Prime Minister Sheikh Hasina called businesses in Brunei to forge partnership with their Bangladesh counterparts in the common journey towards growth and prosperity.
"We invite you to get a firsthand experience of developments and business opportunities in Bangladesh," she was quoted by UNB at the opening ceremony of Bangladesh-Brunei Business Forum.
Bangladesh has one of the most liberal foreign investment regimes in South Asia as the country offers various facilities for the investors, including protection of foreign investment by law, generous tax policy, and concessionary duty on machinery import, Hasina told the audience
"We also offer 100 percent foreign equity, unrestricted exit, full repatriation of dividend and capital. We enjoy preferential access to most of the leading world markets, including the EU, Canada, and Japan," she was quoted by the news agency.
Bangladesh is now the second largest economy in South Asia and 41st in the world in terms of nominal GDP while its economy is moving on a solid macro-economic stability, vibrant private sector, and increasing trends in trade and investments, said the prime minister.
Prudent macro-economic management, sustained policy support to private entrepreneurship, and robust investments in infrastructure and human development contributed significantly to the recent spectacular success of Bangladesh economy, according to Hasina.
This year the GDP growth is poised to hit a record 8.13 percent, after posting 7.86 percent last year, she said adding that the per capita income is set to reach this year to US$ 1,909, which is close to the middle-income threshold.
“Rapid expansion of industrial sector enabled Bangladesh to double its annual export earnings in just five years. Steady growth in agriculture and service sector provides more stability and resilience to our economy," she added.
Giving credit to the private sector for this development, she said it is the main engine of the country's economy. "We attach utmost priority to entrepreneurship and private investments, both domestic and foreign. We’re establishing 100 Special Economic Zones throughout the country. We’ve also set up a number of industrial parks to promote IT sectors.”
Hasina mentioned that Bangladesh has become a highly competitive location for investments in terms of cost, human resources, size of domestic market, access to international market, trade facilitation, investment protection, and socio-political stability.
The success of Bangladesh's Readymade Garment (RMG) sector is globally known and it is the second largest readymade garment exporter in the world, next to China, she said.
The prime minister said Bangladesh is emerging rapidly as a major global hub for quality medicines as it is exporting medicines to more than 100 countries, including the USA, the UK, Australia and Africa.
She also said shipbuilding in Bangladesh has drawn global attention by producing world-class ocean-going vessels. Bangladeshi companies have provided passenger and cargo ships to 14 countries, including Europe.
Software is yet another promising industry in Bangladesh, Hasina said adding that among 800 software and IT companies of Bangladesh, over 150 are specialised in serving overseas clients. More than 20,000 Bangladeshi IT professionals are working in various reputed IT companies all over the world, including Microsoft, Intel, IBM, Oracle and Cisco.
She also mentioned that Bangladesh's agro-based products, home appliances, light-engineering products, and electronic gadgets making mark in the world market.
"With the growing environment concern all over the world, bio-degradable jute and substitute jute products from Bangladesh render huge potentials. In fact, we’ve a wide range of other quality products at very competitive prices."
Hasina said the McKinsey & Company has rightly dubbed Bangladesh as a fast-growing sourcing destination, emerging manufacturing and distribution hub, and an expanding consumption economy.
She also called the businesspeople of Bangladesh to invest in and do business with Brunei.
The top business leaders of Bangladesh and Brunei were present at the event.
Some business-level instruments were signed in presence of Prime Minister Sheikh Hasina at the event.
The instruments are cooperation agreement between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the National Chamber of Commerce and Industry Brunei Darussalam (NCCIBD), MoU on the joint collaboration for provision of professional skills development and training in petroleum geoscience among Dimension Strata Sendirium Berhad of Brunei, Green Power Limited of Bangladesh and Department of Geology of Dhaka University, and MoU between Ghanim International Cooperation of Brunei and Nizam Group of Company of Bangladesh.