investment
Bangladesh, World Bank sign US$ 2.25 billion loan agreement comprising 5 projects
World Bank will provide USD 2.25 billion as loan to Bangladesh to develop various sectors, including regional trade and connectivity, disaster preparedness and environmental management.
A loan agreement was signed on Monday (May 01, 2023) between Bangladesh and the World Bank for implementing five projects.
Prime Minister Sheikh Hasina and World Bank President David Malpass witnessed the exchanges of the financing agreement.
Read: Stay with us in implementing future physical & social mega projects: PM Hasina to WB
This loan agreement comprises five projects:
· Accelerating transport and trade connectivity in Eastern South Asia (ACCESS) – Bangladesh Phase-1 Project worth USD 753.45 million.
· USD 500 million Resilient Infrastructure Building Project (RIVER) for resilience, adaptation and vulnerability reduction that will be the first major investment to support Bangladesh’s Delta Plan 2100. It will help improve disaster preparedness against inland flooding.
· USD 500 million First Bangladesh Green and Climate Resilient Development (GCRD) project is the first such credit that will help the country’s transition to resilient development.
· USD 250 million Sustainable Microenterprise and Resilient Transformation (SMART) project aims to help transform the microenterprise sector into a more dynamic, less polluting, resource efficient and climate resilient growth sector.
· USD 250 million Bangladesh Environmental Sustainability and Transformation (BEST) project to help strengthen environmental management and promote private sector participation in green investment.
Read More: External pressure behind World Bank's withdrawal from Padma Bridge, says PM Hasina urging it to look into future
Silent Partner vs Investor in Business: Know the Difference, Pros and Cons
Starting a business is exciting, but it requires capital to get off the ground. While there are various ways to finance a business, two common options are having a silent partner or seeking an investor. Both options can bring in the necessary funds but have different implications for the business' ownership and management. This article will explore the key differences between a silent partner and an investor, including their roles, responsibilities, and expectations. By understanding these differences, a business owner can decide which funding option is the right fit for his or her business and associated goals.
Who is a Silent Partner or Sleeping Partner in a Business?
A silent partner, also known as a sleeping partner, is an individual or entity that invests money in a business without actively participating in its management or operations. In other words, a silent partner provides capital and shares in the profits or losses of the business but does not take an active role in decision-making or day-to-day operations.
Silent partners are typically passive investors who are looking for a return on their investment, and they may not have any expertise or experience in the industry or market of the business they are investing in. While they do not participate in the management of the business, silent partners may still have some rights and responsibilities, depending on the terms of the partnership agreement.
Read More: What to Consider Before Investing in a Startup or Company?
Differences Between a Silent Partner and an Investor
Although a silent partner and an investor both provide capital to a business, there are key differences between the two.
Role and Involvement
A silent partner provides capital without actively participating in the management or operations of the business. On the other hand, an investor may take on an active role in the business and offer strategic guidance and expertise.
Risk and Liability
Silent partners generally have limited liability and are only liable for their investment amount. In contrast, investors may have unlimited liability and potentially lose more than their initial investment.
Read More: What to Consider Before Buying Land: A Step-by-Step Guide
Return on Investment
Silent partners typically receive a share of the profits based on their ownership stake, while investors may receive a return on investment in the form of equity, interest payments, or a combination of both.
What to Consider Before Investing in a Startup or Company?
Investing in a startup or company can be an exciting opportunity, but it can also be a risky one. Before deciding to invest, several key factors should be carefully considered to help minimize the risks and increase the chances of a successful investment. By taking the time to thoroughly evaluate all the necessary factors, investors can make informed decisions. This article will explore these considerations in more detail and discuss how to evaluate potential investment opportunities.
11 Factors to Consider Before Investing in a Startup or Company
There are numerous reasons why a startup can fail – ranging from unfortunate circumstances to an inadequate business plan or poor timing. According to statistics from the US Bureau of Labor, approximately 20% of newly established businesses do not survive beyond their first year of operation. The following factors need to be considered before making an investment decision.
