Prime Minister Sheikh Hasina on Sunday said Bangladesh would be the 9th largest consumer market by 2030 with the government working with the goal of overtaking many established markets in the world. “We’ve been working with a goal so Bangladesh could surpass established markets like the UK and Germany, and the current high-growth countries Vietnam and Thailand at that time. We’ve this effort,” she said. The premier said this while inaugurating the 60 years’ celebration and Investment Expo, 2023 of Foreign Investors Chamber of Commerce and Industry (FICCI) at Hotel Radisson Blu in the city. “There are some 17 crore people in our Bangladesh. Besides, we’ve strengthened connectivity with our neighbouring countries. We think Bangladesh would become the world’s 9th largest consumer market by 2030,” she said. Noting that Bangladesh has a large population, she said the government is developing them as skilled manpower for its better utilization. Read: Bangladesh to become world’s 9th largest market by 2030 overtaking UK, Germany: PM Hasina  The PM said the number of growing middle class and rich people will be 3.40 crore by 2025 in Bangladesh and the estimated GDP per capita will be 5,880 US$ by 2040. “Due to its strategic geographical location, Bangladesh can be the hub of the regional market of 3 billion people,” she said adding that her government has taken steps to strengthen the connectivity with this region. Hasina said her government has successfully been able to bring a significant change in Bangladesh after assuming office in 2009. “Bangladesh has become one of the fastest growing economies in the world in the last 15 years,” she said. Noting that Bangladesh is now considered as the 35th largest economy in the world, she said they have raised the GDP growth rate to 7.25 percent now due to strong macroeconomic fundamentals and trade consolidation. The PM, however, said the growth rate was even higher during the pre-Covid period as the government raised it to 8:10pc before the pandemic. Read: Only votes can change govt: PM Hasina The government has successfully increased per capita income to US$2,793 from only US$ 543 and raised the GDP size to Tk 50.31 lakh crore now from Tk 4 lakh crore in 2006, she said. During this period, they brought down the poverty rate to 18.7 percent from 41.1 percent, while extreme poverty rate to 5.6 percent from over 25pc, she said adding that her government has given the most importance to the development of the rural economy. In the last 15 years, the Awami League government took multifaceted measures for the development of the business sector of the country. So, the private sector has become stronger and more developed. Bangladesh is currently the second largest garment exporter in the world, she said. “Bangladesh is expected to be the 20th largest economy in the world by 2037,” said Sheikh Hasina, adding that the country will be transformed into a developed and prosperous Smart Bangladesh by 2041. Mentioning that the government is setting up some 100 economic zones and established 39 hi-tech parks throughout the country, she said those economic zones and parks are kept open for foreign investment. If any country can want land singly, seek land under joint venture or public private partnership (PPP), the government would allow them and provide them with lands, she said. Read: PM Hasina collects nomination form for national election  The premier said one stop service has been introduced in investment development agencies to facilitate investment. “We have undertaken plans to make all offices providing investment services fully online and digitized,” she said. In Bangladesh, there is a scope to develop USD 350-billion infrastructures in the energy, water, logistics and transport sectors. “By 2025, the logistics sector alone is expected to become a US$90 billion market,” she said. The prime minister said they want to raise private investment to 31.43 percent of GDP by 2031.She said Bangladesh has become an attractive destination to many countries around the world for investment, industrialisation and export due to various reasons including its economic growth, structural development programmes, investment-friendly policy, large domestic market, strategic location, high profitability and large workforce. Talking about the FICCI’s celebration, she said the chamber has stepped into 60 years this year since the inception of its journey in 1936. As a leading chamber, FICCI represents investors from 35 countries in more than 21 sectors of Bangladesh. “FICCI represents 90 percent of the country's inward FDI, which carries special importance to the overall development of our country,” she said. The premier extended sincere thanks to all former and current members of FICCI on the occasion of the celebration of its 60 years. Commerce Minister Tipu Munshi and PM’s Private Industry and Investment Adviser Salman F Rahman, among others, spoke at the function, while FICCI President and CEO of Standard Chartered Bank Naser Ezaz Bijoy delivered the welcome speech. The premier also unveiled a research book titled ‘Catalyzing Greater FDI for Vision 2041’, which was published by FICCI.

Japan’s ambassador to Bangladesh Ito Naoki on Tuesday said the inauguration of mega project Padma Bridge and other under-construction quality infrastructure projects will help boost foreign investors’ confidence in Bangladesh. “Padma Bridge is going to be opened on June 25. This is really a wonderful moment for the country," he said highlighting the growing presence of quality infrastructure in Bangladesh. Ambassador Naoki said clearly those who are looking at Bangladesh and its economy will have strong confidence in the improvement of quality infrastructure across the nation – in Dhaka, Chattogram and Cox’s Bazar. This gives confidence in the minds of investors and in three to five years’ time from now, infrastructure development can be an advantage in attracting foreign investment in Bangladesh. The ambassador was speaking at "DCAB Talk" at Jatiya Press Club organized by Diplomatic Correspondents Association, Bangladesh (DCAB). DCAB President Rezaul Karim Lotus moderated the programme while its General Secretary AKM Moinuddin delivered welcome remarks. Ambassador Naoki said the direct flight operations between Dhaka and Narita will soon be resumed which will give a sense of confidence among investors. He said Covid-19 pandemic delayed the overall preparations. Naoki said there is growing interest among the Japanese investors to come and invest in Bangladesh. “There’s no doubt that Bangladesh is going to be the fastest growing economy in Asia in this decade.” The ambassador highlighted the key factors, including growing quality infrastructure and stable environment. He said the Dhaka Metro rail will begin its commercial operation by December this year and Bangladesh is becoming a very important destination for investment. Also read: Padma Bridge: Khulna residents eagerly anticipating inauguration

