Dhaka, Bangladesh
Bangladesh seeks UK investment

Bangladesh seeks UK investment

News Report Bangladesh Investment Development Authority (BIDA) Executive Chairman Md Sirazul Islam has sought British investment in energy, oil, gas, textiles, pharmaceutical and tourism sectors as the government gives various incentives to investors. He was attending a breakfast meeting co-hosted by the British Business Group (BBG) and UK High Commissioner in Bangladesh Robert Chatterton Dickson. HSBC Bangladesh CEO Francois de Maricourt, also Chairman of the BBG, was present along with top representatives from Standard Chartered Bank, Unilever, GSK, Reckitt Benckiser, Marks and Spencer and KPMG. Deputy Trade Commissioner Rhiannon Harries, visiting from Delhi, was also present at the event. "In terms of FDI net inflow, the UK stood third with US$358.85 million at the end last fiscal. We would urge UK to continue to trust Bangladesh and allow their investments to go over a billion in net inflow," said the BIDA chief recently. He thanked the UK government for supporting initiatives to improve the broader investment climate of Bangladesh. As the government's key agency coordinating Doing Business initiatives, BIDA has boosted its efforts after achieving progress in World Bank's latest Doing Business report, he said. "To reach double-digit ranking by 2021, we are aiming for the low-hanging fruits in terms of reforms. We are also coordinating efforts to improve policy framework and investor services," said the BIDA chief. During the briefing session, BBG members shared several suggestions and ideas. British investor Rakib Anwar said he wants to invest in health services and education by setting up a collaboration, which would allow Bangladesh doctors to work and train in the UK. The BIDA chief responded to his proposal by offering to facilitate his plan through coordination with relevant ministries and agencies. Doing Business: BIDA to work with BBG A representative from the BBG will systematically work with BIDA's team dedicated to Ease of Doing Business initiatives, as per a decision adopted during the briefing, said BIDA Director (Registration & Incentives) Md. Ariful Hoque. BIDA will also organise a full session on Doing Business with all BBG members, he added. Another report adds: Bangladesh is ready to take concrete measures to attract more investment from Canada, BIDA Executive Chairman Md. Sirazul Islam has said. BIDA is planning to organise a roadshow in Canada to promote opportunities and build a positive image for Bangladesh, he said during a dinner hosted by H.E. Canadian High Commissioner Benoit Préfontaine at his residence recently. Canadian industries have many competitive advantages and there are several scopes of investment in Bangladesh, said the High Commissioner. He discussed the potential for Canadian investment in Bangladesh's infrastructure, agro-processing, medical services/training, education and more. The High Commissioner also explored the possibility of investment through Canada Pension Plan (CPP) fund, one of the world's largest sovereign wealth funds, worth over $409.5 billion (Canadian dollars). "BIDA is working to enhance its efforts of promoting investment opportunities. If Canadian investors feel there are barriers, we will identify and resolve these problems while providing all necessary support," said BIDA chief Md. Sirazul Islam. Canada Bangladesh Chamber of Commerce and Industry (CanCham) President Masud Rahman and Vice President Mohammad Kamal Uddin were also present in the reception among other officials.

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