Analyze the Domain
We all have experience working within certain industries or possess a personal interest in particular sectors. To increase the likelihood of successful investment, it is advisable to seek out startups that align with one's area of expertise or interest. This enables one to better comprehend the business and its potential, thereby allowing one to invest with confidence.
Read More: How to Buy Sanchayapatra in Bangladesh in 2023: A Beginner's Guide
Conversely, investing in startups from unfamiliar sectors may make it difficult to accurately evaluate the business and make informed investment decisions.
Business Plan
When listening to startup founders pitch their ideas, it is important that their plans appear well-thought-out and not untested ideas with uncertain profitability. For early-stage investments, it is advisable to prioritize startups with practical and scalable concepts.
Before investing, it is essential to gain a thorough understanding of the company's framework and processes. Additionally, the business idea should be innovative and fresh and offer solutions to existing problems.
Read More: What to Consider Before Buying Land: A Step-by-Step Guide
Check the Confidence in Founders
A truly innovative idea can be captivating, especially when presented by a passionate founder. While venture investors primarily assess the team, the capability to execute the plan should be given priority. It is not uncommon for startups to be founded by individuals without prior experience in launching new ventures.
However, they must demonstrate their ability to transform an idea into a reality through past experience or accomplishments.
How to Buy Sanchayapatra in Bangladesh in 2023: A Beginner's Guide
Sanchayapatra is a popular investment option in Bangladesh that has gained significant attention from investors in recent years. It is a savings instrument offered by the Bangladesh government, designed to help individuals save money for the future and grow it at the same time. The program offers an attractive interest rate, making it a great investment opportunity for those looking to secure their financial future.
The Sanchayapatra program is considered to be a safe investment option as it is backed by the Bangladesh government. It offers a guaranteed return on investment and is ideal for individuals who are looking for a low-risk investment option. The program is open to everyone, including students, housewives, and the elderly, making it an inclusive investment option.
In this article, we will discuss different types of Sanchayapatra and the process of buying Sanchayapatra in Bangladesh in 2023.
Types of Sanchayapatra in Bangladesh
Currently, the Directorate of National Savings of the government offers 11 unique investment programs. Among these programs, there are four distinct types of Sanchayapatras: 3 Monthly Interest Bearing Sanchayapatra, 5 Years Sanchayapatra, Pensioner Sanchayapatra, and Poribar Sanchayapatra.
3-Monthly Profit Bearing Sanchayapatra
This investment program, also called the "Tin Mash Ontor Munafa Vittik Sanchaypatra," requires a minimal investment amounting to Tk 1,00,000 and has a three-year maturity period. This program was first introduced in 2004.
Read More: What to Consider Before Buying Land: A Step-by-Step Guide
Price
Tk. 1,00,000, Tk. 2,00,000, Tk. 5,00,000, and Tk. 10,00,000.
Duration
Three years maturity period.
Where to Buy
Purchase and encashment can be done from National Savings Directorate, Bangladesh Bank branches, commercial banks and post offices.
Profits
Name of savings scheme
Duration
The Current rate of profit
Amount of investment
Up to Tk. 15,00,000
Tk. 15,00,001 to Tk. 30,00,000
Tk. 30,00,001 and more
3-Monthly Interest Bearing Sanchayapatra
Rescheduled Profit Rate (%)
After one year
10.00%
10.00
9.06
8.15
After two years
10.50%
10.50
9.51
8.56
After three years
11.04%
11.04
10.00
9.00
(Source: National Savings Directorate, retrieved on April 04, 2023)
Read More: Shares vs Bonds: What is the Ideal Investment Opportunity
Tax
For up to Tk 5,00,000 (five lacs) investment, 5% tax is deducted at source on the profit, and for investment above five lac 10% tax is deducted at source on the profit.
Who Can Buy 3-monthly Profit Bearing Sanchayapatra?
