor was present in the session and said Bangladesh indeed is moving very fast. She appreciated the situation in women empowerment. Other guests highlighted the fact that Bangladesh holds a huge potential in IT and financial sector. Bangladesh Securities and Exchange Commission organized the road show in the US. Showing strength and opportunities of business and investment in Bangladesh for investors abroad was the sole purpose of the road show.
Pressure on the banking sector can be reduced by introducing different types of bonds and innovative instruments. It will attract foreign direct investments as well. Financial and economic experts expressed these during a program on the banking sector. They expect that these measures will meet long-term and large-scale financing needs. FDIs are much required for an economy. Private industry and investment adviser of Prime Minister, Salman F Rahman, addressed the programme as the chief guest. Chairman of Bangladesh Securities and Exchange Commission, Shibli Rubayat-Ul-Islam, Bangladesh Bank Deputy Governor Ahmed Jamal and Chairman of City Bank Aziz Al Kaiser were there. Salman F Rahman, one of the most prominent business personalities of Bangladesh, attended the program through a video call and stated that innovative financial instruments need to be introduced. He said it will help the financial market to grow. Also in his speech, he mentioned coupon rate of the bonds should be close
The United States government announed they would open a Foreign Commercial office in Dhaka with an aim to enhance economic ties between the two countries. U.S. Under Secretary of State for Economic Growth, Energy and the Environment Keith Krach announced this during a virtual meeting with Adviser for Private Industry and Investment to the PM of Bangladesh, Salman F. Rahman. According to industry experts, it is an important step in bringing the two countries together. It is also a shift in forieng policy since it would put a challenge to China’s presence in the region. The U.S. Under Secretary of State informed Adviser for Private Industry and Investment to the PM that his administration would ask American companies to initiate investment in the IT, energy, and pharmaceutics sectors.
Chinese investors are looking at Bangladesh. In July 2020, Prime Minister Sheikh Hasina invited Chinese entrepreneurs to explore opportunities in Bangladesh. Chinese government and entrepreneurs showed interest. The Chinese government announced duty-free access for 97% products manufactured in Bangladesh. Chinese entrepreneurs started contacting with Bangladeshi counterparts. Advisor to Prime Minister Sheikh Hasina, Salman F Rahman, took initiatives to ease the process of Chinese entrepreneurs in investing. He informed Chinese entrepreneurs that Bangladesh had achieved a sustainable economic growth of more than 7% in the past few years and created an excellent business climate. Infrastructure was developed both physically and digitally. Now Chinese entrepreneurs can invest in the country and then export it back by using the duty-free access facility. Salman F Rahman said this during a virtual opening ceremony of a report "Destination Bangladesh". He was the chief guest and State Minister for Foreign Affairs Shahriar Alam was the special guest of the
Quotations of costs and freight port in Bangladesh are made through proforma invoice with currency of Pound Sterling or US dollars. The components of insurance and freight must show separately. For most imports, payment should be made through permanent Letter of Credit (L/C). In some limited cases without L/C, export can be done through CAD (Cash against Documents) system. Payment for industrial raw materials and capital machinery can be done on DP (Deferred Payment) and DA (Document Acceptance) basis.
Labeling The external surface of containers must display the port and consignee’s mark. The container must also be numbered in accordance to its packing lists unless its contents promptly recognized. Buyers must lead the exporters. For containers weighing more than one ton should have stenciled gross weight on its two sides and top. Every container that holds pesticides should be marked with the accurate official name of the contents. It should also come with good condition and display a cautionary note with instructions for safe use and handling of the contents. The manufacturer’s name, quantity, and net weight of the contents must be indicated on the container. All imported goods must display the country of origin in huge and legible letters in English preferably, in its container or label. Chemicals, insecticides, pesticides, pharmaceutical, milk foods, and drugs are subject to the regulations on special marking and packaging requirements. Packaging Packaging of goods must be
Beximco Group is expanding its business horizon. Country's largest company, owned by Salman F Rahman and Sohail Rahman, are doing business from the early 1970s. The company has achieved many milestones. Now it is expanding its businesses. The company is active in jute, textiles, basic chemicals, pharmaceuticals, and ceramics sector. The company is exploring other sectors for investing. It signed a treaty with China Energy Engineering Corporation for developing energy projects. Among other projects, there are one 8MW capacity solar power plant, one 660MW coal fired power plant and one 200MW solar power plant. Beximco Pharmaceuticals on the other hand is exporting products to countries all over the world. it had extended its horizon by a great margin in 2016 and 2017. The company is now exporting hypertensive drug to the US market. Beximco Pharmaceuticals is Bangladesh's first pharmaceuticals company to export to the USA. A report of the site - Industrial growth
The Board of Investment of Bangladesh is the investment promotion agency of the government. It is the vanguard of the country’s endeavor to facilitate and attract investment. This agency was established in 1989 and controlled by the Prime Minister with an objective is to promote the private participation of Bangladesh in the industrial sector and implement the country’s investment policies as well. Due to the improved policy measures commenced by the Bangladesh government, both foreign and private investments in the country have multiplied increasingly. Another contributing factor is the implementation of various programs such as press briefings, bilateral talks, facilitation of symposium/seminars, and other interactive methods locally and internationally.
In 1980, the Foreign Investment Act guaranteed that foreign individuals and companies can invest in local industries and will be treated without discrimination. After this act was passed, many foreign companies became interested to invest in Bangladesh.