State Minister for Foreign Affairs Md. Shahriar Alam has urged Moroccan businesspeople to invest in Bangladesh taking advantage of the attractive incentives Dhaka offers to foreign investors.    He underscored the need for institutional cooperation between Bangladesh and Morocco to promote trade and business and urged the business communities of the both countries to make formal agreements in this regard.   Read: Moroccan Minister calls for Bangladesh-Morocco joint ventures in potential sectors The state minister recently visited the General Confederation of Moroccan Enterprises (CGEM) in Casablanca and discussed areas of cooperation to enhance trade relations between the two countries, according to a message received from the Ministry of Foreign Affairs on Friday. He was accompanied by a Bangladesh business delegation and Bangladesh Ambassador to Morocco Md. Shahdat Hossain at the meeting held recently.  CGEM´s President Chakib Ali received the Bangladesh delegation. 

Mentioning Bangladesh is a very attractive country for foreign investors, the Ambassador of Japan in Bangladesh Naoki Ito on Saturday said the Japanese big companies are very keen to invest more in the country’s special economic zones. “The location of Bangladesh is very important strategically and economically. Around 300 Japanese companies are operating in Bangladesh. Many Japanese big companies including Mitsubishi will invest more in Bangladesh’s economic zones including Araihazar, Mirsarai and Matarbari,” Ambassador Ito said while addressing a webinar. The virtual discussion was jointly organized by Bangladesh Investment Development Authority (BIDA) and Better Bangladesh Foundation (BBF) while BBF chairman Prof Masud A Khan moderated the function. Naoki Ito said 50 percent of Japanese companies are going to invest in Association of Southeast Asian Nations (ASEAN) countries. Bangladesh is a regional hub for investment. The coronavirus has created vulnerability in supply chain. However, it’s time to invest in Bangladesh. Also read: Japan confirms largest-ever loan package to Bangladesh “Bangladesh is a potential country for investment. So infrastructure development is very important. Japan government has been supporting Bangladesh for long in this regard,” he also said. Naoki added that Bangladesh can catch new markets in Asian countries including Japan and Korea with its diversified RMG products.    Planning Minister MA Mannan said the government has been working hard for better living. “Our economy is a win-win situation. We have made smooth places for investors. BIDA has opened one stop services to make services easy for all,” he also said. Former Governor of Bangladesh Bank Dr Atiur Rahman positioned Bangladesh as a very good destination for investors. "The country has been able to develop in all sectors. There is no power cut now," the ex-head of the central bank pointed out. Also read: Economic ties with Bangladesh to make leap: Japanese PM “The major projects including Padma Bridge, Metro rail and Matarbari are game changers for the country. We need to skill up our youths. The country is an attractive destination for all investors,” he also said. BIDA Executive chairman Sirazul Islam said they are trying to facilitate investment process for local and international investment. “We have run one stop services to make hassle free activities. I believe that it will improve our ease of doing business rank. Our rank is 168 now that’s not good. We have recently reformed many things. I hope this position will improve much more in the upcoming ranking,” he added. Sirazul also said they arrange all things for foreign investors such as receiving in airport, transportation and hotel services. Also read: BIG-B important for Bangladesh, others with enhanced connectivity: Japanese economist “With the experience, I am so excited about the services offered by BIDA, and 100% confident about Bangladeshi economy. Now, I am managing foreign investment here in Dhaka. I am willing to contribute what I have learnt from Harvard and China’s economic growth to Bangladesh. Indeed, I am willing to share my experience and stories to attract more young talents and investors to Bangladesh,” said Nicole Mao, one of the Chinese investors in Bangladesh. Presenting key-note paper titled-“Bangladesh is a land of opportunities for trade and investment,” BIDA director Ariful Hoque said Bangladesh’s trade –GDP ratio has increased to 38 percent in 2018 from 18.9 percent in 1990. “Bangladesh became the most gender-equal country in South Asia. Per capita income rises to $2079 in 2019 from $928 in 2010. Bangladesh achieved around 7 percent growth during the last decade,” he also said. He added that 150 services of 34 agencies will be offered through One Stop Services (OSS).  41 services of 11 agencies are included from OSS.

The Bangladesh Bank has allowed foreign investors to open Temporary Non-Resident Taka Account with local authorised dealers (AD)-designated banks and also with offshore banking units (OBUs) of local banks.   Referring to a previous circular issued on May 16, 2019, the BB said ADs may open Temporary Non-Resident Taka Accounts in the name of the proposed company/enterprise of foreign investors contemplating to invest in Bangladesh without prior approval of Bangladesh Bank in accordance with Guidelines for Foreign Exchange Transactions-2018 (GFET).   “Temporary foreign currency accounts may also be opened by ADs and OBUs (in case of Type A enterprises), to park fund remitted from abroad as equity by foreign investors subject to observance of the same instructions as noted in paragraph 2(C), chapter 9 of GFET,” said the BB circular, issued by its Foreign Exchange Policy Department.   It also clarified that the regulations to open Temporary Non-Resident Taka Accounts and Temporary Foreign Currency Accounts are equally applicable for proposed companies to be established in EPZs and EZs, subject to observance of the same instructions stipulated BB’s Foreign Exchange Circular No. 21 dated May16, 2019.   Officials said the Type A enterprise means 100 percent foreign-owned, including those owned by Bangladeshi nationals ordinarily residing abroad.

Bangladesh Bank will allow foreign investors to deposit their dividend with the foreign currency (FC) accounts maintained with banks in the country with certain conditions.