All Bangladeshi citizens regardless of profession, or educational levelAny certified autistic cooperative institution (the profits of which must be used to benefit those with autism) approved by the District Social Services Office.
Highest Ceiling (max limit) for Buying 3-Monthly Interest Bearing Sanchayapatra
The ceiling for investment is capped at Tk 30,00,000 for individual investors and Tk 60,00,000 for joint investors.
Other Benefits
- Profit is payable quarterly.- Nominees can be appointed.- After the death of the purchaser, the nominee can immediately encash the savings certificate and withdraw the money or keep it and withdraw the profit, as usual, every three (3) months until maturity.
Read More: Apartment Buying Mistakes to Avoid to Secure Your Investment
What to Consider Before Buying Land: A Step-by-Step Guide
Buying a piece of land is a lifelong dream for many. While it might sound like any other transactional purchase, there are a lot of factors associated with buying land. Whether it’s the price, location, ownership, and even taxes – a potential buyer has to consider a lot of aspects before heading on to purchase land. There are also instances of fraudulent transactions and joint ownership. So, what’s the best way to purchase land? And what should be the prime considerations before purchasing land? Let’s find out.
Is Purchasing Land a Good Investment?
There’s a saying that land is one of the most secure investment options. While the inflation rate is increasing day by day and the value of currency is decreasing, investing in a tangible asset like land is rationally a good investment. But that investment also depends on several factors.
Location
Location plays a huge role in the overall ROI from land purchase. A simple example will make it obvious. A survey shows that between 1990 to 2010, per katha land in the Gulshan area has seen a price increment of over 1036%. And the story is somewhat similar in all the urban areas across the country.
Read More: Shares vs Bonds: What is the Ideal Investment Opportunity
Zoning Regulations
The price of land also depends on the zoning regulations. For example, there might be zoning regulations for commercial, residential, and office spaces. Some areas might have zoning against new developments. It’s important to check the zoning regulations before purchasing land.
Intended Use
The type of land also factors in the investment decision. For example, land suitable for agricultural production will have less value compared to land intended for residential use. So, make sure to have the right pricing strategy while buying land.
Upfront Cost
Land purchase is not as simple as just another transaction. Upfront costs regarding the survey, registration, and taxes are something that should be factored in as a total cumulative investment decision.
Read More: Making Investment Decisions: Factors to consider when investing money
Long-Term Investment
Purchasing land as an investment is a long-haul game. Land prices do not appreciate overnight. It might be years or decades before there is a substantial increment in value. So long-term commitment should also be considered while investing in land.
Factors to Consider Before Buying Land
There are several factors to consider before purchasing land. Usual pricing and market overviews aside, a person should consider several aspects of ownership and transfer of ownership of an immovable property like land.
Record of Rights/Ownership Rights
The ownership of land is documented in several government documents issued by the land office under the Ministry of Land. These documents are the legal tender that verifies the ownership as well as the ability to transfer the ownership to a different person.
Read More: Plot vs Apartment: Which is the Better Investment Option?
To ensure there are no fraudulent activities associated with the land, the relevant documents should be checked by a land lawyer.
Sales Deed
The sales deed is the document outlining the ownership of the land through generations. The detailed sales deed can be found in the sub-registry office of the local area. A person can obtain a certified copy of the sales deed by paying the government stipulated fees.
At least 10 to 25 years of sales deed should be checked to ensure that there is no ownership-related issue with the land. In the case of inheritance, the inheritance deed (“Bontonnama”) should also be checked.
Read More: Apartment Buying Mistakes to Avoid to Secure Your Investment
Khatiyan/Porcha
The “Khatiyan” and the “Porcha” are the records of rights prepared by the land authority against the actual ownership of the land. The Khatiyan or Porcha should be cross-checked with the sales deed to determine the authenticity of the ownership of the land.
There are two types of Khatiyan – draft and certified. It is better to avoid a draft Khatiyan.
