{"id":49349,"date":"2019-09-17T20:58:10","date_gmt":"2019-09-17T19:58:10","guid":{"rendered":"https:\/\/english.thesunrisetoday.com\/?p=49349"},"modified":"2019-09-17T20:58:10","modified_gmt":"2019-09-17T19:58:10","slug":"uae-investors-to-inject-10bn-in-bangladesh-economic-zones","status":"publish","type":"post","link":"https:\/\/english.thesunrisetoday.com\/index.php\/uae-investors-to-inject-10bn-in-bangladesh-economic-zones\/","title":{"rendered":"UAE investors to inject $10bn in Bangladesh economic zones"},"content":{"rendered":"

\"\"Shehab Sumon:<\/strong><\/span> UAE-based investors have lined up several new projects including five free economic zones worth $10 billion in Bangladesh, the plans for which were discussed at the Bangladesh Economic Forum in Dubai on Sunday.<\/p>\n

Salman F. Rahman, advisor to Bangladesh\u2019s prime minister on private industry and investment, led a 20-member government delegation comprising officials from the Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority and Bangladesh Hi-Tech Park Authority for the meeting in the UAE.<\/p>\n

This was the first time representatives from all three agencies participated in the Bangladesh Economic Forum \u2014 a private sector initiative undertaken by UAE-based, non-resident Bangladeshi professionals and entrepreneurs.<\/p>\n

More than 300 government officials, business leaders, investors and entrepreneurs participated in the day-long international investment conference, which is aimed at strengthening the flow of trade and investment between the UAE and Bangladesh.<\/p>\n

Several UAE-based investors expressed interest in developing economic zones and hi-tech parks in Bangladesh.<\/p>\n

\u201cI am pleased to see strong and genuine interest among UAE-based investors \u2014 both UAE national and foreign business groups \u2014 in investing in Bangladesh,\u201d Rahman said.<\/p>\n

He added that Dhaka had seen heavy investments from China, Japan and the US, urging investors from Gulf states, especially Saudi Arabia and the UAE, to \u201ctake advantage of the lower cost of investment, operations and higher return on investment in Bangladesh.\u201d<\/p>\n

\u201cInvestment from the GCC and the Arab world will help us achieve a higher growth rate and we are more than ready to welcome them,\u201d Rahman said.<\/p>\n

Kamrul Hasan, commerce secretary of Bangladesh\u2019s mission in the UAE, told Arab News that it was a very successful discussion. \u201cBesides, the event created a very positive branding for Bangladesh\u201d he added.<\/p>\n

Experts welcomed the proposal, with Dr. Shamsul Alam, member of the country\u2019s planning commission, saying that at this moment, it was the \u201cmost desirable thing for the country.\u201d<\/p>\n

\u201cTo attain the target of our sustainable development goals, we need to have at least $9 billion in investment every year until 2030,\u201d Alam told Arab News.<\/p>\n

\u201cAt present, Bangladesh has the most congenial policy regime \u2014 foreign investors are enjoying the opportunity of a 100 percent profit repatriation policy,\u201d he added.<\/p>\n

However, he said that to attract investment, the country was working on building 100 economic processing zones and 28 hi-tech parks by 2030, with plans in place to get 15 ready in the next five years.<\/p>\n

Bangladesh\u2019s economy grew at 7.9 percent in 2018. The country is on a growth overdrive and is expected to touch more than 8 percent in the next few years, making it the fastest growing economy in the world.<\/p>\n

In order to sustain 8 percent plus gross domestic product growth, Bangladesh needs massive foreign and domestic investment which will create employment and ensure sustainable development.<\/p>\n

The World Bank estimates Dhaka must spend as much as $10 billion a year by 2020 to bring its power grids, roads and water supplies up to the standard in order to serve its growing population.<\/p>\n

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