Regulation on Land (Khas/Auctioned/Unapproved)
The local land office (Tohsil) should also have information on whether the land has been auctioned before or not. In such cases, the Government Claim Act 1993 Section 7 can bar anyone from buying or selling such land.
Read More: Is Gold a Good Investment in 2023?
The auction information can be found on the footnote of the Khatiyan if the land ever went for auction.
A potential buyer should also check whether the land is “Khas” or unapproved land. Many lands fall under Khas (government owned), abandoned, unapproved, or approved for acquisition. Sometimes people with forced acquisition (“Dokhol”) try to sell these lands as authentic Khatiyan cleared lands.
The information on the condition of the land can also be found in the DC office upon payment of a small government fee. Any land which falls in any of the categories above should be strictly avoided.
Read More: Is Sanchayapatra a Good Investment in 2023?
DAG
DAG is the land office registry of the area of land under the ownership of the record of rights. A potential buyer should crosscheck the DAG measurement mentioned in the records with the actual property space.
Legal Issues
The property should also be crosschecked to see whether there are any ongoing legal issues with the land or not. If there is a building on the said land, documents of construction and permits of the building should also be checked to see whether they meet the regulations or not.
Transferable Duties
There are several costs associated with the transfer of the property. First of all, the non-encumbrance certificate should be obtained as the primary preamble to start the process of handing over the property.
Read More: Investment: What Factors to Consider before Investing Money?
After that, a legal stamp should be signed outlining the handing over of the property. This stamp is usually valued at 3% of the property valuation. Then the property has to be registered under the new owner in the sub-registry office.
To make sure there are no future issues with the transfer, the Khatiyan, Porcha, and sales deed should be updated as soon as possible. This will help to ensure that there won’t be any legal troubles when the land is sold again.
Final Words
Land ownership is not a straightforward process. There can be issues with ownership defrauding, inability to transfer, and litigations. Thankfully, there are also steps to properly check for information before purchasing any piece of land. While these processes of investigation may be cumbersome and often require fees, it is still recommended to absolutely check for their authenticity before purchasing any land.
Read More: Investment Guide: How Bangladeshi Youths Can Invest money and Create Wealth?
Bangladesh can draw more investment if corruption remains less prevalent: Peter Haas
US Ambassador to Bangladesh Peter Haas today (March 21, 2023) said his country is committed to working with Bangladesh to eliminate corruption – enabling Bangladeshis to enjoy lives of dignity and drawing more international trade and foreign investment.
“If Bangladesh can assure citizens and investors that corruption is less prevalent here than in other markets, it will attract more investment and help the country continue on the path of economic growth,” he said.
Ambassador Haas made the remarks at an event, titled “Call to Action Against Corruption Summit”, at a Dhaka hotel, organized by Centre for Governance Studies (CGS) and Center for International Private Enterprises.
The US ambassador said corruption exists, to one degree or another, in every corner of the globe, and they are all too familiar with what it looks like.
Read More: Excited to see more Bangladeshi students are choosing US: Peter Haas
“It’s trying to get a driver’s license and having to pay ‘speed money’. It’s knowing that if you want a passport appointment, it’s going to cost you extra. It’s needing to bribe the right official to register a plot of land you just purchased,” Haas said.
Corruption is a parasite that feeds on the resources of a society and drains it of its strength and can devastate every level of business and government, he said.
“Sadly, some notorious scandals have occurred in my own country,” said the US ambassador.
Yet, he said, exposing corruption and holding perpetrators accountable have catalyzed economic growth in the United States and elsewhere.
Read More: New US Ambassador Peter Haas arrives in Dhaka
“When societies exert such efforts, they prosper. I am confident this can be the case here in Bangladesh, as well, and the United States is eager to help,” he said.
Under President Biden, the US government has established the fight against corruption as a core national security interest, he added.
“We support initiatives that help Bangladeshi businesses meet international standards and regulations, making them more competitive in the global market,” said the envoy.
“By promoting ethical business practices, we can create a more level playing field for businesses of all sizes and encourage more foreign investment,” he added.
Read More: Peter Haas nominated next US Ambassador to Bangladesh
The US Agency for International Development, USAID, has partnered with Bangladesh’s Registrar of Joint Stock Companies to launch an online registration process for new businesses.
This makes registering new businesses more transparent, faster, and more affordable, Ambassador Haas said.
USAID has also worked with the Bangladesh National Board of Revenue to establish authorized economic operators. This endeavour empowers the private sector, instead of the government, to release shipments at ports, he said.
As a result, Haas said, the process has become more transparent and raised the level of trust between the private sector and the government.
Read More: Prevent corruption in every sector: President to ACC
The US Department of Commerce’s Commercial Law Development Program (CLDP) works with the Private Public Partnership Authority Bangladesh to conduct workshops to improve the legal and business environment of Bangladesh.
CLDP also works with Dhaka North City Corporation (DNCC) to improve municipal governance by improving fiscal transparency. Under this program, CLDP invited over a DNCC delegation, including the mayor, to Miami in January.
The US Department of Justice trains investigators and attorneys in the Anti-Corruption Commission on topics such as how to investigate and prosecute money laundering, how to use electronic evidence, and how to investigate financial crimes.
“It has also fostered a relationship between Bangladesh’s Financial Intelligence Unit and the International Anti-Corruption Coordination Centre,” Haas said.
Read More: All-pervasive corruption by AL destroys economy: Fakhrul
“The United States is committed to holding corrupt officials accountable for their actions. This can take various forms,” said the ambassador.
Just as US laws hold American citizens and businesses accountable for corrupt practices, there are US laws and penalties that apply to non-citizens who use corrupt practices in violation of the laws.
“What can the Bangladeshi government do to reduce corruption? It could think about ways to empower institutions to tackle corruption and promote transparency and accountability in governance and business,” he said.
One idea is to reduce the amount of cash that officials handle by replacing cash-based financial transactions with the government with online transactions, Haas said.
Read More: Power tariff being raised frequently to manage corruption: Fakhrul
“Citizens could pay bills, fines, and taxes electronically. Such a process would minimize the opportunity for bureaucrats to overcharge or misplace public funds into their own pockets,” he said.
Haas recognized the important role a vibrant civil society and free media play in investigating and exposing instances of corruption.
Bangladesh has many advantages that potential investors would find attractive, he said. “But as American business leaders tell me: multi-national firms have options on where they invest.”
They will choose whichever country has the lowest levels of corruption, the fewest bureaucratic obstacles, the greatest respect for rule of law, and the best logistics infrastructure for their business, he added.
Read More: BNP's complaints about corruption 'laughable': Hasan Mahmud
EPB, Portugal's AICEP sign MoU on trade, investment cooperation
The Export Promotion Bureau (EPB) of Bangladesh and the Agência para o Investimento e Comércio Externo of Portugal (AICEP) or the Trade and Investment Agency of Portugal have signed a memorandum of understanding (MoU) on trade and investment cooperation online.
The MoU, signed Thursday, will focus on strengthening economic relations between the two countries by promoting trade and industry as well as by bringing together business leaders from all sectors of the economy.
At the ceremony held simultaneously at two institutions, EPB Vice-Chairman AHM Ahsan in Dhaka and AICEP Chairman and CEO Luís Castro Henriques in Lisbon signed the MoU.
Through this MoU, the AICEP and EPB aim to collaborate on developing direct business relations between their respective business communities of the two nations.
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It will also promote the exchange of economic, trade and business information and entrepreneurial experience between the two organisations and help them undertake actions to support each other in the development of fairs and symposiums, conferences and other events aimed at expanding the bilateral trade and economic cooperation, said the Bangladesh Embassy in Lisbon on Friday.
It is expected that both organisations will facilitate sending business missions between the two countries to examine the prospects for cooperation in industry and trade.
Also Read: Bangladesh seeks Portugal's investment, expertise in blue economy, wind power generation
Henriques hoped that both organisations of the two friendly countries would work closely for furthering business cooperation.
"This is only the beginning. My institution is ready to explore areas of cooperation under this framework. There is a huge untapped business potential between the two countries on which the two countries can work," he added.
Ahsan said this is the first cooperation MoU on business cooperation in the history of Bangladesh-Portugal bilateral relations.
Also Read: EU’s EBA Scheme for LDCs: Portugal terms Bangladesh best success story
He hoped that now business communities from both countries would get the opportunity to work closely which will "certainly in turn boost the bilateral trade and investment of the two nations."
Ambassador Tarik Ahsan congratulated both the Export Promotion Bureau of Bangladesh and Agência para o Investimento e Comércio Externo de Portugal on this momentous decision to tie up for a partnership.
Referring to the historic linkage between the countries, Bangladesh Ambassador to Portugal Tarik Ahsan said the people of Bangladesh and Portugal have been connected since the early 16 century.
On the Lisbon side of the ceremony, Manuel António Gaeiras, director of external relations and foreign markets, Maria José Alvarenga, deputy director of external relations and foreign markets, Daniel Pontes, market manager of external relations and foreign markets, of AICEP and First Secretary of Bangladesh Embassy Alamgeer Hossain were also present.
On the Dhaka side, EPB Director General Mahbubur Rahman, Director General of the West Europe and EU wing of the Ministry of Foreign Affairs of Bangladesh Kazi Russel Pervez, and others attended the signing ceremony.
Bangladesh open to Qatar’s investment in energy sector: PM tells Doha Investment Summit
Prime Minister Sheikh Hasina on Monday (March 06, 2023) urged oil-rich Qatar to make investment in Bangladesh’s energy sector, especially in renewable energy.
“We remain open to investment proposals in our infrastructures and logistics sectors. We believe there is scope for Qatari investment in the energy sector, including in renewable energy,” she said.
The premier was addressing the Doha Investment Summit 2023 Titled ‘The Rise of Bengal Tiger: Potentials of Trade and Investment in Bangladesh’ held at Grand Ballroom of The St. Regis Doha.
She mentioned that Bangladesh could benefit from Qatar’s expertise in offshore gas exploration and energy distribution system.
Read more: PM Sheikh Hasina arrives in Qatar to join UN conference on LDCs
She urged the business people from Qatar to look at certain thrust sectors in Bangladesh and invited a delegation of Qatari business people to visit the country soon.
“I also urge the non-resident Bangladeshis based in Qatar to invest in Bangladesh. We need your participation in our nation-building efforts,” she said.
PM Hasina said that Bangladesh’s bilateral relations with Qatar should be readjusted based on a mutually beneficial economic partnership as there are immense untapped potentials.
“Bangladesh and Qatar are bound by strong brotherly ties and friendship. Our two nations need to reposition our ties based on a mutually beneficial economic partnership,” she said.
Read More: PM in Doha: LDCs need 5 key support from dev partners
She also put emphasis on setting up a Joint Committee on Trade and Investment and a Joint Business Forum to bring private sectors on a single platform.
“Our two governments should work on setting up a Joint Committee on Trade and Investment. There should also be a Joint Business Forum to bring our private sectors on a single platform,” she said.
She mentioned that Bangladesh’s agricultural growth also creates scope for cooperation in agro-processing industries, with buy-back arrangements to Qatar.
“We have plans to set up three special tourism zones, where Qatar can engage in both real estate and hospitality sectors,” she said.
Read More: PM meets Guterres in Doha, discusses Ukraine, Rohingyas
The PM said that Bangladesh aspires to have at least ten Unicorns in ‘Smart Bangladesh’, and country’s vibrant start-up scene is ready to draw Qatari investment.
In addition, she said, Qatari investors can consider portfolio investment in Bangladesh.
“Bangladesh Securities and Exchange Commission is working hard to further develop our capital markets. We have taken several steps to establish our bond market on a solid footing. We are soon going to include derivative products in our capital markets,” she said.
PM Hasina said that the disruptions in international fuel market due to the war in Ukraine have pushed countries like Bangladesh into a hard spot.
Read More: Energy-rich Qatar faces fast-rising climate risks at home
In order to meet the growing energy need, she said, Bangladesh is interested in increasing its LNG imports from Qatar.
She also requested Qatar to explore opportunities for increasing import of goods from Bangladesh.
She said that Bangladesh is now well on track to graduate from the UN LDC Group in 2026 which has been achieved by 168 million people through their hard work and commitment.
She said that just before the pandemic, country’s economy reached a growth rate of 8.15 percent, and even during the pandemic, it posted a growth rate of 6.94 percent.
Read More: PM urges South Korea for more investments in Bangladesh
She said that Bangladesh is now the world’s 35th largest economy with a GDP of USD 460 billion while projected to become the 24th largest by the first half of the 2030s.
“It was during my first tenure in 1996-2001 that our government fully opened up the door of trade and business for the private sector. Now our private sector is flourishing and our government is working as a facilitator. Together, we hope to take Bangladesh to the next level of development,” the PM said.
Sheikh Hasina mentioned that Bangladesh has one of the most liberal investment regimes in the region.
She mentioned that the incentives being offered include tax holiday, concessionary duty on machinery import, remittance of royalty, technical know-how and fees, allowing 100 percent foreign equity, unrestricted exit policy, full repatriation facilities of dividend and capital on exit, etc.
Read More: Eswatini wants trade, investment promotion with Bangladesh
“The Bangladesh Investment Development Authority (BIDA) is offering a number of services to foreign investors under one roof.”
She mentioned that the government is setting up 100 Special Economic Zones with coordinated facilities and there are so far five country-specific Economic Zones in the making.
“We are investing heavily in our infrastructures fit for a regional connectivity and logistics hub. Our mega-projects like the Padma Multi-purpose Bridge, the Karnaphuli river tunnel, the Matarbari Deep Sea Port, the expanded Third Terminal at Dhaka International Airport, the Rooppur Nuclear Power Plant, the Metro-rail system in Dhaka all testify to our determined march forward.”
Hasina mentioned that the government has already brought the entire nation under electricity and internet coverage while country’s first communication satellite Bangabandhu-I has opened up new horizons.
Read More: Bangladesh, South Africa discuss ways to boost trade and investment
“We have a large pool of easily trainable workforce available at a competitive wage<” she said, adding “Bangladesh has got the world’s second largest community of registered IT freelancers.”
She mentioned that Bangladesh has made big leaps in developing its digital backbone down to the remote areas. “Our boys and girls are preparing themselves to join the Fourth Industrial Revolution.”
She said that the government is gradually building 38 Hi-tech Parks, with opening for foreign investment.
She said that government’s vision now is to build a ‘Smart Bangladesh’ by 2041, drawing strength from a knowledge-based society.
Read More: It is high time to work together on more projects, investment areas: Chinese Envoy
“Bangladesh offers to be a willing partner in realizing the Qatar National Vision 2030. We can equip our workforce with knowledge and skills to cater to the advanced employment market in Qatar,” she said.
She reaffirmed her commitment to fulfill Bangabandhu Sheikh Mujib’s dream of building a ‘Sonar Bangla’ and said that she is confident the Qatari leadership and people will continue to stand by Bangladesh as they did in the past decades.
“I encourage our business peoples to keep adding new feathers to our excellent bilateral relations,” she said.
Chairman of Bangladesh Securities and Exchange Commission Prof Shibli Rubayat Ul Islam and Executive Chairman of Bangladesh Investment Development Authority (BIDA) Lokman Hosaain Miah made two separate presentations focusing on potentials of trade and investment in Bangladesh.
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Bangladesh Securities and Exchange Commission and Bangladesh Investment Development Authority (BIDA) in partnership with the Foreign Affairs Ministry arranged the event.
PM urges South Korea for more investments in Bangladesh
Prime Minister Sheikh Hasina today urged South Korean businesses for more investment in Bangladesh.
“There is a huge potential to boost the economic relations between the two countries,” she said.
The premier said this when visiting South Korean Special Presidential Envoy Jang Sung Min paid a courtesy call on her at her official residence Ganabhaban.
PM’s speechwriter Md Nazrul Islam briefed reporters after the meeting.
The prime minister said South Korea is one of Bangladesh’s top development partners, and the country has been extending cooperation – especially in textile and infrastructure – since the latter’s independence.
Jang Sung Min is visiting Bangladesh as part of the celebration of 50 years of the diplomatic relations between Bangladesh and South Korea.
The envoy said that his country is keen to strengthen the bilateral ties with Bangladesh further in the next 50 years.
The relationship will grow gradually from strength to strength in the days to come, said the Presidential Envoy and Senior Secretary for Future Strategy in the Office of the President of Republic of Korea.
Diplomatic relations were established 50 years ago as South Korea recognised Bangladesh on May 12, 1972.
During the meeting, the South Korean presidential envoy shared his personal experiences regarding his visit to Bangabandhu Memorial Museum this morning.
Read more: South Korea’s presidential envoy begins 3-day tour paying tribute to Bangabandhu
Jang Sung Min said that he was “fascinated and moved” after the visit as he came to know the struggles and sacrifices Father of the Nation Bangabandhu Sheikh Mujibur Rahman made.
The envoy on behalf of his president invited the prime minister to visit South Korea.
The premier also invited the South Korean President Yoon Suk Yeol to visit Bangladesh.
Principal Secretary M. Tofazzel Hossain Miah, Foreign Secretary Masud Bin Momen and South Korean Ambassador to Bangladesh Lee Jang-keun were present.
Jang Sung Min arrived here yesterday, on a three-day tour to Bangladesh.
As one of President Yoon’s closest advisors, he has been playing a key role in establishing South Korea’s diplomatic and economic policies in the new administration since its inauguration in May 2022.
Read more: South Korean envoy calls on new principal secretary to prime minister
Eswatini wants trade, investment promotion with Bangladesh
State Minister for Foreign Affairs Md Shahriar Alam had bilateral discussions with Eswatinian Minister of Commerce, Industry and Trade Manqoba Khumalo in Mbabane Tuesday.
Manqoba Khumalo, during the meeting, underlined the need for trade and investment promotion between Bangladesh and Eswatini.
Mentioning textiles and agriculture as major areas of potential cooperation, he sought investment from Bangladeshi investors in these areas in Eswatini.
The Bangladeshi investors can reach out to other member states of SADC from Eswatini to export their products, said the minister.
Shahriar said Bangladesh is also interested in establishing cooperation with Eswatini in the agriculture and textile sectors.
Highlighting the Vision 2041 of the government for transforming Bangladesh as a developed and prosperous nation, he informed the Eswatini side about the recent infrastructural development, growth of manufacturing industries as well as other emerging sectors here.
Underlying the need for identifying potential sectors of trade and business as well as the exchange of visits among businessmen, the state minister reaffirmed Bangladesh's commitment to take the bilateral and economic relations with Eswatini to newer heights.
He invited the Eswatinian businessmen to trade and invest in Bangladesh.
The representatives of the investment promotion authority of Eswatini present at the meeting said Bangladesh businessmen can reach out to different member states of COMESA, SACU and SADC by establishing business in Eswatini.
Also, the Eswatinian side said joint ventures may be established in sugar, food items, cotton, contract farming, construction and livestock, IT and ICT sectors.
They mentioned various facilities offered by the Eswatinian government to the investors.
Read more: Bangladesh, Eswatini can start cooperation in food security areas: Shahriar